RBI Approves ICICI AMC's Proposal to Acquire up to 9.95% Stake in HDFC Bank

The Reserve Bank of India (RBI) has granted approval to ICICI Prudential Asset Management Company Limited (ICICI AMC) and its group entities to acquire up to 9.95% of the paid-up share capital or voting rights in HDFC Bank Limited. As of February 6, 2026, the ICICI group holds 4.07% of the total share capital of the Bank. This approval is subject to various conditions, including compliance with the Banking Regulation Act, 1949, Reserve Bank of India (Commercial Banks - Acquisition and Holding of Shares or Voting Rights) Directions, 2025, and other statutes, regulations, and guidelines. The approval will be valid for one year from the date of the RBI letter, and ICICI must ensure that the aggregate holding in the Bank does not exceed 9.95% at all times. Any increase in holding beyond 5% will require prior approval from the RBI.