MAS vide its e-mail dated April 24, 2023 to Griha Pte, granted its approval for acquisition of shares in Griha Pte by HDFC Bank, which would result in the bank acquiring 20 per cent or more of the issued share capital of Griha Pte.

"On a review, it has been decided to harmonise the provisioning norms for standard assets applicable to all categories of UCBs, irrespective of their tier in the revised framework," the central bank said in a circular.

The US company is weighing opening its own office in the country in order to free itself from the restrictions of its deal with Kotak Mahindra Capital Co., the people said, asking not to be identified as the information is not public. Evercore partnered with Kotak in 2011, constraining it from working with anyone else to provide M&A advisory services on cross-border transactions between clients in India and the US, the UK and Mexico.

The new rule restrains them from keeping money beyond six months in offshore bank accounts. The rule requires them to 'invest' the unused money remitted from India in foreign securities, mutual funds, properties and other permitted assets.

"As soon as we went in, we started looking at contracts and quickly realised where the problems were. We ran an assessment with an external partner to assess the capability because we also wanted to make sure that if somebody was good, we could retain them. We had acquired 3,800 people. We needed to assure the good people that they had a future and that they would not be treated differently," said DBS Bank India CEO Surojit Shome.

India is not immune to global disruptions, so some slowdown in growth is inevitable, he said, adding, since India is a domestic, consumption-based economy, India is less dependent on the global economy compared to countries that rely heavily on exports.

In its 4-point statement, ICICI Bank categorically denies the data breach incident. Researchers tell ETCISO that although the leaked KYC data appears legitimate, it cannot be attributed to a lapse by the banking major.

The billionaire banker's transition from CEO was necessitated after central bank guidelines capped tenures for Indian business heads.

India's central bank has allowed either of HDFC or HDFC Bank to increase their ownership to more than 50% in HDFC Life and HDFC ERGO before their merger. The regulator has also asked HDFC Bank to comply with liquidity and reserves requirements without exception from the merger date. HDFC Bank's CFO said there are no guidelines on whether the stake increase has to be through funds infusion or share purchases from the market. HDFC Bank has been ramping up its investment book, which expanded 13.4% on-year to INR5.17tn ($68.84bn) as of 31 March 2022.