The merger of HDFC Ltd with HDFC Bank has strengthened the private lender's pipeline for future growth and enhanced its ability to offer a wider range of financial services to its customers, part-time chairman and independent director Atanu Chakraborty said on Friday.
The merger of HDFC Ltd with HDFC Bank, which will take effect from July 1, 2023, remains one of the largest in India's corporate history and also the most complex in the country's financial services sector, Chakraborty said in his address at the provider's 30th Annual General Meeting of Personal Lending.
“The bank has now become a financial services group. The successful implementation of the merger has significantly enhanced the bank's ability to serve existing customers, attract new customers and offer our customers a wider range of financial services offered by different companies within the HDFC Bank group,” he said.
Chakraborty said amid geopolitical uncertainty, the Indian economy has emerged as one of the bright spots in the global macro scenario. India continues to be the fastest growing major economy. Compared to the projected global GDP (gross domestic product) growth rate of 3.2 per cent this year, India is expected to grow in the range of 6.5-7 per cent, he said.
Chakraborty praised the recent announcement Union budget and said it had paved the way for the country's future growth.
“Fiscal consolidation, increased infrastructure investment, promotion of the housing sector and MSMEs will be the main drivers of GDP,” he said.
He expects the pace of private investment to increase, driven by increased gross capital formation in the private sector, which will increase employment opportunities and potentially provide opportunities for credit growth.
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