'No objection' from RBI in HDFC-Bank merger

New Delhi: India's Largest private lender HDFC Bank on Monday announced that the Reserve Bank of India gave a 'No Objection' letter for the proposed composite scheme of amalgamation.

HDFC Bank has received a letter dated July 04, 2022, from the Reserve Bank of India whereby the RBI has accorded its ‘no objection’ to the Scheme, subject to certain conditions as mentioned therein. 

According to the letter, the merger remains subject to various statutory and regulatory approvals inter alia including approvals from the Competition Commission of India, the National Company Law Tribunal, other applicable authorities, and the respective shareholders and creditors of the companies involved in the Scheme, as may be required. 

Earlier the bank received clearance from BSE Limited and the National Stock Exchange of India Limited.