HDFC expects more sops from RBI for bank merger
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RBI is keen that all large financial institutions lend themselves to greater regulation by turning into a bank as, globally, non-bank players in finance are seen to be engaged in shadow banking.
The last of non-government financial institutions is HDFC, the largest housing finance company. But unlike other institutions that received a bank licence — ICICI, IDBI and now IDFC — HDFC is neither constrained for resources nor for growth opportunities.
To make a merger more attractive, RBI had offered HDFC a sop by recognizing home loans on a par with infrastructure lending, which allows it to raise funds without reserve requirements.
Since this only addresses half the problem, the HDFC group is now looking for a special dispensation in line with what was offered to IDBI, to allow it a longer time frame to meet reserve requirements.
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Tim Cook did not point out the AI features that the company is working on for its ecosystem.
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