BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The Reserve Bank of India has reportedly rejected HDFC Bank’s plea to declassify its parent Housing Development Finance Corporation Limited (HDFC) as a FII. FII stands for-?
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Foreign International Investor
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Foreign Institutional Investor
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Foreign Institutional Institution
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Foreign Initial Investor
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Explanation:
Detailed explanation-1: -The Housing Development Finance Corporation Limited or HDFC was among the first financial institutions in India to receive an “in principle” approval from the Reserve Bank of India (RBI) to set up a bank in the private sector.
Detailed explanation-2: -Mergers and acquisitions HDFC Bank merged with Times Bank in February 2000. This was the first merger of two private banks in the New Generation private sector banks category. Times Bank was established by Bennett, Coleman and Co. Ltd., commonly known as The Times Group, India’s largest media conglomerate.
Detailed explanation-3: -RBI approves HDFC Bank’s merger with parent HDFC | Mint.
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