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Why HDFC twins are merging — and how consumers and the financial sector will be impacted

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Mortgage major HDFC Ltd and India’s largest private bank HDFC Bank are set to merge on July 1 to create a combined entity with a market capitalisation of Rs 14.37 lakh crore. The merger will benefit both shareholders and customers at a time of steady growth for the Indian economy.

HDFC Chairman Deepak Parekh and HDFC Vice Chairman Keki Mistry said on June 27 that the two companies will have separate board meetings after office hours on June 30, which would be the last board meeting of HDFC Ltd. After the merger, HDFC branches will continue, but the signboards will say HDFC Bank.

“Every employee under the age of 60 will be absorbed and salaries will not be reduced. HDFC Bank will need our people because they don’t have knowledge of mortgages,” Parekh said. There will be no golden handshake for employees of HDFC Ltd.

HDFC has said that the tentative ‘record date’ for determining shareholders of HDFC Ltd who would be allotted equity shares of HDFC Bank as per the share exchange ratio, is July 13, 2023.

“Both HDFC Ltd and HDFC Bank are working towards completing all the necessary formalities for completion of the proposed amalgamation as per the tentative dates,” HDFC said.

Mistry said the two organisations have different products. “The bank has everything other than housing and HDFC Ltd does only housing. The commonality of roles is limited. It is limited to certain corporate functions,” Mistry said.

The merger has received approvals from the Reserve Bank of India (RBI), insurance regulator Insurance Regulatory and Development Authority of India (IRDAI), the National Company Law Tribunal (NCLT) and the antitrust watchdog Competition Commission of India.

IRDAI has also approved the acquisition of shares of HDFC Life Insurance Company and HDFC ERGO General Insurance Company by HDFC Ltd, and the transfer of the entire shareholding of HDFC Ltd in HDFC Life and HDFC ERGO to HDFC Bank.

HDFC Ltd was set up by H T Parekh, the uncle of Deepak Parekh, in 1977. HDFC Bank was started in January 1995, after the RBI opened up the banking sector to private players. HDFC Bank has more than 6,300 branches globally and 18,000 ATMs. HDFC Ltd has 464 offices across India.

So why did the “HDFC twins” decide to merge?

Three key factors made it an opportune time to go ahead with the merger in April 2022. The prevailing low interest rate environment was supportive; RBI had lowered the CRR and SLR requirement from 27 per cent to 22 per cent; and there was high liquidity in the system.

According to a source, there was an additional factor as well: the leadership at HDFC Ltd was closing 70, and in view of the looming question of succession, it was felt that a merger with HDFC Bank will bring the best synergy benefits.

Banking sources said the proposal was put up even when Aditya Puri was MD of HDFC Bank, but could not go ahead due to several concerns. Puri stepped down from the position he had held for 26 years on October 26, 2020.

Although there had been speculation for long, the news of the merger was successfully kept under wraps until the actual announcement.

Does the merger make sense?

With the RBI tightening the regulatory environment for non-banking financial companies (NBFCs), especially with regard to NPA (non-performing assets) recognition norms, and making the regulations almost similar to banks, the incentive for keeping HDFC Ltd and HDFC Bank separate had been diminishing.

Also, banks, led by SBI, and new-age fintech companies have intensified the competition in the home loan segment.

However, business-related synergies could have been driven even without the merger. The bet by the management is that the increased size of the balance sheet of the entity will enable it to increase its competitiveness and create shareholder value. HDFC Ltd posted a net profit of Rs 16,239 crore in FY2023; HDFC Bank’s profit was at Rs 44,108 crore.

Will HDFC Bank benefit from the merger?

The merger will be more beneficial to HDFC Ltd since its business is less profitable — it can increase its product penetration, and funding costs are expected to come down.

However, HDFC Bank will get an unparalleled advantage through the mortgage portfolio, providing it a quantum leap in distribution to semi-urban and rural areas with a huge opportunity to cross-sell bank products to a very sticky client base.

“The combined entity will be able to extract substantial synergy benefits which abide well for all stakeholders and shareholders,” said an analyst.

While the merged entity will see some cost synergies, it is difficult to see how the merger will by itself help the merged entity increase its market share. HDFC Bank has been beset by the woes of its digital initiatives, and many parts of its retail banking are under pressure from fintech companies.

HDFC is facing increasing pressure from public sector banks in its mortgage business. However, the management does have the wherewithal to meet the short-term challenges and come out on top, an analyst said.

Another advantage of the merger is that the cost of borrowing will come down for HDFC. When this happens, the combined entity gains in terms of cost efficiencies, and is value accretive for shareholders.

And what will the merger mean for shareholders?

As part of the merger, 42 shares of HDFC Bank will be given for every 25 shares of HDFC Ltd. Post the amalgamation, HDFC Bank will be 100 per cent owned by public shareholders, and existing shareholders of HDFC Ltd will own 41 per cent stake in the bank. The foreign stake is around 8 per cent in the bank, and is likely to increase.

On June 27, the shares of HDFC rose 1.59 per cent to Rs 2,762.50; HDFC Bank gained 1.38 per cent to reach Rs 1,658.00 on the BSE.

What will be the impact on the financial sector?

Competition is expected to heat up, especially between HDFC Bank and SBI, which is India’s largest bank. The home loan segment has become attractive as non-performing assets are minimal.

According to ICICI Securities, HDFC Bank aims to double its balance sheet in five years, exhibiting 15% annual growth. Expanding its physical presence (it plans to double the number of branches in the next three years); focussing on digital capabilities (it plans to change tech stack in three to four years); enhancing the product ecosystem for better customer experience; and a push in newer segments (MSMEs) and geographies (rural and semi-urban areas) could enable the bank to achieve its targeted growth and profitability, it said.

The banking sector is expected to witness further consolidation in the coming months. Axis Bank recently acquired Citibank’s retail businesses in India for Rs 12,325 crore, and the government has put IDBI Bank on the block for privatisation.

According to a Standard & Poor’s ranking, State Bank of India retained its top position after its assets increased 2.64 per cent year-on-year to $725.08 billion. Owing to its proposed merger with HDFC Ltd, the pro forma assets of HDFC Bank rose 57.67 per cent to $441.05 billion, which enabled it to hold on to the second rank. ICICI Bank secured the third spot, with total assets of $238.49 billion.

What can be some of the challenges going forward?

While market participants feel the deal was inevitable given the current environment and shrinking of regulatory arbitrage for NBFCs, the biggest challenge was to meet the regulatory requirements.

A banker said that HDFC Ltd is into developer financing, but HDFC Bank doesn’t do it as of now. While doing it may increase risks, not doing it will weaken the mortgage finance business. Developer finance is key to sourcing mortgage customers from the project.



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PPF Account: Public Provident Fund क्या होता है, कैसे खुलता है खाता? (BBC Hindi)



आज हम बात कर रहे हैं पब्लिक प्रोविडेंट फंड यानी पीपीएफ अकाउंट की. पीपीएफ़ में निवेश करने पर आपको ब्याज़ भी मिलता है. आइए जानते हैं ये पीपीएफ़ अकाउंट क्या होता है, इसमें कैसे निवेश किया जाता है और इसे खोलने से क्या-क्या फ़ायदे मिल सकते हैं. सबकुछ जानिए इस वीडियो के ज़रिए.

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* Corona Virus से जुड़े और दिलचस्प वीडियो देखने के लिए यहां क्लिक करें :

* कोरोना वायरस से जुड़ी सारी प्रामाणिक ख़बरें पढ़ने के लिए क्लिक करें :

* ऐसे ही और दिलचस्प वीडियो देखने के लिए चैनल सब्सक्राइब ज़रूर करें-

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Social security schemes safeguard underprivileged financially: Sitharaman

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Finance minister Nirmala Sitharaman on Tuesday said three social security schemes, including PMJJBY and PMSBY, aim to provide essential financial services to citizens especially underprivileged and safeguard them against unforeseen risks, losses, and financial uncertainties.


Three social security (Jan Suraksha) schemes — Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY) — were launched on May 9, 2015.


The three schemes are dedicated to the welfare of the citizens, recognising the need for securing human life from unforeseen eventualisation and financial uncertainties.


In order to ensure that the people from the unorganised section of the country are financially secure, the government launched two insurance schemes — PMJJBY and PMSBY; and also introduced APY to cover the exigencies in the old age.


Speaking on the 8th anniversary of Jan Suraksha schemes, the finance minister said, these schemes aim to provide essential financial services to individuals from underprivileged backgrounds, thereby reducing their financial vulnerability.


Citing data on the three schemes, Sitharaman said that 16.2 crore, 34.2 crore and 5.2 crore enrolments have been done under PMJJBY, PMSBY and APY, respectively, till April 26 2023.


On PMJJBY scheme, the finance minister said that it has provided crucial support to 6.64 lakh families who have received claims for Rs 13,290 crore.


Under the PMSBY scheme, Sitharaman said that more than 1.15 lakh families have received claims for Rs 2,302 crore. For both PMJJBY and PMSBY schemes, simplification of the claim process has resulted in speedier settlement of claims.


“It is encouraging to see that these schemes are being implemented through a targeted approach to maximise their reach. Under the leadership of our Prime Minister, Narendra Modi, our government is steadfastly dedicated to ensuring that the advantages of these social security schemes reach every eligible individual across the nation,” she said.


On the occasion, minister of state for finance Bhagwat K Karad said the government has adopted a targeted approach for covering people in the rural areas and campaigns are being organised throughout the country at each Gram Panchayat for providing coverage to eligible beneficiaries under the scheme.


PMJJBY offers life insurance cover of Rs 2 lakh, in case of death due to any reason, to people in the age group of 18-50 years having a bank or post office account, who give consent to join or enable auto-debit of premium.


On the other hand, PMSBY offers insurance cover of Rs 2 lakh for accidental death or total permanent disability and Rs 1 lakh for partial permanent disability to people in the age group of 18-70 years with a bank or post office account, who give consent to join or enable auto-debit of premium.


Last year, the finance ministry revised rates from Rs 330 to Rs 436 under PMJJBY and from Rs 12 to Rs 20 for PMSBY, effective June 1, 2022. The revision was being undertaken because of the long-standing adverse claims experience by the schemes and to make them economically viable.


Atal Pension Yojana (APY) is a pension scheme open to all bank account holders in the age group of 18 to 40 years who are not income tax payers and the contributions differ, based on the pension amount chosen.


Subscribers would receive the guaranteed minimum monthly pension of Rs 1,000 or Rs 2,000 or Rs 3,000 or Rs 4,000 or Rs 5,000 after the age of 60 years, based on the contributions made by the subscriber after joining the scheme.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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LIFE INSURANCE VS HEALTH INSURANCE | हेल्थ इन्शुरन्स | लाइफ इन्शुरन्स | #lifeinsurance #bima



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Fed policy action, RBI rate decision key driving factors for mkts: Analysts

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The US Fed policy action, RBI rate decision and foreign fund flows are some of the major factors that will guide the equity markets in the near-term, analysts said on Wednesday.


Besides these, September quarter earnings announcements would also pave the way for the markets, whose overall structure remains bullish, they added.


From its 52-week low of 50,921.22 quoted on June 17 this year, the Sensex has jumped 16.91 per cent till now. The Nifty has climbed 16.96 per cent from its 52-week low of 15,183.40 on June 17 this year.


So far in 2022, the BSE Sensex has climbed 2.20 per cent and the Nifty has advanced 2.33 per cent.


“We believe that the underlying market is bullish. Given India’s stance as a high-performing economy, there are many reasons for India to be an excellent performer as we advance,” said Sunil Damania, Chief Investment Officer, MarketsMojo.


He said the rupee has stabilized after hitting an all-time low level.


The rupee is currently hovering at 79.50 against the US dollar. It had touched an all-time low of 80.15 against the US dollar in intra-day trade on Monday.


“We are of the opinion that irrespective of whether the market touches a record high in September, market sentiments will stay bullish by Diwali,” Damania said, adding that the BSE benchmark Sensex and the NSE Nifty have picked up since mid-June 2022.


At the moment, investors might be skeptical of the current market rally, Damania said, adding that “We maintain the Sensex could touch 65,000 by December 2022, and our short-term Nifty target is 19,000 by December 2022.”

Factors that could influence the direction of global markets include geopolitical issues, commodity prices, inflationary trends, interest rate trajectory followed by central banks and recessionary conditions, experts said.


According to Deepak Jasani, Head of Retail Research, HDFC Securities, Indian markets could get impacted by the turn in global sentiments and as more investors turn risk averse ahead of the historically down month of September.


“However, the intensity and amount of fall in India will be limited as its economy may not be linked fully with the happenings in the US economy,” he noted.


From now till the end of the calendar year, Nifty could see an upside of 18,100 and downside of 15,850, Jasani added.


Reshma Banda, Head-Equity & Executive VP, Bajaj Allianz Life Insurance said Indian macroeconomic fundamentals are better placed on a relative basis.


Inflation in India is elevated and is only marginally higher than the RBI threshold band, which compares favorably to other developed countries where inflation is hovering at multi-decade highs, Banda said.


According to official figures, India’s retail inflation softened to 6.71 per cent in July due to moderation in food prices but remained above the Reserve Bank’s comfort level of 6 per cent for the seventh consecutive month.


Some of the other factors that can impact market sentiments include normal monsoon, which augurs well for controlling food inflation levels in the country.


Further, foreign fund inflows have returned to India, thereby aiding a healthy rally in the equity markets, experts said.


After turning net buyers last month, foreign investors have become aggressive shoppers of Indian equities and pumped in Rs 49,250 crore so far in August on improvement in corporate earnings and macro fundamentals.


Sunil Nyati, Managing Director, Swastika Investmart Ltd, said, Indian equity benchmark indices are witnessing profit-booking after a stellar rally of about 17 per cent from June lows.


Historically, September remains a weak or sideways month for Nifty and Sensex but in October month or near Diwali, Nifty and Sensex can approach their fresh all-time highs, Nyati added.


On the global front, the market will have an eye on economic data and geopolitical situations while on the domestic front, earnings, festive season demand, and FIIs’ behavior will be the key factors.


The Fed’s September policy action is the one significant factor the market will consider until Diwali.


The US Federal Bank chair Jerome Powell has indicated that the central bank will stick to a strategy of rate hikes to cool inflation.


Some experts believe the market is ready for aggressive rate hikes and most of this is already discounted whereas any relief on the inflation front may improve investor sentiments.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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LIC Housing Finance hikes prime lending rate by 50 basis point to 8%

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LIC Housing increased its Prime by 50 basis points on Monday. With this the new interest rates on home loans will now start from 8 per cent as against 7.50 per cent earlier.


The new rates will be effective from Monday.


The move was inline with the central bank, which hiked repo rate by 50 basis points in the recent monetary policy to tame inflation that is hovering above the upper tolerance band for consecutive months.


“As expected, the RBI’s decision to hike the repo rate by 50 basis points on 5th August was well measured and abreast with the global economic trend. The hike in repo rate has caused some minimum fluctuation in the EMIs or the tenure on the home loans but demand for housing will remain robust. Hence, the interest rate hike of LIC HFL is in line with the market scenario,” said Y. Viswanatha Gowd, MD & CEO.


–IANS


msn/dpb

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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LIC IPO कब आएगा?? Alerts New Updates & Details | Stock Market #Sensex #Nifty #TheTechFact #Shorts #



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LIC IPO | Alerts New Updates & Details | Stock Market | Sensex Nifty #TheTechFact #Hindi #Shorts



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Union Budget 2021 | Highlights of first Digital Union Budget | Budget Analysis in Hindi | 5paisa



Budget 2021 Highlights – Finance Minister Nirmala Sitharaman presented the Government of India’s #UnionBudget for the year 2021-22 on 1st Feb. Here are the highlights and key takeaways of this #budget2021.

What does this video cover?

00:00 – Introduction
00:11 – Health & Wellness
00:31 – Unveiling Swachh Bharat 2.0
00:52 – The Fiscal Deficit
01:04 – Bank Recapitalization
01:22 – Disinvestment
01:35 – LIC IPO
01:48 – Tax Proposals
02:04 – Scrapping Policy
02:15 – Big Boost to Insurance Sector

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What is the Indian Government’s strategy for managing the fiscal deficit for FY22?
► Borrowing of ₹12,00,000 crores
► Strategic divestment of 2 public sector banks and 1 general insurance company.
► Initial Public Offering (IPO) of LIC of India
► Sale of Air India and BPCL
► Sale of non-core assets like surplus land

👉 Health & Wellness
✔️Government has allocated 35,000 Cr for Covid Vaccine
✔️Government to launch health scheme worth Rs 64,180Cr over next 6 years
✔️Government will allocate Rs 2.24 Lakh Cr to health care in FY2022.
See more:

👉 Clean India Mission
✔️government will allocate Rs 1.41 lakh crore for Urban Clean India Mission. This will be spent on Urban Swachh Bharat 2.0 Mission over 5 years.
✔️Jal Jeevan Mission Urban to have an outlay of Rs 2.87 lakh crore.

👉 Fiscal Deficit
✔️Fiscal Deficit in FY21 pegged at 9.5% of GDP.
✔️Fiscal Deficit target for FY22 is at 6.87% of GDP.
✔️FY21 Capex was at Rs 4.39 Lakh Cr.
See more:

👉 Bank Recapitalization
✔️Government allots Rs 20,000Cr in FY22 for bank recapitalization.
✔️Government to divest stake in 2 PSU banks and 1 General Insurance company in FY22.
✔️Bank Nifty rallies 8.26% on measures to clean up the NPAs, PSB recap.

👉 Disinvestment
✔️The government sets divestment target at Rs 1.75 Cr for FY22.
✔️SCI, BEML and Concor divestment target to be completed in FY22.

👉 LIC IPO
✔️LIC IPO is likely to be announced in FY22
✔️Legislative amendments will be launched in the budget sessions

👉 Tax Proposals
✔️Exemption from filing income Tax returns for senior citizens (75 years and above) who only have Pension &interest income.
✔️Deducation on payment of interest for affordable housing extended by 1 year
✔️Nifty reality

👉 Scrappiung Policy
✔️FM announced a voluntary vehicle scrapping policy to phase out old vehicles
✔️Nifty auto gained 4%

👉 Big boost to Insurance Sector
✔️Increases FDI limit in sector to 74% from 49%
See more:

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#unionbudget2021 #budgethighlights #budget2021 #budget #budgetkeytakeaways

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