Harsh Goenka discusses the impact of the HDFC-SBI merger on the Indian banking sector

It has been anticipated that India’s most valuable lender, HDFC Bank, will take over the country’s largest mortgage lender in a $40 billion deal on Monday, resulting in the creation of a financial services titan and the largest transaction in the country’s corporate history.

Harsh Goenka, the tech-savvy chairman of RPG Group, took to Twitter on Monday to express his thoughts on the merger, writing, “With this combination, the Indian financial scene is ready to explode.”” “Imagine Rohit and Kohli wrapped into one, or Akshay Kumar and Ranvir Singh, or the United States and Russia,” he added.

The deal, which would form one of India’s largest financial services organisations, comes after the banking regulator proposed that significant non-banking finance companies convert to banks in order to avoid a repeat of the country’s massive shadow lending crisis in 2018. The recovery from the epidemic in India, as well as improvements in the labour sector, have boosted consumer demand and improved the retail portfolios of lenders.