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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. [24] [25] 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 HDFC was established under the National Housing Act No. 37 of 1957 and it commenced operations in June 1984. [4] The Housing Development Finance Corporation of Sri Lanka Act No. 7 of 1997 passed in the parliament of Sri Lanka. Under the act, the HDFC was established as a state-owned enterprise. The act was amended in 2003, allowing the HDFC ...
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
The new policy shook the banking sector in India completely. Bankers, till this time, were used to the 4–6–4 method (borrow at 4%; lend at 6%; go home at 4) of functioning. The new wave ushered in a modern outlook and tech-savvy methods of working for traditional banks. All this led to the retail boom in India.
HDFC Securities is the stock-broking arm of India’s largest private-sector lender, HDFC Bank, [2] and began operations in April 2000. It began as a joint venture between HDFC Bank Limited, HDFC Limited and Indocean eSecurities Holdings Limited. [3] Along with its stock broking services, HDFC Securities is a distributor of financial products.
During this reconstruction, seven investors infused ₹ 12,000 crore (US$1.62 billion) in Yes Bank, and Prashant Kumar was proposed as it new CEO. These investors included State Bank of India, ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank, Rakesh Jhunjhunwala, Radhakishan Damani and Azim Premji Trust. [61]
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 ...
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.