HDFC Bank receives no objection letter from RBI for merger with HDFC

The RBI nod comes a day after both HDFC and HDFC Bank got no-objection from both stock exchanges, namely BSE and NSE

HDFC Bank has received the Reserve Bank of India’s approval for the merger between the lender and Housing Development Finance Corporation.

“HDFC Bank has received a letter dated July 04, 2022 from the Reserve Bank of India (“RBI”) whereby the RBI has accorded it’s ‘no objection’ for the Scheme, subject to certain conditions as mentioned therein,” the lender said in a release.

The scheme for amalgamation remains subject to various statutory and regulatory approvals including approvals from the Competition Commission of India, the National Company Law Tribunal and other applicable authorities, said HDFC Bank.

Last week, the merger proposal between the two entities