HDFC Bank, Kotak Mahindra Bank to buy 9.99% stake each in Ferbine

HDFC Bank Ltd and Kotak Mahindra Bank have entered into an agreement to acquire 9.99% stake or 4,995 shares each in Ferbine Pvt Ltd, the lenders informed the stock exchanges. The two banks will pay 49,950 rupees each to pick up the stake. Ferbine, incorporated on Jan 18, will make an application to the Reserve Bank of India for setting up of a pan-India umbrella entity for retail payments.