RBI approves Tata AMC's move to raise stake in DCB Bank to 7.5%; check details

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RBI) on July 5 gave its approval to Tata Asset Management Company (AMC) to increase stake in DCB Bank to 7.5 per cent. The approval by the central bank for Tata AMC to acquire an aggregate holding of 7.5 per cent in DCB Bank is valid for a period of one year from the date of RBI letter, according to a regulatory filing by DCB Bank to the stock exchanges on July 5.

‘’The Bank has received an intimation from RBI on July 5, 2023, that it has granted its approval to Tata Asset Management Private Limited (TAMPL) to acquire aggregate holding of up to 7.5 per cent of the paid-up equity capital of the Bank through the schemes of Tata Mutual Fund,'' said DCB Bank in the exchange filing. Also Read: DCB Bank offers new Direct Tax payment facility with govt income tax portal ‘’The aforesaid approval by the RBI is subject to compliance with the relevant provisions of Banking Regulation Act,1949, Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies dated January 16, 2023 issued by RBI, provisions of the regulations issued by Securities and Exchange Board of India, provisions of the Foreign Exchange Management Act,1999 and any other guidelines, regulations and statutes as applicable,'' added DCB Bank in its statement.

The statement added that Tata AMC is also advised by the RBI to ensure that its aggregate shareholding in DCB Bank shall not exceed 7.5 per cent of the paid-up capital of the bank at all times. DCB Bank recently announced that a new direct tax collection system integrated with the Government of India Income Tax Portal (TIN 2.0) has been successfully put into place.