The SBI Funds Management Ltd has been allowed by central bank RBI to acquire 9.99 per cent stake in HDFC Bank Ltd by November 15.

In a regulatory filing, the HDFC Bank said the Reserve Bank of India (RBI) has given its approval to SBI Funds Management for acquiring up to 9.99 per cent of the paid-up share capital or voting rights of the bank.

The RBI has given its nod on an application made by the SBI Funds Management and advised to acquire the stakes within six months, that is, by November 15.

HDFC Bank said SBI Funds Management has to ensure that the aggregate holding in the Bank remains below 10 per cent of the paid-up share capital or voting rights of the Bank at all times.