deciding to merge into HDFC Bank and the transaction would take ~18 months to complete. The rationale of the merger is that regulatory arbitrage between banks and NBFCs has been reducing while the time was opportune owing to a softer interest rate environment coupled with lower liquidity requirements. As at Dec'21, the total loan size of the merged entity would be ~Rs18trn with the share of mortgages expected to increase from 11% to 33%. Since a chunk of HDFC Ltd.'s customers do not have a banking relationship, this would provide tremendous cross-sell opportunities. While the merger...