HDFC Bank awaiting RBI reply on subsidiary stake forbearance: Parekh

According to HDFC's latest annual report, the mortgage lender has over 10 subsidiaries, including HDFC Life Insurance, HDFC Ergo General Insurance, and HDFC Asset Management

HDFC Bank is still in talks with the Reserve Bank of India (RBI) for the forbearance it has sought with respect to HDFC Ltd’s investments in its associates and subsidiaries. It is awaiting a final response from the regulator on this issue.

At an NCLT-convened meeting of equity shareholders of HDFC, its chairman Deepak Parekh said: “We have applied to the RBI to allow all our subsidiaries to become bank subsidiaries. We have not heard from them (the RBI). Whichever they permit, will become subsidiaries of the bank; whichever they do not permit, we will have to find a solution