New Delhi, Jun 27 (PTI) Reserve Bank of india has relaxed the restriction on the onboarding of new customers by HDFC Credila, according to HDFC Bank.

In a regulator filing on Tuesday, the RBI vide its letter dated April 20, 2023, had provided certain forbearance/clarifications.

Also Read | Eid al-Adha 2023: Thieves Strike Mumbai’s Deonar Goat Market, Steal Mobile Phones and Cash of Traders Ahead of Bakrid.

RBI had permitted the transfer, in terms of the scheme, of shareholding of HDFC Limited in HDFC Credila Financial Services Limited (HDFC Credila) and had advised that shareholding in HDFC Credila be brought down to 10 per cent within two years from the effective date of the scheme, as per the filing.

This is subject to the condition that HDFC Credila would not onboard any new customers, according to the filing.

Also Read | Himachal Pradesh Rains: Heavy Rainfall Leads To Flood-Like Situation, Disrupts Normal Life in Shimla.

"In connection with the above, we wish to inform that RBI vide its letter dated June 27, 2023, has relaxed the restriction on onboarding of new customers by HDFC Credila.

"This is subject to the application for change in shareholding of HDFC Credila as an NBFC be made to RBI before July 31, 2023 and that the shareholding of HDFC Bank in HDFC Credila be brought down to 10 per cent on or before March 31, 2024," as per the filing.

The reverse merger of housing finance major HDFC with its banking subsidiary HDFC Bank will be effective July 1.

Termed as the biggest transaction in the history of India Inc, HDFC Bank on April 4, 2022, agreed to take over its parent, which is the largest pure-play mortgage lender, in a USD 40 billion all-stock deal, creating a financial services titan with a combined asset of over Rs 18 lakh crore.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)