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

HDFC

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.

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.

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“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.

HDFC
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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TCS Witnesses First Net Headcount Drop in Two Decades

Tata Consultancy Services

TCS Witnesses First Net Headcount Drop in Two Decades

On Friday, Tata Consultancy Services (TCS) disclosed that during the fiscal year 2023–24 (FY24), the company’s headcount decreased by 13,249 people (year over year). The top provider of IT software has seen a decline in personnel for the first time in 19 years.

601,546 people worked for the company at the end of FY24, according to TCS’s stock exchange filing. The top IT software company has experienced a decline in staff for the first time in 19 years.

As per TCS’s stock exchange statement, the company had 601,546 workers at the end of FY24. In the fourth quarter (Q4) of FY 2024, TCS experienced a 1,759 workforce reduction (January to March).

The company’s headcount has decreased for the third straight quarter with this one. There were 5,680 fewer employees in Q2 than there were in Q1 (quarter over quarter), and the corporation saw a net decline of 6,333 workers.

At Rs 12,434 crore for the January-March quarter of FY24, TCS recorded a 9% increase in net profit over the same time the previous year, when it was Rs 11,392 crore.

Also Read: India Emerges as Global Leader in Web3 Adoption with Over 1,000 Startups: Report

“Our delivery centers are much more lively, and the morale of our associates has increased due to the reduced attrition at 12.5%, the positive response to our campus hiring, the increased customer visits, and the employees returning to the office,” chief HR officer Milind Lakkad said in a statement. To Rs 61,237 crore during the quarter, the company’s revenue climbed by 3.5 percent.

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India Emerges as Global Leader in Web3 Adoption with Over 1,000 Startups: Report

Web3

India Emerges as Global Leader in Web3 Adoption with Over 1,000 Startups: Report

According to recent research released on Tuesday, India now boasts one of the biggest Web3 ecosystems globally, home to over 35 million merchants and over 1,000 firms.

Globally, the percentage of Blockchain developers in the nation climbed from 3% in 2018 to 12% last year, the highest percentage among emerging nations, according to a report by Web3 venture capital firm Hashed Emergent.

Tak Lee, CEO and Managing Partner of Hashed Emergent, stated, “The findings underscore India’s remarkable ascent in Web3 adoption and show that it is on a trajectory to become the global leader.”

Lee continued, “We think the regulatory environment is slowly changing in the right direction, but more beneficial regulatory developments are needed to spur growth.”

Out of more than 150 nations, India topped the list for on-chain usage in the previous year.

The Head of Web3 at KPMG in India, Krishna Tyagi, claims that “blockchains have enabled various innovative use cases such as DeFi, tokenization of real-world assets, self-sovereign identities, track and trace, etc., which were not possible earlier.”

Also Read: Report: Over 51% of Indians Utilize Untranslatable Words and Phrases in Their Language

Startups in India are receiving more funding in the Web3 subsectors of infrastructure, entertainment, and finance.

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Report: Over 51% of Indians Utilize Untranslatable Words and Phrases in Their Language

Language

Report: Over 51% of Indians Utilize Untranslatable Words and Phrases in Their Language

According to research conducted on Monday, more than half of urban Indians (approximately 51%) utilize terms or phrases from particular regional languages to express affection or in clever or hilarious circumstances that are difficult to properly translate into English. The study by language learning app Duolingo is based on a poll that was conducted in association with YouGov to ascertain urban Indians’ opinions regarding language and expression.

The results showed that more than half (51%) of Indians frequently use unusual phrases (from other languages) in everyday speech. Regarding phrases or words that convey nuanced meanings that cannot be fully translated or expressed in English, roughly 68% of urban Indians acknowledged this. Similarly, 69% acknowledged that they have used language-specific phrases or words that cannot be fully translated into English to express emotions or feelings (such as happiness or sadness) or to have conversations with family and friends.

Furthermore, 51% admitted to utilizing these idioms to add wit and humor to their conversations or as terms of endearment or love language. Recently, the company celebrated this language diversity by asking users to go on a voyage of linguistic discoveries with the “#EnglishMeinNahiJamta” campaign, which was posted on Duolingo India’s Instagram page. Favorite words from their local languages that become less magical when translated into English were shared by users under the guidance of the lovable characters Duo and Lily.

Also Read: Reed Hastings: Netflix’s Success Strategy Includes Firing Employees with Adequate Performance

“At Duolingo, we understand that languages are more than just communication tools—they’re expressions of culture, emotion, and identity,” says Karandeep Singh Kapany, Regional Marketing Director. Our “#EnglishMeinNahiJamta” campaign, which highlights phrases that defy translation and demonstrate a growing appreciation for linguistic diversity, celebrates this beauty. We enable people to embrace expression, improve lives, and create international relationships through programs like this,” he continued.

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