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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 Ltd. And ERGO International AG formed a joint venture firm named HDFC ERGO General Insurance Company Limited. [3] ERGO became a 49% stakeholder in the Company in 2015. In June 2019, HDFC announced plans to acquire a 51.2 percent stake in Apollo Munich Health Insurance and later merged it with its general insurance arm, HDFC ERGO. [4]
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]
The company is a joint venture between Housing Development Finance Corporation Ltd (HDFC), one of India's leading housing finance institutions and Abrdn, a global investment company. [5] As of 31 March 2020, the promoters; HDFC Ltd. and Standard Life (Mauritius Holdings) 2006 Ltd. hold a 51.69% and 34.75% stake in HDFC Life respectively. [5]
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 ...
Home First Finance primarily functions in the affordable housing segment, providing home loans to low and middle-income individuals. [22] [23] As of March 2024, 86% of its gross loan assets are from home loans, and 13% from the loan against property vertical. [2]
National Payments Corporation of India (NPCI) announced the transactions of Aadhaar Enabled Payment System (AePS) for the month of July 2019 have crossed the milestone number of 200 million. AePS is a bank-led model which allows basic interoperable banking transactions at PoS (MicroATM) through the Business correspondent of any bank by using ...
As of July 2022, more than 20 organisations have committed investment ₹ 255 crore (US$29 million) into the project such as UCO Bank, HDFC Bank. Bank of Baroda etc. [20] [21] HDFC Bank acquired 7.84% stake of ONDC. [22] In April, ONDC had received ₹157.5 crore for first stage of the project from 17 banks and financial institutions. [23]