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Hdfc bank

The meaning of «hdfc bank»

HDFC Bank Limited is an Indian banking and financial services company, headquartered in Mumbai, Maharashtra. HDFC Bank is India's largest private sector bank by assets[12] and by market capitalisation as of April 2021. It is the third largest company by market capitalisation on the Indian stock exchanges.[13] It is also the fifteenth largest employer in India with nearly 120,000 employees.[14]

HDFC Bank was incorporated in 1994 as a subsidiary of the Housing Development Finance Corporation, 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 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.[15] It has a base of 1,16,971 permanent employees as of 21 March 2020.[16]

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.[17]

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.[18] Times Bank was established by Bennett, Coleman and Co. Ltd., commonly known as The Times Group, India's largest media conglomerate.[19]

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.[20]

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 National Payments Corporation of India.[21]

In March 2020, HDFC (parent company of HDFC BANK) made an investment of ₹1,000 crores in Yes Bank.[22] 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.[23]

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.[24]

HDFC Bank's Parivartan initiative spent ₹535 crore in FY19-20[25]

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