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Finance

China's central bank ups stake in India's biggest mortgage lender

People's Bank's 1% holding draws political attention amid coronavirus battle

Housing Development Finance Corp is India's leading financial group, and includes commercial lender HDFC Bank as well as insurance companies.   © Reuters

NEW DELHI -- The People's Bank of China, China's central bank, has raised its stake in Housing Development Finance Corp., India's largest mortgage company, to 1.01% from 0.8%, HDFC said in a filing to the stock exchange.

As of the end of March, the PBoC held about 17.5 million shares in HDFC, according to the quarterly shareholding pattern data shared by the Indian lender on the BSE, formerly known as the Bombay Stock Exchange, over the weekend. The disclosure came as the PBoC stake hit the 1% regulatory threshold.

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