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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]
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 ...
MobiKwik is an Indian financial technology company, founded in 2009 that provides a mobile phone-based payment system and digital wallet. [3] [4] In 2013 the Reserve Bank of India authorized the company's use of the MobiKwik wallet, [5] and in May 2016 the company began providing small loans to consumers as part of its service.
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PhonePe is an Indian digital payments and financial services company headquartered in Bengaluru, Karnataka, India. [5] [6] It was founded in December 2015, [7] [2] by Sameer Nigam, Rahul Chari and Burzin Engineer. [8]
Paytm Payments Bank and Airtel Payments Bank together command over 88% of the deposits in payment banks in India in 2018. According to the Reserve Bank of India's report on ‘Trend and progress of Banking in India 2017-2018', the payment banks reported losses in the financial year 2017-2018, after a weak performance in the FY 2016-17. [14]
HDFC Life's associated companies include HDFC Bank, HDFC International Life and Re Company Limited, HDFC Pension, [8] HDFC MF, HDFC Sales, HDFC Ergo, HDB Financial Services (HDBFS), HDFC Securities, HDFC RED, [15] HDFC Ventures Trustee Company, GRUH Finance, HDFC Trustee Company, HDFC Developers, HDFC Property Ventures, HDFC Investments, Credit Information Bureau (India) Ltd.