In a major milestone for the proposed merger of HDFC Ltd with HDFC Bank, the Reserve Bank of India has given no objection to the transaction.

"...HDFC Bank 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," HDFC Bank said in a stock exchange filing.

The scheme remains subject to various statutory and regulatory approvals inter alia, including approvals from the Competition Commission of India, the National Company Law Tribunal, other applicable authorities and the respective shareholders and creditors of the companies involved in the Scheme, it further said.

Recently, the BSE and NSE, also issued observation letters giving the go-ahead to the proposed merger.

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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. “The merger is expected to be completed within 12 to 15 month,” HDFC Chairman Deepak Parekh said.

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