SBI Funds Management (SBIFML) has received approval from Reserve Bank of India (RBI) to acquire up to 9.99 per cent stake in HDFC Bank. The approval has been granted with reference to the application made by SBIFML to RBI. SBIFML has to ensure that the aggregate holding in the bank remains below 10 per cent of the paid-up share capital or voting rights of the HDFC Bank at all times.
HDFC Bank is one of India’s premier banks providing a wide range of financial products and services using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking.
