HDFC Merger Latest Update: After getting approval from RBI and stock market on the merger of HDFC Bank and HDFC, now a new update has come. Now this merger has also got approval from PFRDA but it has given green signal to this merger with one condition.
HDFC Merger Latest Update: After the merger of HDFC Bank (HDFC Ltd.) and HDFC Ltd (HDFC Ltd.) got approval from RBI, now another new update has come. In a new update, the Pension Fund Regulatory and Development Authority has approved changes in the constitution of HDFC Ltd. before the merger with its banking associate HDFC Bank. has given.
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The board of directors had given approval in January,
along with this, PFRDA has directed that the services of NPS customers associated with the corporation (PFRDA) should not be affected under any circumstances. Earlier this year, the board of directors of HDFC Ltd. and HDFC Bank approved the merger. To complete the merger, approval has to be taken from different places. According to an estimate, there are about 10 million NPS customers connected to HDFC.
PFRDA put this condition for the merger
Earlier HDFC (HDFC) had told the stock exchange on Friday that HDFC Ltd. has been approved by PFRDA on July 8, 2022 regarding change in its position in accordance with the PFRDA Rules, 2018. Got it. Its condition is that the service of NPS customers connected with HDFC Ltd. should not be affected due to the scheme.
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The financial institution also received NOC from NSE and BSE
said that various statutory and regulatory clearances have to be taken for the merger plan along with Competition Commission of India (CCI), National Company Law Tribunal (NCLT) and the concerned shareholders including the creditors of the companies involved in the scheme . Earlier this week, the Reserve Bank of India (RBI) approved this merger proposal. NOC has also been received from NSE and BSE for the merger proposal.