The RBI has advised SBIFML to complete the acquisition of this significant shareholding in HDFC Bank within six months, specifically by 15 November 2023. Additionally, SBIFML is required to ensure that their overall ownership in HDFC Bank remains below 10% of the paid-up share capital or voting rights of the bank at all times.

However, this approval is contingent upon SBIFML adhering to specific conditions, which include compliance with relevant provisions such as the Banking Regulation Act, 1949, RBI's Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies, the Foreign Exchange Management Act, 1999, regulations issued by the Securities and Exchange Board of India, and other applicable guidelines, regulations, and statutes.

HDFC Bank has received approval from the National Company Law Tribunal (NCLT) for its merger with Housing Development Finance Corporation (HDFC). This will be the largest amalgamation in Indian corporate history, resulting in a combined asset base of approximately Rs 18 lakh crore. The exchanges have already approved the merger.

As on 31 March 2023, HDFC Bank's distribution network was at 7,821 branches and 19,727 ATMs/Cash Deposit & Withdrawal Machines (CDMs) across 3,811 cities / towns as against 6,342 branches and 18,130 ATMs / CDMs across 3,188 cities / towns as of 31 March 2022.

The private lender's net profit rose 19.8% to Rs 12,047.45 crore on 31.1% increase in total income to Rs 53,850.54 crore in Q4 FY23 over Q4 FY22.

Shares of HDFC Bank fell 0.49% to Rs 1638.65 on Wednesday, 17 May 2023.