CCI Approved The Merger Of HDFC Bank And HDFC Ltd

CCI approved the merger of HDFC Bank and HDFC Ltd.

For a few months, the discussion about the merger of HDFC Bank and its parent company HDFC Limited was raging, on which the CCI has given its approval.

Yes, the fair trade regulator Competition Commission of India (CCI) has approved the merger proposal of HDFC Bank and its parent company HDFC Ltd.

The proposed combination envisages the merger of HDFC Investments and HDFC Holdings with HDFC Ltd in the first phase and the subsequent merger of HDFC Ltd with HDFC Bank.

In a tweet on Friday, CCI said it has merged HDFC Ltd, HDFC Bank, HDFC Investments, and the proposed amalgamation of HDFC Holdings.

In April, the country’s largest housing finance company HDFC Ltd announced that it would merge with HDFC Bank.

Transactions above a certain limit require approval from the regulator, which monitors unfair trade practices in the market.

After the fair trade regulator, the Competition Commission of India (CCI) decided to merge HDFC Bank and its parent company HDFC Ltd. The proposal has been approved today on Saturday.

Bank made loans expensive.

Let us tell you that on August 8, 2022, HDFC Bank increased the Marginal Cost of Funds Based Lending Rate (MCLR) by 5-10 basis points (bps) on all types of loans.

All these rates have come into effect from today, August 8.

According to the information given on the bank’s website, from August 8, the revised rates HDFC Bank has increased the one-year MCLR to 8.1 percent. Whereas, overnight MCLR has increased to 7.8 percent.

One year MCLR retail loan has also increased. The MCLR rates will be 7.80%, 7.85%, and 7.95% for the tenures of one month, three months, and six months.

Corporate Tax Collection: Corporate tax collection increased by 34 percent in April-July.

There has been a 34 percent increase in tax collection on corporate income in the first four months of the current financial year that began in April, indicating that an easier tax regime with lower rates is yielding results.

The Income Tax Department tweeted about the increase in corporate tax collections in April-July, an apparent attempt to criticize the 2019 reduction in tax rates for companies.