HDFC Bank Limited (also known as HDB) is an Indian banking and financial services company headquartered in

Mumbai Mumbai (, ; also known as Bombay — the official name until 1995) is the capital city of the Indian state of Maharashtra and the ''de facto'' financial centre of India. According to the United Nations, as of 2018, Mumbai is the second- ...

. It is India's largest private sector bank by assets and world's 10th largest bank by market capitalisation . It is the third largest company by market capitalisation of $122.50 billion on the Indian stock exchanges. It is also the fifteenth largest employer in India with nearly 150,000 employees.

History

HDFC Bank was incorporated in 1994 as a subsidiary of the

Housing Development Finance Corporation Housing Development Finance Corporation Limited (HDFC) is an Indian private development finance institution based in Mumbai. It is a major housing finance provider in India. It also has a presence in banking, life and general insurance, ass ...

, with its registered office in

Mumbai, Maharashtra Mumbai (, ; also known as Bombay — List of renamed Indian cities and states#Maharashtra, the official name until 1995) is the capital city of the Indian States and union territories of India, state of Maharashtra and the ''de facto'' fin ...

, India. Its first corporate office and a full-service branch at Sandoz House,

Worli Worli (ISO: ''Varaḷī'', �əɾ(ə)ɭiː is a locality in South Mumbai, Maharashtra, India. It is one of the four peninsulas of Mumbai while the other being Colaba, Bandra and Malabar Hill. The sea connects it with Bandra via the Band ...

were inaugurated by the then

Union Finance Minister The Ministry of Finance ( IAST: ''Vitta Maṃtrālaya'') is a ministry within the Government of India concerned with the economy of India, serving as the Treasury of India. In particular, it concerns itself with taxation, financial legislation ...

Manmohan Singh Manmohan Singh (; born 26 September 1932) is an Indian politician, economist and statesman who served as the 13th prime minister of India from 2004 to 2014. He is also the third longest-serving prime minister after Jawaharlal Nehru and Indir ...

. , the bank's distribution network was at 6,378 branches across 3,203 cities. It has installed 430,000 POS terminals and issued 23,570,000 debit cards and 12 million credit cards in FY 2017. It has a base of 1,52,511 permanent employees as of 30 June 2022.

Products and services

HDFC Bank provides a number of products and services including

wholesale banking Wholesale banking is the provision of services by banks to larger customers or organizations such as mortgage brokers, large corporate clients, mid-sized companies, real estate developers and investors, international trade finance businesses, ins ...

retail banking Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking. Banking servi ...

, treasury, auto loans, two-wheeler loans,

personal loan Personal may refer to: Aspects of persons' respective individualities * Privacy * Personality * Personal, personal advertisement, variety of classified advertisement used to find romance or friendship Companies * Personal, Inc., a Washington, ...

s, loans against property, consumer durable loan, lifestyle loan and

credit card A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt (i.e., promise to the card issuer to pay them for the amounts plus the o ...

s. Along with this various digital products are Payzapp and SmartBUY.

Mergers and acquisitions

HDFC Bank merged with

Times Bank The Times Bank was a bank founded in 1994 by the Bennett, Coleman & Co. Ltd. which is the holding company of ''The Times of India'' newspaper. History In December 1993, The Times Group (which is owner of the Times of India newspaper) recei ...

in February 2000. This was the first merger of two private banks in the New Generation private sector banks category.

was established by Bennett, Coleman and Co. Ltd., commonly known as

The Times Group Bennett, Coleman and Company Limited, (abbreviated as B.C.C.L. and d/b/a The Times Group), is an Indian media conglomerate headquartered in Mumbai, Maharashtra. The company remains a family-owned business with Sahu Jain family owning a majority ...

, India's largest media conglomerate. In 2008,

Centurion Bank of Punjab The Centurion Bank of Punjab (formerly Centurion Bank) was an Indian private sector bank that provided retail and corporate banking services. It operated on a strong nationwide franchise of 403 branches and had over 5,000 employees. The bank li ...

(CBoP) was acquired by HDFC Bank. HDFC Bank's board approved the acquisition of CBoP for ₹95.1 billion in one of the largest mergers in the financial sector in India. In 2021, the bank acquired a 9.99% stake in FERBINE, an entity promoted by

Tata Group The Tata Group () is an Indian multinational conglomerate headquartered in Mumbai. Established in 1868, it is India's largest conglomerate, with products and services in over 150 countries, and operations in 100 countries across six continent ...

, to operate a Pan-India umbrella entity for retail payment systems, similar to

National Payments Corporation of India The National Payments Corporation of India is an umbrella organization for operating retail payments and settlement systems in India, is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of ...

. In September 2021, the bank partnered with

Paytm Paytm (acronym for "pay through mobile") is an Indian digital payments and financial services company, based in Noida. It was founded in 2010 by Vijay Shekhar Sharma under One97 Communications. The company offers mobile payment services to co ...

to launch a range of credit cards powered by the global card network Visa. On April 4, 2022, HDFC Bank announced merger with HDFC Limited.

Investments

In March 2020,

, parent company of HDFC Bank, made an investment of ₹1,000 crores in

Yes Bank Yes Bank is an Indian bank headquartered in Mumbai, India and was founded by Rana Kapoor and Ashok Kapoor in 2004. It offers wide range of differentiated products for corporate and retail customers through retail banking and asset management ...

. As per the scheme of reconstruction of Yes Bank, 75% of the total investment by the corporation would be locked in for three years. On 14 March, Yes Bank allotted 100 crore shares of the face value of ₹2 each for consideration of ₹10 per share (including ₹8 premium) to the Corporation aggregating to 7.97 percent of the post issue equity share capital of Yes bank.

Listings and shareholding

The

equity shares Common stock is a form of corporate equity ownership, a type of security. The terms voting share and ordinary share are also used frequently outside of the United States. They are known as equity shares or ordinary shares in the UK and other Comm ...

of HDFC Bank are listed on the

Bombay Stock Exchange BSE Limited, also known as the Bombay Stock Exchange (BSE), is an Indian stock exchange. It is located on Dalal Street in Mumbai. Established in 1875 by cotton merchant Premchand Roychand, a Jain businessman, it is the oldest stock exchange in ...

and the

National Stock Exchange of India National Stock Exchange of India Limited (NSE) is the leading stock exchange under the ownership of various group of domestic and global financial institutions, public and privately owned entities and individuals. It is located in Mumbai, Mah ...

. Its

American depositary receipt An American depositary receipt (ADR, and sometimes spelled ''depository'') is a negotiable security that represents securities of a foreign company and allows that company's shares to trade in the U.S. financial markets. Shares of many non-U.S ...

s are listed on the

NYSE The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It is by far the List of stock exchanges, world's largest s ...

issued through

JP Morgan Chase Bank JPMorgan Chase Bank, N.A., Trade name, doing business as Chase Bank or often as Chase, is an American national bank headquartered in New York City, that constitutes the retail banking, consumer and commercial bank, commercial banking subsidiar ...

. Its

global depository receipt A global depository receipt (GDR and sometimes spelled ''depositary'') is a general name for a depositary receipt where a certificate issued by a depository bank, which purchases shares of foreign companies, creates a security on a local exchan ...

s (GDRs) was listed on the

Luxembourg Stock Exchange The Luxembourg Stock Exchange, LuxSE (french: Bourse de Luxembourg) is based in Luxembourg City at 35A boulevard Joseph II. The chairman of the board is Alain Kinsch and the chief executive officer is Julie Becker. The exchange has pre-opening ...

but was terminated by board of directors following its low trading

volume Volume is a measure of occupied three-dimensional space. It is often quantified numerically using SI derived units (such as the cubic metre and litre) or by various imperial or US customary units (such as the gallon, quart, cubic inch). The de ...

Corporate social responsibility - Parivartan

Parivartan is an umbrella term for all of the

corporate social responsibility Corporate social responsibility (CSR) is a form of international private business self-regulation which aims to contribute to societal goals of a philanthropic, activist, or charitable nature by engaging in or supporting volunteering or ethicall ...

initiatives by HDFC Bank. HDFC Bank's Parivartan initiative spent ₹535 crore in FY 2019–20. HDFC Bank spent Rs 634.91 crore towards Parivartan,in FY 2020-21. Out of Rs 634.9 crore, over Rs 110 crore was allocated and utilised towards initiatives focused on COVID-19 relief. HDFC Bank pledges to become carbon neutral by 2032

Controversies

On 2 December 2020, the

Reserve Bank of India The Reserve Bank of India, chiefly known as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. It is under the ownership of Ministry of Finance, Government of India. It is responsible for ...

(RBI) ordered HDFC Bank to temporarily halt the issuance of new credit cards and all planned activities under the bank's Digital 2.0 program citing incidents of outages in the bank's internet banking, mobile banking and payment utility services. On 29 January 2020, RBI imposed a monetary penalty on HDFC Bank for failure to undertake on-going due diligence in case of 39 current accounts opened for bidding in the initial public offer. A HDFC bank manager was arrested on charges of fraud, involving a sum of ₹59.41 lakh, in Odisha. Altico Capital and Dubai's Mashreq Bank have approached RBI, accusing HDFC Bank of violating regulatory provisions by debiting part of the funds the company had raised through external commercial borrowing (ECB) and parked at the bank. They claimed that HDFC bank's decision to transfer money from the account may be a violation of the RBI's end-use rule. On 27 May 2021, RBI imposed a penalty of Rs 10 crore on HDFC Bank for deficiencies in regulatory compliances with regard to its auto loan portfolio.The said penalty was imposed in regards to the contraventions of certain provisions of the

Banking Regulation Act, 1949 The Banking Regulation Act, 1949 is a legislation in India that regulates all banking firms in India. Passed as the Banking Companies Act 1949, it came into force from 16 March 1949 and changed to Banking Regulation Act 1949 from 1 March 1966. ...

Financial

Awards and recognition

2016

*''Best Banking Performer, India'' in 2016 by Global Brands Magazine Award. *Best Performing Branch in

Microfinance Microfinance is a category of financial services targeting individuals and small businesses who lack access to conventional banking and related services. Microfinance includes microcredit, the provision of small loans to poor clients; savings ...

among private sector banks by NABARD, 2016, Award for Best Performance in Microfinance *

KPMG KPMG International Limited (or simply KPMG) is a multinational professional services network, and one of the Big Four accounting organizations. Headquartered in Amstelveen, Netherlands, although incorporated in London, England, KPMG is a net ...

study of India's Best Banks, Bank of the year & best

digital banking Digital banking is part of the broader context for the move to online banking, where banking services are delivered over the internet. The shift from traditional to digital banking has been gradual and remains ongoing, and is constituted by diffe ...

initiative award 2016 *BrandZ Rankings, Most Valued brand in India for third successive year * FinanceAsia poll on Asia's Best Companies 2015, Best managed public company – India *

J. P. Morgan John Pierpont Morgan Sr. (April 17, 1837 – March 31, 1913) was an American financier and investment banker who dominated corporate finance on Wall Street throughout the Gilded Age. As the head of the banking firm that ultimately became known ...

Quality Recognition Award, Best in class straight through processing rates

2018

*Company of the year: The Economic Times Corporate Excellence Awards *Best Performing Private Bank in Total Aadhaar Generation & Update: Aadhaar Excellence Awards *

NPCI The National Payments Corporation of India is an umbrella organization for operating retail payments and settlement systems in India, is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of ...

- National Payments Excellence Awards

2019

*Best Bank: New Private Sector – FE Best Bank awards *Winner in Innovation and Inclusiveness in Priority Sector Lending – 11th Inclusive Finance India Awards (IFI) 2019 *Ranked 1st in 2019 BrandZ Top 75 Most Valuable Indian Brands HDFC Bank was featured for the 6th consecutive year. *''Among The Most Honored Company List,'' Institutional Investor All-Asia (ex-Japan) Executive Team 2019 survey *''India’s Best Bank,'' Euromoney Awards for Excellence 2019 *''Bank of the Year and Best Large Bank,'' Business Today – Money Today Financial Awards 2019 *''Best Bank in India 2019'', by Global magazine FinanceAsia. *''Ranked 60th in 2019 BrandZ Top 100 Most Valuable Global Brands'' HDFC Bank was featured BrandZ Top 100 Most Valuable Global Brands 2019 for the 5th consecutive year. The Bank's brand value has gone up from $20.87 billion in 2018 to $22.70 billion in 2019. *''Best Large Bank'' & ''Fastest Growing Large Bank in 2019,'' by Business World Magna Awards *India's leading private sector bank:

Dun & Bradstreet The Dun & Bradstreet Corporation is an American company that provides commercial data, analytics, and insights for businesses. Headquartered in Jacksonville, Florida, the company offers a wide range of products and services for risk and financia ...

BFSI Awards

2020

*Best Bank in India: Euromoney Awards *Best Bank in India: FinanceAsia Country Awards

2021

*Best bank in india: FinanceAsia Country Awards *Best bank for

SMEs Superconducting magnetic energy storage (SMES) systems store energy in the magnetic field created by the flow of direct current in a Superconductivity, superconducting coil which has been Cryogenics, cryogenically cooled to a temperature below ...

Asiamoney ''Asiamoney'', a financial publication established in 1989, has now merged with other key capital markets publications from the Euromoney Institutional Investor Group: ''Euroweek'', ''Total Securitization'' and ''Derivatives Week'', to form ''Glo ...

best bank awards *Best bank in india: The Euromoney Awards for Excellence *Ranks No. 1 in Mass Affluent category: Euromoney Private Banking and Wealth Management Survey *On 12 January 2022 HDFC BANK has been adjudged ' Best Private Bank in India' at the Global Private Banking Awards 2021, Organised by Professional Wealth Management (PWM)

2022

*Best Bank In India: Euromoney Awards for Excellence 2022

References

External links

* {{DEFAULTSORT:HDFC Bank Companies listed on the New York Stock Exchange BSE SENSEX NIFTY 50 Financial services companies based in Mumbai Banks established in 1994 Indian brands HDFC Group Private sector banks in India 1994 establishments in Maharashtra Banks based in Mumbai Companies listed on the National Stock Exchange of India Companies listed on the Bombay Stock Exchange