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On 4 April 2022, HDFC Ltd announced that it would merge with HDFC Bank, marking India's largest-ever M&A deal. [23] [24] As part of the merger, HDFC Ltd would transfer its home loan portfolio to HDFC Bank, while the bank offered depositors of HDFC Ltd the choice of either withdrawing their money or renewing their deposits with the bank at the interest rate that the bank was then offering.
The company provided housing finance to individuals and corporations for purchase/construction of residential houses. [13] [17] The type of loans offered by company included loans for purchase and construction of a residential units, purchase of land, home improvement loans, home extension loans, non-residential premise loans for professionals and loan against property and repayment options ...
The Reserve Bank of India (RBI) has identified SBI, HDFC Bank, and ICICI Bank as Domestic Systemically Important Banks (D-SIBs), which are often referred to as banks that are "too big to fail". [ 16 ] [ 17 ] SBI is the 47th largest bank in the world by total assets and ranked 178th in the Fortune Global 500 list of the world's biggest ...
Under the act, the HDFC was established as a state-owned enterprise. The act was amended in 2003, allowing the HDFC to reestablish itself as a specialised bank. The bank was listed on the Colombo Stock Exchange in 2005. Beginning in 2011, the bank broadened its scope of operations to enter into new market segments of banking. [5]
Large banks, many working on parallel tracks to United American, followed in 1981 when four of New York's major banks (Citibank, Chase Manhattan, Chemical Bank, and Manufacturers Hanover) offered home banking services, [2] [3] using the videotex system.
The proposed merger would create the fourth largest public sector bank in the country with total business of ₹ 15.20 lakh crore (US$170 billion) and 10,324 branches. [8] [9] The Board of Directors of Canara Bank approved the merger on 13 September. [10] [11] The Union Cabinet approved the merger on 4 March 2020.
Immediate Payment Service is managed by the National Payments Corporation of India (NPCI) and is built upon the existing National Financial Switch network. In 2010, the NPCI initially carried out a pilot for the mobile payment system with 4 member banks (State Bank of India, Bank of India, Union Bank of India and ICICI Bank), and expanded it to include Yes Bank, Axis Bank and HDFC Bank later ...
HDFC Bank, an Indian financial services company; HDFC Life, a joint venture of Housing Development Finance Corporation and Standard Life plc; HDFC Bank of Sri Lanka, a Sri Lankan specialised housing bank; Housing Development Fund Corporation, a special type of limited equity housing cooperative in New York City