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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.
HDFC held 26.14% of shares in HDFC Bank. HDFC Bank sources home loans for HDFC for a fee. [22] The key business areas of HDFC Bank were wholesale and retail banking and treasury operations. As of April 2023, its market capitalisation was ₹ 941,386 crore (US$110 billion), making it India's third largest publicly traded company. [23]
IndusInd Bank Limited is an Indian banking and financial services company with its headquarters in Mumbai, Maharashtra. [7] It was inaugurated in April 1994 by then Union Finance Minister Manmohan Singh .
This is a list of banks which are considered to be Scheduled Banks under the second schedule of RBI Act, 1934. [1] [2]At end-March 2024, India's commercial banking sector consisted of 12 public sector banks (PSBs), 21 private sector banks (PVBs), 45 foreign banks (FBs), 12 SFBs, 6 PBs, 43 RRBs, and 2 LABs.
HDFC Bank sought permission from regulators to merge with its parent HDFC and merged. This led to a lot of probable capital holding violations for which the combined entity was given a year to bring under statutory limits. Before the merger, HDFC swapped its group company Gruh Finance to Bandhan bank for a 15% stake in its combined capital.
The net worth of the Hinduja brothers was estimated to be US$32 billion in 2022, making them the wealthiest people in the United Kingdom. [3] [4] In May 2023, company patriarch Srichand Hinduja died. In October 2024, the Hinduja family was ranked 11th on the Forbes list of India’s 100 richest tycoons, with a net worth of $22 billion. [5]
CAMS was founded in early 1988 by V Shankar working in software development and computer education. During Y2K, CAMS pivoted to domestic financial services.. The Indian financial services industry experienced a renaissance in the period 1997/8-2006/7, with changes in regulation, products, and supporting infrastructure.
State Bank of India: 28 December 2021 [39] Delhi - Meerut: National Capital Region Transport Corporation Limited: Namo Bharat: Complete Network Airtel Rupay NCMC Card: Airtel Payments Bank: 21 October 2023 [41] Airtel Payments Bank was chosen after RBI banned operations of Paytm payments bank [42] 3 October 2024 [43] Delhi - Panipat - Karnal ...