hdfcHeadquartered in Mumbai, incorporated in 1994, HDFC Bank Limited is the second largest bank in India as measured by assets. It is also India’s largest bank by market capitalisation as of February 2016. It was ranked 58th among India’s most trusted brands according to Brand Trust Report, 2015.
The Housing Development Finance Corporation Limited (HDFC) was amongst the first to receive an ‘in principle’ approval from the Reserve Bank of India (RBI) to set up a bank in the private sector as part of the RBI’s liberalisation of the Indian banking industry in 1994. The bank was incorporated in August 1994 in the name of ‘HDFC Bank Limited’, with its registered office in Mumbai, India. It commenced operations as a Scheduled Commercial Bank in January 1995. It operates in 2,505 cities in India with 4,281 branches which are linked on an online realtime basis. The Bank has a network of 11,843 ATMs across India.
The bank has three main product areas: foreign exchange and derivatives, local currency money market, debt securities and equities. These services are provided through the bank’s treasury team. To comply with statutory reserve requirements, the bank is required to hold 25 per cent of its deposits in the government securities. The Bank is also one of the leading players in the “merchant acquiring” business. The Bank is positioned in various net based B2C opportunities including a wide range of internet banking services for fixed deposits, loans, and bill payments etc. In February, 2000, Times Bank Limited (a new private sector bank promoted by Bennett, Coleman & Co. / Times Group) merged with HDFC Bank Ltd. This was the first merger of two private banks in the New Generation Private Sector Banks category.
HDFC Bank was the first bank in India to launch an International Debit Card in association with VISA (Visa Electron).The bank also issues the MasterCard Maestro debit card. The bank launched its credit card business in 2001.
HDFC has single-minded focus on product quality and service excellence which has helped the bank garner the appreciation of both national and international organisations. The Bank’s expansion plans take into account the need to have a presence in all the major industrial and commercial centres where its corporate customers are located, as well as the need to build a strong retail customer base for both deposits and loan products. Being a clearing/settlement bank to various leading stock exchanges, the bank has branches in centres where the NSE/ BSE have a strong and active member base.