Business
HDFC Bank and HDFC Ltd Merge to Create a Powerhouse Financial Organization.

The effective completion of the merger of HDFC Ltd, India’s top home financing firm, with and into HDFC Bank was announced on Friday by HDFC Bank, India’s foremost private sector bank, following the receipt of all necessary shareholder and regulatory clearances.
India’s No. 1 Private Sector Bank & India’s No. 1 Home Loans Company have merged to join the ranks of the world’s leading financial institutions.
On this momentous occasion, we rededicate ourselves to serve those who made this milestone possible – You, our Customer.#HDFCBank… pic.twitter.com/0IUzP9L2Oc
— HDFC Bank (@HDFC_Bank) July 1, 2023
Subject to receiving the necessary authorization and approvals, HDFC Bank and HDFC Ltd. declared their intention to combine on April 4, 2022, and provided a timeline of 15 to 18 months for the process to be completed.The merger will take effect on July 1, 2023, the boards of both firms announced at their respective meetings on Friday. The combined company will be one of the biggest in the world, worth $175 billion.
As a result of its increased scale, comprehensive product offering, balance sheet resiliency, and capacity to foster synergies across revenue opportunities, operating efficiencies, and underwriting efficiencies, the merged entity, among other things, brings together significant complementarities that currently exist between the two entities. It is also poised to create meaningful value for a variety of stakeholders, including the respective customers, employees, and shareholders of the two entities.
For every 25 fully paid-up equity shares with a face value of Rs 2 that a shareholder owned as of the record date, or July 13, 2023, HDFC Bank will issue and distribute to qualified shareholders 42 new equity shares with a face value of Re 1 each that are credited as fully paid-up.
The merger’s conclusion was announced by Sashi Jagdishan, CEO and MD of HDFC Bank, in a statement. “This is a defining event in our journey, and I’m confident that our combined strength will enable us to create a holistic ecosystem of financial services,” he said. We are ecstatic that the great staff from HDFC Ltd has joined the HDFC Bank family.
“I think that the agility, adaptability, and unrelenting pursuit of greatness that will characterise our path. As we proceed, we’ll take on challenges as learning opportunities, draw on our past mistakes, and work to set the standard for excellence and morality in the financial services sector.
After the merger, there is no known promoter for HDFC Bank. Additionally, it heralds HDFC Bank’s transformation into a financial services conglomerate that, through its subsidiaries, provides the whole range of financial services, from banking to insurance and mutual funds. The bank has up until now served as a distributor for these goods.
The largest private sector bank in India and India’s largest house finance company, HDFC Ltd, have merged, combining the benefits of a well-known home lending brand with a company with lower funding costs. A stronger flow of credit into the economy would be possible thanks to the higher net worth. Additionally, it will make it possible to underwrite bigger-ticket loans, like those for infrastructure, and will help to strengthen the country and create jobs.
As of the effective date, all HDFC Ltd. employees work for HDFC Bank. The bank has spent the previous few months preparing for a seamless integration of systems and procedures as well as all other elements that would make HDFC Bank an inviting environment for HDFC Ltd. employees to work.
The principal subsidiaries of HDFC Bank following the merger include HDFC Securities Ltd, HDB Financial Services Ltd, HDFC Asset Management Co Ltd, HDFC ERGO General Insurance Co Ltd, HDFC Capital Advisors Ltd, and HDFC Life Insurance Co Ltd.
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Business
Hyundai and Kia Recall: Fire Risk in Motor Compartments Leads to Safety Review

Almost 3.4 million Hyundai and Kia vehicles are being reviewed in the US because of the gamble of a motor compartment fire. Vehicle proprietors are being encouraged to leave their vehicles outside.
The Public Roadway Traffic Security Organization communicated stress on Wednesday over the likelihood that a brake liquid hole might bring about an electrical short, raising the risk of a motor compartment fire when the vehicle is halted or being driven.
On Friday, Hyundai said that its cars could still be driven.
Owners are still permitted to operate these cars, the company stated in a statement. Hyundai advises, however, parking the cars outside and away from buildings while the recall fix is being implemented.
According to Hyundai and the Canadian government, another 600,000 Hyundai and Kia automobiles are being recalled in Canada.
According to report, the two automakers stated that they were unaware of any injuries, fatalities, or collisions connected to the flaw.
the alert is applicable to around 1.64 million particular Hyundai and Genesis automobiles and roughly 1.73 million particular Kia models.
Hyundai cars from 2010 to 2015, including the Accent, Elantra, and Tucson, are included in the recall. All 2010–2019 Kia cars are affected, including the Cadenza, Optima, and Sorento.
Hyundai is the parent organization of Kia Engines, yet the producers work autonomously.
A 2019 Hyundai Elantra in the US was reported to have an overheated antilock braking system, or ABS. According to the N.H.T.S.A. statement, the business discovered 21 car fires and 22 additional occurrences involving smoke, burning, and melting that were connected to antilock braking systems in the United States. It claimed to be aware of two occurrences of smoking, burning, or melting in Canada.
Kia decided to start its own recall after Hyundai informed it in July that it was looking into issues with cars that used hydraulic electronic control units that were identical to those found in Kia vehicles.
According to the report, Kia is aware of one engine compartment fire, three electronic control unit fires, and six cases of component melting.
Also Read: ₹2,000 banknote demonetization by Reserve Bank of India: Implications and Exchange Process
It advised car owners to be alert for the “check engine” or antilock brake system lights to illuminate, engine smoke, or a burning or melting smell.
Both Hyundai and Kia intend to advise owners to take their cars to a dealer to have the ABS module fuse changed. In the meanwhile, individuals can use a vehicle identification number to do an online search to find out whether their vehicle has been recalled.
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Business
₹2,000 banknote demonetization by Reserve Bank of India: Implications and Exchange Process

The 2,000-denomination currency notes may no longer be returned or exchanged from today. The banknote would lose its value and become simply another piece of paper as of October 1, according to the Reserve Bank of India (RBI). Four months ago, the central bank declared that the 2,000 note will be taken out of circulation.
Might you at any point utilize the ₹2,000 note after the present cutoff time?
Despite reportedly continuing to be legal tender even after the deadline of September 30, the R,2000 currency note won’t be used in transactions. After the cutoff, only the RBI will swap the notes.
How to exchange ₹2,000 notes?
The 2,000 rupee notes can be exchanged at any of the nearby bank branches or 19 regional offices of the RBI till September 30.
- Visit the regional office of the RBI or the closest bank.
- Complete the “request slip” for the terminated notes exchange or deposit.
- You can find your UIN on your driver’s license, voter ID card, passport, or NREGA card. Enter this information.
- Specify the number of notes you intend to send.
Notably, there is a cap of 20,000 on the total number of 2,000 note exchanges for lesser denominations.
As indicated by information distributed by the RBI on September 1, practically 93% of the cash notes have been reestablished to the financial framework since May. As per information accumulated from the banks, it said in a proclamation that the complete worth of the 2,000 banknotes recovered from course up to August 31, 2023, was 3.32 lakh crore.
Also Read: Air India collaborates with fashion designer Manish Malhotra to design new uniforms for airline employees
Why did RBI decide to discontinue ₹2,000 banknote?
In accordance with Section 24(1) of the Reserve Bank of India (RBI) Act, 1934, the 2,000-denomination banknote was issued in November 2016 to swiftly address the economy’s monetary needs followingthe evacuation of the lawful delicate status of the 500 and 1000 banknotes being used at that point.. The goal of launching the notes, according to MoS Pankaj Chaudhary, was achieved after banknotes of various denominations were made sufficiently available. It was decided to remove the currency notes in light of the aforementioned factors and in accordance with the RBI’s “Clean Note Policy,” he stated.
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Business
Air India collaborates with fashion designer Manish Malhotra to design new uniforms for airline employees

In partnership with famous fashion designer Manish Malhotra, Air India made a big statement about its plans to update its personnel uniforms.. As part of Air India’s continuous modernization efforts to rebuild its worldwide brand identity, the programme intends to provide new and contemporary uniforms for over 10,000 employees, including cabin and cockpit crew, ground personnel, and security professionals. By the end of 2023, the airline hopes to introduce its staff to their new uniforms.
The CEO and MD of Air India, Campbell Wilson, stated his pleasure for this collaboration and emphasised their shared objective of using the updated uniforms to showcase a vibrant, fearless, and forward-thinking India to the globe. He emphasised how the new Air India was given a fresh and appealing design by carefully blending the airline’s brand, legacy, and culture with the specific requirements of the aviation business.
The well-known fashion designer Manish Malhotra expressed his pleasure at working with Air India and referred to the airline as the nation’s flying ambassadors. It’s a great privilege to work with Air India, our country’s flying ambassadors, he remarked. I can’t wait to start this journey of joy and collaboration by reimagining their outfits. Our unified idea is straightforward but profound: to modernise without forgetting and to progress without deleting. Together, we want to meld heritage with the modern world by creating uniforms that combine comfort with authenticity and timeless elegance.
In addition to updating its uniforms, Air India has also given its aircraft a new look that is inspired by chakras and has brilliant hues like deep red, aubergine, and flashes of gold. Passengers may anticipate the implementation of this new logo and design over time, commencing in December 2023 with the first A350 aircraft to flaunt the redesigned appearance. These modifications are a part of the makeover that was started in January 2022 when the Tata Group took over management of Air India.
Also Read: RBI may extend deadline to return Rs 2,000 notes till Oct-end
Air India placed a sizable aircraft purchase with Airbus and Boeing earlier this year, paying almost $70 billion based on reported costs for 470 aircraft. These new planes are expected to start being delivered in November of this year. 20 wide-body aircraft will be leased and purchased by the airline in 2023 as part of their complete transformation strategy. Additionally, beginning in the middle of the next year, they intend to invest $400 million to totally renovate the interiors of their current fleet of 43 widebody aircraft. Air India wants to modernise 33% of its wide-body fleet by March 2024.
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