SBI Mutual Fund has received the Reserve Bank’s approval to acquire upto 9.99 per cent equity stake in Bandhan Bank. In an exchange filing, Bandhan Bank stated that the RBI has directed SBI Mutual Fund to ensure that its “aggregate holding” in the Bank does not exceed 9.99% of the Bank’s paid-up share capital or voting rights at all times. Acquisition time frame The Reserve Bank has directed that if SBI Mutual Fund fails to acquire a major shareholding within a period of one year from the date , the approval will be cancelled.