RBI has given no objection to the transaction for the proposed merger of HDFC Ltd with HDFC Bank.

In a stock exchange filing, HDFC Bank announced that it has received a letter dated July 4, 2022, from the RBI whereby the RBI has accorded its ‘no objection’ for the scheme, subject to certain conditions as mentioned therein. The scheme remains subject to various statutory and regulatory approvals inter alia, including approvals from the CCI, the NCLT, other applicable authorities, and the respective shareholders and creditors of the companies involved in the Scheme. Recently, the BSE and NSE also gave observation letters giving the allowance for the proposed merger. The boards of HDFC and HDFC Bank had, on April 4, approved a scheme of amalgamation, subject to requisite approvals.

HDFC Investments and HDFC Holdings boards have also approved the merger of their respective companies with and into HDFC Ltd. According to HDFC chairman Deepak Parekh, the merger is predicted to be completed within 12 to 15 months.