The approval allows acquisition by HDFC group entities such as HDFC Mutual Fund, HDFC Life Insurance Company Limited, HDFC ERGO General Insurance Company Limited, HDFC Pension Fund Management Limited and HDFC Securities Limited.The term ‘aggregate holding company’ includes the combined shareholdings of these entities under the same management or control as set out in the RBI (Commercial Banks – Acquisition and Holding of Shares or Voting Rights) Directions, 2025.
“We would like to inform you that the RBI in its letter dated December 15, 2025 has granted permission to the Bank (as promoter/sponsor of its group entities namely HDFC Mutual Fund, HDFC Life Insurance Company Limited, HDFC ERGO General Insurance Company Limited, HDFC Pension Fund Management Limited and HDFC Securities Limited) to acquire a “total holding company” of up to 9.50% of the paid up share capital or voting rights in IndusInd,” HDFC Bank said in a regulatory submission.
The approval is valid for one year, until December 14, 2026.
During this period, HDFC Bank must ensure that the collective interest of its group entities in IndusInd Bank does not exceed 9.50% of the paid-up share capital or voting rights at any time. While the Bank has clarified that it does not intend to invest directly in IndusInd Bank, the approval was sought as the total shareholding of its group entities could potentially cross the 5% threshold set by the RBI guidelines.
The application was filed with the RBI on October 24, 2025, as a precautionary measure under the revised regulatory norms.
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