The Reserve Bank of India has loosened limits on the acquisition of new clients for HDFC Credila, the education finance arm of Housing Development Finance Corporation (HDFC), the company announced on Tuesday.
According to the filing, the exemption was given after the business satisfied the RBI’s requirement that an application for a change in HDFC Credila’s shareholding as a non-banking financing company be submitted to the central bank before July 31, 2023.
According to the company’s filing, the RBI had also requested that HDFC Bank reduce its ownership of HDFC Credila to 10% by March 31, 2024, at the latest.
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