CURRENT AFFAIRS

Detailed explanation-1: -HDFC Bank will be among the world’s top 10 most valuable banks after its merger with parent HDFC. The combined market cap of HDFC Bank and HDFC would be around $160 billion. HDFC Bank is a systemically important bank in India along with SBI and ICICI Bank.

Detailed explanation-2: -(IDCBY) The largest bank in the world in terms of total assets under management (AUM) as well as gross revenues is the Industrial and Commercial Bank Of China Ltd. This institution provides credit cards and loans, financing for businesses, and money management services for companies and high net worth individuals.

Detailed explanation-3: -Among the top 10 banks in India, the bank that makes the highest yearly revenue is HDFC bank. In 2022, HDFC Bank’s annual revenue stands at ₹1.68 lakh crores. After HDFC Bank, ICICI Bank has the second-highest annual revenue.

Detailed explanation-4: -On April 4, 2022, HDFC Bank (No. 3 on the BT500 2022 list) announced that housing finance major HDFC Ltd will be merged into the bank to create an entity “that would allow greater flow of credit into the economy”.