In October 2023, the Reserve Bank of India (RBI) approved whom to acquire 9.99 percent of the paid-up share capital in private lender IndusInd Bank?

### Concept & Facts Under RBI regulations, any entity looking to acquire a major stake (usually 5% or more) in a private Indian bank requires prior approval from the central banking authority to ensure financial stability and proper governance. ### Step-by-Step Solution * IndusInd Bank is a major new-generation private sector bank in India. * SBI Mutual Fund (SBI MF), acting through its various schemes, sought to increase its investment footprint in the banking sector. * In October 2023, the RBI granted official approval to SBI Mutual Fund to acquire up to 9.99% of the paid-up share capital or voting rights in IndusInd Bank. ### Exam Strategy & Shortcut 9.99% is a common threshold for regulatory approvals (just below the 10% mark which triggers stricter ownership rules). SBI Mutual Fund has been systematically acquiring such stakes in multiple private banks (like HDFC and ICICI) recently. ### Common Pitfall Guessing LIC (Life Insurance Corporation), as they frequently bail out or take large stakes in banks (like IDBI). However, this specific October 2023 RBI approval for IndusInd was for SBI Mutual Fund. ### Final Answer Therefore, the correct answer is **SBI mutual fund**.