Mumbai, Feb. 26 -- The approval has been granted pursuant to an application made by SBI Mutual Fund to the RBI. It is subject to various conditions, including compliance with the Banking Regulation Act, 1949; the Reserve Bank of India (Commercial Banks - Acquisition and Holding of Shares or Voting Rights) Directions, 2025; the Foreign Exchange Management Act, 1999; and regulations issued by the Securities and Exchange Board of India (SEBI), along with other applicable statutes and guidelines.

As per the RBI letter, SBI Mutual Fund has been granted one year from the date of approval to acquire the proposed shareholding. The fund must ensure that its aggregate holding does not exceed 9.99% of the bank's paid-up share capital or voting righ...