GENERAL21 Sept 2026
How reforms in banking shifted from boosting competition to building scale
India's banking reforms changed direction over the years. On July 21, 1993, the RBI gave in-principle approval to HDFC and Unit Trust of India (UTI) to start banking companies. UTI's lender later became Axis Bank, and HDFC Bank launched in 1994. The focus quietly moved from adding more players to building large, strong banks. That shift still shapes the banking choices you have today.
Key Statutory Highlights
- On July 21, 1993, the RBI gave in-principle approval to HDFC and Unit Trust of India to start banking companies.
- The lender linked to Unit Trust of India later became Axis Bank.
- HDFC Bank's launch took place in 1994, with Deepak Parekh, Aditya Puri and then Finance Minister Manmohan Singh present.
Actionable Advice for Taxpayers / Founders:Check the current terms, charges and deposit rates directly with your bank once a year, since large banks keep changing them. For any big banking or deposit decision, talk to a qualified tax or finance professional first.
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TaxQue News Desk
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