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Monday, June 24, 2024

The RBI’s Approval of HDFC Bank’s IndusAMC & Life Insurance Arms Are Ind Stake

<p>HDFC Bank made it clear on February 6 that HDFC Bank itself is not the target of the RBI’s clearance for purchasing a stake in IndusInd Bank. The HDFC Bank Group should be considered to be referred to when the word “Bank” is used in the disclosure.</p>
<p><img decoding=”async” class=”alignnone wp-image-387441″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-the-rbis-approval-of-hdfc-banks-indusamc-amp-life-insurance-arms-are-ind-stake-hdf.jpg” alt=”theindiaprint.com the rbis approval of hdfc banks indusamc amp life insurance arms are ind stake hdf” width=”1079″ height=”719″ title=”The RBI's Approval of HDFC Bank's IndusAMC & Life Insurance Arms Are Ind Stake 3″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-the-rbis-approval-of-hdfc-banks-indusamc-amp-life-insurance-arms-are-ind-stake-hdf.jpg 510w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-the-rbis-approval-of-hdfc-banks-indusamc-amp-life-insurance-arms-are-ind-stake-hdf-150×100.jpg 150w” sizes=”(max-width: 1079px) 100vw, 1079px” /></p>
<p><strong>The Clarification from HDFC Bank</strong></p>
<p>The RBI’s clearance for purchasing a share in IndusInd Bank is exclusively for investments made by HDFC Bank’s Asset Management Company (AMC) and Life Insurance divisions, as the bank clarified, according to a report by CNBC-Awaaz.</p>
<p>It was emphasized that HDFC Bank was required to acquire RBI permission for these transactions in its capacity as a promoter.</p>
<p>The RBI has given HDFC Bank permission to purchase a “aggregate holding of up to 9.50 percent of the paid-up share capital or voting rights” in the bank, IndusInd Bank said to stock markets on Monday night.</p>
<p>According to IndusInd Bank, HDFC Bank’s application to the regulatory body prompted the RBI’s approval. The permission is only valid for a year, after which it will be withdrawn if HDFC Bank doesn’t complete the share purchase.</p>

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