In a regulatory filing on Tuesday, SBI said it has approved setting up the trustee company as a wholly-owned subsidiary of the bank for managing the fund.
In a regulatory filing, the HDFC Bank said the Reserve Bank of India (RBI) has given its approval to SBI Funds Management for acquiring up to 9.99 per cent of the paid-up share capital or voting rights of the bank.
The SBI Funds Management Ltd has been allowed by central bank RBI to acquire 9.99 per cent stake in HDFC Bank Ltd by November 15.In a regulatory filing, the HDFC Bank said the Reserve Bank of India (RBI) has given its approval to SBI Funds .