The National Company Law Tribunal (NCLT) on Friday has approved the HDFC-HDFC Bank merger.

The proposed merger has already received approvals from the Reserve Bank of India (RBI), Securities and Exchange Board of India (Sebi), Insurance Regulatory and Development Authority of India (Irdai), Pension Fund Regulatory and Development Authority (PFRDA) and Competition Commission of India (CCI) as well as from the stock exchanges - BSE and NSE.

NCLT has also given approval for holding a shareholders’ meeting for obtaining approval for the proposed merger.

The HDFC-HDFC Bank merger is expected to be completed by the second or third quarter of FY24.

Last year, on 4 April, HDFC Bank agreed that parent HDFC would merge with the bank to create a financial services giant in a deal valued at around $40 billion.

The combined entity would have an asset base of Rs 18 lakh crore.