HDFC MF gets Reserve Bank nod for hiking stake in Federal Bank, Equitas SFB, 3 other lenders

New Delhi: Reserve Bank has accorded approval to HDFC Mutual Fund to raise its stakes in Federal Bank, Equitas Small Finance Bank and other three banks to up to 9.5 per cent.

The clearance has been granted with reference to the application made by HDFC AMC to RBI, according to a regulatory filing on Thursday.

"...the Reserve Bank of India (RBI) vide its letter dated September 20, 2023, has accorded its approval to HDFC Asset Management Company Ltd (HDFC AMC) for acquiring aggregate holding of up to 9.5 per cent of the paid-up share capital or voting rights of Federal Bank," the bank said in the filing.