Speaking to ToI, Nitin Chugh, head of the bank's digital banking said that the bank was moving to a system where customers would be required to use physical forms only where there is a legal requirement for the customer to sign such as on an account opening form.

At an extraordinary general meeting, shareholders of the Mumbai-based private bank approved the merger proposal. The exchange ratio has been fixed at 725 shares of Kotak with 1, 000 shares of ING Vysya.

At 9:30AM, the 30-share Sensex was up 189 points a 27,696 and the 50-share Nifty was up 56 points at 8,340.

HDFC has concluded the sale of the first tranche of 11 million shares. After the entire sale of equity shares is completed, the company will hold 71.42 per cent of the total issued and paid-up equity capital of HDFC Life.

For cues investors will also watch the US jobless data which is to be released later this week.

HDFC bank had applied for yet another FIPB approval, this time for expanding its equity base by up to Rs 10,000 crore, sources said.

HDFC plans to raise part of the private equity fund from investors, including Government of Singapore Investment Corp (GIC), investment firm Temasek Holdings and Oman's State General Reserve Fund, one of the people said.

The three are telecom giant Bharti Airtel, fast-moving consumer goods major ITC and Housing Development Finance Corporation.

A possible merger between HDFC Bank and the housing finance giant has been talked about for a long time. Such a transaction can create the country’s second largest financial sector institution, after State Bank of India.

At 9:30 AM, the 30-share Sensex was down 121 points at 27,241 and the 50-share Nifty was down 28 points at 8,196.