The Reserve Bank of India (RBI) has provided its approval to the Canada Pension Plan Investment Board (CPPIB) for acquiring up to 10 percent stake in Kotak Mahindra Bank.

The Kotak Mahindra Bank has said in a regulatory filing that “The Reserve Bank of India has informed that it has granted approval to CPPIB for acquiring shares in excess of 5 percent and below 10 percent of the paid up capital of the bank.”

Earlier this year, CPPIB had picked up stake in the bank from Japanese multinational Sumitomo Mitsui Banking Corp (SMBC) via an open market operation.

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