HDFC Bank, the largest private sector bank, has taken another big step after merging its two businesses. HDFC Bank’s hold in the banking sector is going to become stronger. Actually, Reserve Bank of India has approved the proposal of HDFC Group.
HDFC Bank, the largest private sector bank, has taken another big step after merging its two businesses. HDFC Bank’s hold in the banking sector is going to become stronger. Actually, Reserve Bank of India has approved the proposal of HDFC Group. In this proposal, HDFC had sought approval to buy 9.50 percent stake in 6 banks. RBI has approved this proposal of HDFC Group, Yes Bank, IndusInd Bank, Axis Bank, Bandhan Bank, ICICI Bank and Suryoday Small Finance Bank. The proposal to buy 9.50 percent stake in (Suryoday Small Finance Bank) has been approved.
HDFC’s proposal got approval
HDFC Bank Group, the parent group of the country’s largest private bank HDFC Bank, has got approval to buy stake in six banks including Yes Bank, IndusInd Bank. It has been clarified by HDFC Bank that this approval has been given to HDFC Bank Group. Which includes his asset management company. This approval will be valid for only 1 year. That means, if HDFC Group does not complete the deal within the deadline, then this approval will be cancelled.
Why is it important?
While approving this proposal, RBI has put a condition that HDFC Group will have to acquire the shares within a year, if it is unable then this approval will be cancelled. Apart from this, RBI has also said that HDFC will have to buy this stake in the form of paid up share capital or aggregate holding of voting rights. This deal is very important for HDFC Bank.
What will be the impact on customers?
The question in people’s mind is whether this acquisition will affect their banking services? Let us tell you that this acquisition will not have any impact on the customers of IndusInd Bank, Yes Bank or any other bank. There will be no impact on the functioning of banks, banking services and customers. All services will continue as before.
