HDFC Bank tied hands with the country’s largest airline IndiGo to start a co-branded credit card, which will effectively work like a loyalty programme for the carrier. Its first travel credit card named ‘Ka-ching’- powered by Mastercard.
HDFC Bank launched myApps application to boost digital payments in India. myApps is a unique customised suite of banking products to benefit urban local bodies, housing societies, local clubs and gymkhanas and religious institutions. In a first, HDFC bank is helping organisations to entirely digitise their ecosystem through myApps. At present HDFC Bank is offering four types of applications — mySociety, myClub, myPrayer and myCity.
myApps will allow institutions to customise their branding and content. One can publish their application on the Google PlayStore or Apple AppStore in the name of the institution, myApps will be free to all members of each institution. There will be no monthly subscription charges. Members can pay monthly bill or fee and make an online booking for different facilities via myApps.
myApps will enable the organisation to get easy access to reports on payments, facilities booked by members, requests and complaints registered by users. They can also use the app to broadcast notices and engage with members on various events. There are also no restrictions on the number of users.
Housing Development Finance Corporation Ltd (HDFC), India’s largest mortgage financier, has received approval from Insurance Regulatory and Development Authority of India (Irdai) to acquire 2% stake in Apollo Munich Health Insurance – a joint venture between Apollo Hospitals and German reinsurer Munich Re Group.
The Corporation and HDFC Ergo have received all requisite approvals for the acquisition including competition commission of India (CCI), Reserve Bank of India and the last being from Irdai on 1 January. Post the completion of the proposed acquisition, Apollo Munich will be merged with and into HDFC Ergo, subject to approval from the Mumbai bench of National Company Law Tribunal.
In June 2019, HDFC had agreed to acquire the entire 8% stake of Apollo Hospitals Group in a health insurance joint venture with German reinsurer Munich Re Group as part of its strategy to tap this potential growth market.