HDFC Bank writes to RBI, seeks approval to hold 50% stake in HDFC Life

Lender wants either be allowed to hold a 47.82 per cent stake HDFC Ltd in the insurer or buy additional stake in the company from the market

HDFC Bank has written to the Reserve Bank of India (RBI) asking for permission to hold either the 47.82 per cent stake that HDFC Ltd currently owns in life insurance subsidiary HDFC Life or allow it to buy additional stake in the company from the market such that it increases its holding to 50 per cent.

Deepak Parekh, chairman of HDFC, said: “The RBI rule says either you have above 50 per cent or 30 per cent, and we are at 48 per cent in our life insurance subsidiary. So, we have taken up the matter with RBI and we