The acquisition details have not been made public, but the takeover will make HDFC Bank the second largest bank in India in terms of market capitalisation. HDFC Bank officials said the bank has already informed the stock exchanges about the merger plan. The merged entity will have an asset base of an estimated worth Rs 7,500 crore.

In spite of the deal being kept a secret until the last, market sources got wind of the plan and the Times Bank stock hit the circuit breaker on the Bombay Stock Exchange.
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Stanchart’s cash management system on Net
Mumbai: Standard Chartered Bank has made its net foray in good earnest. The bank has put  its cash management report system on the Internet. The aim is to help corporate and institutional clients of the bank to view and print all their cash management and trade information in a variety of formats.

The system provides a reliable and effective link to accounts across the Stanchart network and can even provide information on accounts with other banks via the Swift multi-bank reporting facility. Standard Chartered Bank becomes the first foreign bank in the country to introduce such a service. HDFC Bank has a similar service.
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IT assessees go up
New Delhi: The number of income tax assessees in India crossed the 20 million mark at the end of October 1999, with the addition of 1.8 million people in the first seven months of the current fianncial year. The government feels that by 31 March 2000, the number will be 25 million.
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