Done deal: The headquarters of India’s HDFC Bank in Mumbai. India’s Housing Development Finance Corp is merging with the bank in a move analysts say will boost the banking system in the country. — Reuters
AFTER 45 years in business, the underwriter of homes for millions of Indians is moving in with its 28-year-old banker offspring. The joint-family arrangement makes sense for both Housing Development Finance Corp (HDFC) and HDFC Bank Ltd.
Mortgages will get more competitive as lenders come under pressure to peg interest rates to benchmarks not in their control, such as the central bank’s repo rate.
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