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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. [25] [26] 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.
In July 2023, HDFC merged with HDFC Bank, India’s largest private-sector bank. The merger aimed to broaden the group's financial offerings and enhance customer access by leveraging the bank's extensive network and diverse portfolio. This strategic consolidation marked a significant milestone in India's financial services landscape. [12]
Rank Name of the Bank Year of Founding Year of Closing Fate Headquartered in References [1]; 1: The Madras Bank (1683) 1683: 1843: Merged with the Carnatic Bank, The British Bank of Madras (1795), and the Asiatic Bank to form the Bank of Madras in 1843
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.
Transaction values are given in the US dollar value for the year of the merger, adjusted for inflation. As of February 2024 [update] , the largest ever acquisition was the 1999 takeover of Mannesmann by Vodafone Airtouch plc at $183 billion ($334.7 billion adjusted for inflation).
At the time of its acquisition, Times Bank had 541 employees, 35 branches and 34 ATMs, whereas HDFC Bank had 827 employees, 57 branches and 77 ATMs. [8] [9] Moreover, many of the employees at the Times Bank were former employees of the State Bank of India. [10] The acquisition of Times Bank by HDFC Bank was a major profit booster for The Times ...
The seven other state banks became subsidiaries of the new bank in 1959 when the State Bank of India (Subsidiary Banks) Act, 1959 was passed by the Union government. [ 1 ] The next major government intervention in banking took place on 19 July 1969 when the Indira government nationalised an additional 14 major banks.
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, six PBs, 43 RRBs, and two LABs.