HDFC Bank was incorporated in 1994 as a subsidiary of HDFC Ltd, which received an 'in principle' approval from the RBI to set up a bank in the Private Sector as part of its liberalization of the Indian banking industry.[16][17] The bank commenced operations in January 1995, with its registered office in Mumbai.[18] Its first corporate office and a full-service branch at Sandoz House, Worli, was inaugurated by the then Union Finance Minister, Manmohan Singh.[citation needed]
In February 2000, Times Bank merged with HDFC Bank, which was India's first-ever voluntary merger of banks.[19] Times Bank was established by India's largest media conglomerate, The Times Group.[20]
In 2008, HDFC Bank acquired the Centurion Bank of Punjab (CBoP) for ₹9,510 crore (US$2.19 billion) in a share-swap deal, reportedly the largest acquisition in the Indian financial sector at the time.[22]
In 2021, the bank acquired a 9.99% stake in Ferbine, an entity promoted by Tata Group, to operate a pan-India umbrella entity for retail payment systems, similar to the National Payments Corporation of India.[23]
HDFC Ltd–HDFC Bank merger
On 4 April 2022, HDFC Ltd announced that it would merge with HDFC Bank, marking India's largest-ever M&A deal.[24][25] As part of the merger, HDFC Ltd would transfer its home loan portfolio to HDFC Bank, while the bank offered depositors of HDFC Ltd the choice of either withdrawing their money or renewing their deposits with the bank at the interest rate that the bank was then offering.[26]
On 1 July 2023, the merger of HDFC Ltd with HDFC Bank was completed.[27][28] Consequently, HDFC Bank had a market capitalisation of $154 billion, becoming the seventh most valuable bank in the world. HDFC Bank also became one of the world's top 100 banking companies by total assets.[29][30]
The combined entity had a customer base of 120 million, surpassing the population of Germany in size.[31] The merger resulted in a substantial increase in bank headcount, with the workforce totaling 177,000 employees. The merged entity became the second-largest bank in India, trailing only the State Bank of India in terms of assets.[32] The number of branches increased to 8,300.[33]
Shares of HDFC Ltd were delisted and shareholders were allotted 42 shares of HDFC Bank for every 25 shares of HDFC Ltd held,[34] leading to an increase in the equity capital of HDFC Bank.[35]
Operations
As of March 2024, HDFC Bank's distribution network included 8,735 branches and 20,938 ATMs (cash recyclers; cash deposit and withdrawal) spread throughout 3,836 cities and villages. The distribution network of HDFC Ltd., which consists of 737 locations and includes 214 offices of HDFC Sales Private Limited, has been integrated into the network of the Bank.[36]
HDFC Bank is the sole private bank operating in the union territory of Lakshadweep after opening a branch in Kavaratti island.[37]
Products and services
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.[38] Company also launched smart wealth app in 2024.[39]
On August 29, 2024, HDFC Bank introduced User-Level Programmability on Digital rupee. It is now supported by the HDFC Bank Digital Rupee Wallet, allowing users to guarantee that payments are paid for specified purpose. Individual users can optionally design other characteristics using this capability, such as the validity period or the geographic regions in which Digital rupee can be utilized.[40]
Subsidiaries and associates
Notable subsidiaries and associate companies of HDFC Bank include:
In 2024, HDFC Bank temporarily suspended its partnership with Apple, which had been in place since 2019. Parag Rao, the Group Head of Payments at HDFC Bank, stated that the bank regularly reviews its partnerships and that the decision to pause the collaboration was based on the cost-to-income ratio, which no longer aligned with the bank's strategic objectives. Rao referred to the move as a "temporary break."[51]
The partnership had made HDFC Bank the exclusive banking partner for Apple's promotional offers in India, providing HDFC customers with special benefits when purchasing Apple products. However, after the suspension, Apple was reported to have partnered with American Express, Axis Bank, and ICICI Bank to offer similar promotional benefits to its customers in India.[52]
Controversies
On 2 December 2020, the Reserve Bank of India (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.[53][54]
On 29 January 2020, RBI imposed a monetary penalty on HDFC Bank for failure to undertake ongoing due diligence in case of 39 current accounts opened for bidding in the initial public offer.[55]
A HDFC Bank manager was arrested on charges of fraud, involving a sum of ₹59,41,000 in Odisha.[56]
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.[57]
On 27 May 2021, RBI imposed a penalty of ₹100 million on HDFC Bank for deficiencies in regulatory compliances with regard to its auto loan portfolio. The said penalty was imposed with regard to the contraventions of certain provisions of the Banking Regulation Act, 1949.[58]
In March 2023, HDB Financial Services suffered a breach exposing the data of more than 70 million customers, including email addresses, names, dates of birth, phone numbers, genders, post codes and loan information belonging to the customers.[59]
Awards and recognition
In 2023, HDFC Bank received the "Conscious Corporate of the Year" award at the Economic Times Awards.[60]
KPMG study of India's Best Banks, Bank of the year & best digital banking initiative award 2016[61]
BrandZ Rankings, Most Valued brand in India for third successive year[62]
FinanceAsia poll on Asia's Best Companies 2015, Best managed public company – India[63]
^"RBI releases 2022 list of Domestic Systemically Important Banks (D-SIBs)". rbi.org.in. RBI. 2 January 2023. Retrieved 6 December 2023. State Bank of India, ICICI Bank, and HDFC Bank continue to be identified as Domestic Systemically Important Banks (D-SIBs), under the same bucketing structure as in the 2021 list of D-SIBs.
^"HDFC Bank Ltd"(PDF). careratings.com. CARE Ratings. 2 May 2023. Retrieved 6 December 2023. The Housing Development Finance Corporation Limited (HDFC) was among the first institutions to receive an 'in principle' approval from RBI to set up a bank in the private sector, as part of the RBI's liberalization of the Indian banking industry in 1994. The bank was incorporated in August 1994 in the name of 'HDFC Bank Limited' (HBL), with its registered office in Mumbai, India.
^"livemint". HDFC Bank is still India's most valuable brand: Brandz ranking. 22 September 2016. Archived from the original on 7 October 2016. Retrieved 2 October 2016.
Uppslagsordet ”Hockey” leder hit. För andra betydelser, se Hockey (varianter). Ishockey En match mellan Atlanta Thrashers och Florida Panthers i National Hockey League (NHL) 2005.Högsta förbundIIHFSmeknamnHockeyFörst utövadVictoria Skating Rink, Montréal (Québec, Kanada), den 3 mars 1875; första organiserade inomhusspelet.Registrerade spelare1 807 937 (2015)[1]KlubbarJaEgenskaperKontaktsportKollisionLagmedlemmarFem utespelare och en målvaktKönsmixadJa, separata tävlin...
RajjoSutradaraVishwas PatilProduserFour Pillars EntertainmentDitulis olehJayant Pawar Vishwas PatilPemeranKangana RanautParas AroraMahesh ManjrekarPrakash RajPenata musikUttam SinghTanggal rilis15 November 2013NegaraIndiaBahasaHindiAnggaran12 kror[1] Rajjo adalah sebuah film musikal percintaan India 2013 yang diproduksi oleh Four Pillars Entertainment dan disutradarai oleh penulis pemenang Penghargaan Sahitya Akademi Vishwas Patil. Film tersebut dibintangi oleh Kangana Ranaut da...
Semburan lumpur panas Mataloko adalah peristiwa keluarnya lumpur panas beserta gas dari lokasi proyek geotermal Mataloko di Kecamatan Golewa, Ngada, Pulau Flores. Semburan pertama muncul pada hari Sabtu, 17 Januari 2009, pada satu lokasi. Menyusul kemudian dua lubang semburan baru pada hari Selasa (20/1) dan Rabu (21/1) berturut-turut. Belum diketahui penyebab semburan ini karena penyelidikan oleh tim dari PVMBG Bandung belum selesai.[1] Catatan kaki ^ Fointuna, Y. Team of geologists ...
Bradford City A.F.C.Nama lengkapBradford City Association Football ClubJulukanThe BantamsThe ParadersThe CitizensBerdiri1903; 121 tahun lalu (1903)StadionValley ParadeBradford(Kapasitas: 25,136)KetuaMark LawnJulian RhodesManajerPhil ParkinsonLigaLiga Satu Inggris2012–13ke-7, Liga Dua Inggris(promosi melalui play-off)Situs webSitus web resmi klub Kostum kandang Musim ini Bradford City Association Football Club (juga dikenal sebagai The Bantams, dan sebelumnya The Paraders) adalah k...
العلاقات الشمال مقدونية الغينية شمال مقدونيا غينيا شمال مقدونيا غينيا تعديل مصدري - تعديل العلاقات الشمال مقدونية الغينية هي العلاقات الثنائية التي تجمع بين شمال مقدونيا وغينيا.[1][2][3][4][5] مقارنة بين البلدين هذه مقارنة عامة ومرجعية لل...
The Amazing World of GumballGenreKomediFantasiPembuatBen BocqueletSutradaraMic GravesAntoine Perez (S5-)Pengisi suara Logan Grove (S1-2) Jacob Hopkins (S3–5) Nicolas Cantu (S5-6) Duke Cutler (2020–) Kwesi Boakye (S1-2) Terrell Ransom Jr. (S3–5) Donielle T. Hansley Jr. (S5-6) Christian J. Simon (S6–) Kyla Rae Kowalewski Teresa Gallagher Dan Russell Penggubah lagu temaBen LocketPenata musikBen LocketNeil Myers (S6)Xav Clarke (2020-)Negara asalAmerika SerikatBritania RayaIrlandia ...
Phoronix Adresse www.phoronix.com Description Actualité autour du logiciel libre Publicité Actualité sur les logiciels libres Langue Anglais Inscription Facultative Créé par Michael Larabel Lancement 2004 État actuel En ligne modifier Phoronix est un site internet d'actualités informatique spécialisé dans les distributions Linux, les interviews, les actualités et les tests de produits à destination de Linux. Phoronix a été lancé en juin 2004 par Michael Larabel, qui est a...
Dialogo sopra la sfera del mondo, 1579 Nicolò di Nale (in croato Nikola Nalješković[1]; Ragusa di Dalmazia, 1500 – 1585) è stato un poeta e matematico dalmata, cittadino della Repubblica di Venezia. Fra le sue opere il Dialogo sopra la sfera del mondo, pubblicato a Venezia nel 1579. Indice 1 Note 2 Bibliografia 3 Voci correlate 4 Altri progetti 5 Collegamenti esterni Note ^ Nale, Nicolò di, su thesaurus.cerl.org. Bibliografia Dialogo sopra la sfera del mondo, Venezia, Francesco...
У этого термина существуют и другие значения, см. Бойл. Рыболовный бойл на волосе Пылящие бойлы Бойл (англ. boiled — варёный) — рыболовная насадка, применяемая в современной ловле карповых видов рыб. Содержание 1 Виды бойлов 2 Состав бойлов 3 Применение бойлов 4 Аналог�...
Manhattanville redirects here. For the college, see Manhattanville College. Neighborhood of Manhattan in New York CityManhattanvilleNeighborhood of ManhattanThe 125th Street station (1 train) at Broadway and 125th Street, one of Manhattanville's primary subway stations. Visible on the signage is the former 9 train.Location in New York CityCoordinates: 40°48′58″N 73°57′22″W / 40.816°N 73.956°W / 40.816; -73.956Country United StatesState New Yor...
Rudolf Diels dari Kementerian Prusia berpidato kepada tahanan di KZ Esterwegen, 1933 Carl von Ossietzky di Esterwegen yang sedang diinterogasi, 1934. Peta kamp pada tahun 1955 Kamp konsentrasi Esterwegen adalah salah satu kamp konsentrasi awal Nazi yang didirikan di distrik Emsland, Jerman, pada musim panas 1933 sebagai sebuah kamp penahanan bagi 2000 narapidana yang disebut dengan Schutzhäftlinge (tahanan politik). Kamp ini merupakan kamp konsentrasi terbesar kedua setelah kamp konsentrasi ...
У этого термина существуют и другие значения, см. Западный округ. Западный внутригородской округ город Краснодар Дата основания 1936 год Дата упразднения 1994 Прежние имена Кагановичский, Ленинский районы Микрорайоны Дубинка, Черёмушки, Покровка Площадь 22[1] км² Насе...
لمعانٍ أخرى، طالع سان فرناندو (توضيح). سان فرناندو خريطة الموقع تقسيم إداري البلد ترينيداد وتوباغو [1][2] التقسيم الأعلى ترينيداد وتوباغو المسؤولون العمدة جونيا ريغريلو (الحركة الشعبية الوطنية) خصائص جغرافية إحداثيات 10°17′00″N 61°28′00″W / 1...
Extinct Old South Arabian language of eastern Yemen and Oman HadhramauticHadramiNative toYemen, Oman, Saudi ArabiaEra800 BC – 600 ADLanguage familyAfro-Asiatic SemiticSouthWesternOld South ArabianHadhramauticWriting systemAncient South ArabianLanguage codesISO 639-3xhdLinguist ListxhdGlottologhadr1235Kingdom of Hadramawt in 400 BC Ḥaḍramautic or Ḥaḍramitic was the easternmost of the four known languages of the Old South Arabian subgroup of the Semitic languages. It was used in ...
This article includes a list of general references, but it lacks sufficient corresponding inline citations. Please help to improve this article by introducing more precise citations. (March 2021) (Learn how and when to remove this message) Logo of Lihaqqi (pronounced: lee-ha-qee) Lihaqqi (Arabic: لِحَقّي) is a grassroots progressive political organization in Lebanon. Founded as a youth-led campaign for the 2018 parliamentary elections, it soon became a prominent anti-establishment move...
هذه المقالة تحتاج للمزيد من الوصلات للمقالات الأخرى للمساعدة في ترابط مقالات الموسوعة. فضلًا ساعد في تحسين هذه المقالة بإضافة وصلات إلى المقالات المتعلقة بها الموجودة في النص الحالي. (أغسطس 2015) منطقة بانكوك ياي (بالتايلندية: เขตบางกอกใหญ่) خريطة الموقع الشع...
Standards produced by BSI Group British standards redirects here. For standards as flags, see Royal Standard of the United Kingdom and List of United Kingdom flags. BSI Kitemark certification symbol British Standards (BS) are the standards produced by the BSI Group which is incorporated under a royal charter and which is formally designated as the national standards body (NSB) for the UK.[1] The BSI Group produces British Standards under the authority of the charter, which lays down a...