The Reserve Bank of india Relaxes Condition For Onboarding Of New Customers By HDFC Credila.
Termed as the biggest transaction in the history of India Inc, HDFC Bank on April 4, 2022, agreed to take over its parent, which is the largest pure-play mortgage lender, in a USD 40 billion all-stock deal, creating a financial services titan with a combined asset of over Rs 18 lakh crore.
This is subject to the condition that HDFC Credila would not onboard any new customers, according to the filing.
In connection with the above, we wish to inform that RBI vide its letter dated June 27, 2023, has relaxed the restriction on onboarding of new customers by HDFC Credila.
RBI had permitted the transfer, in terms of the scheme, of shareholding of HDFC Limited in HDFC Credila Financial Services Limited HDFC Credila and had advised that shareholding in HDFC Credila be brought down to 10 per cent within two years from the effective date of the scheme, as per the filing.
In a regulator filing on Tuesday, the RBI vide its letter dated April 20, 2023, had provided certain forbearance/clarifications.
Reserve Bank of india has relaxed the restriction on the onboarding of new customers by HDFC Credila, according to HDFC Bank.