HDFC Bank

A subsidiary of the Housing Development Finance Corporation, HDFC Bank was incorporated in 1994, with its registered office in Mumbai, Maharashtra, India. Its first corporate office and a full-service branch at Sandoz House, Worli were inaugurated by the then Union Finance Minister, Manmohan Singh.

As of 30 June 2019, the Bank's distribution network was at 5,500 branches across 2,764 cities. The bank also installed 430,000 POS terminals and issued 23,570,000 debit cards and 12 million credit cards in FY 2017.[13]

HDFC Bank provides a number of products and services including wholesale banking, retail banking, treasury, auto loans, two-wheeler loans, personal loans, loans against property, consumer durable loan, lifestyle loan and credit cards. Along with this various digital products are Payzapp and SmartBUY.[14]

HDFC Bank merged with Times Bank in February 2000. This was the first merger of two private banks in the New Generation private sector banks category.[15] Times Bank was established by Bennett, Coleman and Co. Ltd., commonly known as The Times Group, India's largest media conglomerate.[16]

In 2008, Centurion Bank of Punjab (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.[17]

A HDFC Bank branch in Hyderabad

In March 2020, HDFC (parent company of HDFC BANK) made an investment of ₹1,000 crores in Yes bank.[18] 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.[19]

The equity shares of HDFC Bank are listed on the Bombay Stock Exchange and the National Stock Exchange of India. Its American depositary receipts are listed on the NYSE and its global depository receipts (GDRs) are listed on the Luxembourg Stock Exchange where two GDRs represent one equity share in HDFC Bank.[20]

HDFC Bank's Parivartan initiative spent ₹535 crore in FY19-20[21]

On 2 December 2020, the Reserve Bank of India 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.[22][23]

On 29 January 2020, Reserve Bank of India 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.[24]

A HDFC bank manager was arrested for a ₹59.41 lakh fraud in Odisha[25]

Altico Capital and Dubai's Mashreq Bank have approached the Reserve Bank of India, 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.[26]

• Bandyopadhyay, Tamal (2013). A Bank for the Buck. Jaico Publishing House. p. 344. ISBN 978-8184953961.
• Bandyopadhyay, Tamal (2019). HDFC Bank 2.0: From Dawn to Digital. Jaico Publishing House. ISBN 9789388423359.

• Aditya Puri
• Banking in India
• List of banks in India
• Reserve Bank of India
• List of companies of India

Wikimedia Commons has media related to HDFC Bank.

• Official website
• Business data for HDFC Bank:
  • SEC filings