HDFC Bank Group gets nod to buy 9.5% Yes Bank, IndusInd Bank stake

HDFC Bank Group, which includes subsidiaries like HDFC Mutual Fund, has received RBI's approval to acquire a 9.5% stake each in six banks. The banks are Axis Bank, Yes Bank, IndusInd Bank, ICICI Bank, Bandhan Bank and Suryoday Bank. RBI granted approval after HDFC Bank's application, which it moved as its "aggregate holding" was likely to exceed prescribed 5% limit.