The Reserve Bank has allowed Quant Mutual Fund to hike its stake in RBL Bank to 9.98 per cent, according to a regulatory filing.

As of May 10, Quant MF, through its various schemes, owned 4.68 per cent equity share capital in the private sector lender.

"RBI ... has accorded its approval to Quant Money Managers Ltd to acquire “aggregate holding” of up to 9.98 per cent of the paid-up share capital or voting rights in RBL Bank, through various schemes of Quant Mutual Fund," the filing said.

The approval granted on Monday is subject to certain conditions and provisions under the Banking Regulation Act, 1949, among others.

The shareholding has to be increased by May 12, 2025, it said.

RBL Bank stock was trading at ₹246.60, up 0.20 per cent on BSE.