IBPS PO Mains 5 Nov 2023 Paper

Concept:This is a current-affairs question about RBI approval for share acquisition in a bank.Explanation:SBI Funds Management Limited received the Reserve Bank of India's approval to acquire up to $9.99\%$ of the paid-up share capital of private lender IndusInd Bank.The approval is subject to compliance with RBI norms, foreign exchange rules, and capital market regulations.As per RBI guidelines, the acquisition must be completed within one year, i.e., by October 10, 2024.The aggregate holding by SBI MF must not exceed $9.99\%$ of IndusInd Bank's paid-up share capital or voting rights at any time.IndusInd Bank was founded in 1994, has its headquarters in Pune, and its MD & CEO is Sumant Kathpalia.None of the other listed banks are the target of this specific RBI approval.Answer:Option B: IndusInd Bank