India's central bank has allowed either of HDFC or HDFC Bank to increase their ownership to more than 50% in HDFC Life and HDFC ERGO before their merger. The regulator has also asked HDFC Bank to comply with liquidity and reserves requirements without exception from the merger date. HDFC Bank's CFO said there are no guidelines on whether the stake increase has to be through funds infusion or share purchases from the market. HDFC Bank has been ramping up its investment book, which expanded 13.4% on-year to INR5.17tn ($68.84bn) as of 31 March 2022.