The bank’s focus is on asserting its presence in all the vital and central industrial and commercial hubs to service their corporate clientele and on the other hand it also aspires to ramp up its retail customer base for deposit and loan products. HDFC Bank Limited’s retail segment currently offers HDFC personal loans, HDFC home loans, HDFC car loans and HDFC credit cards to its growing customer base and to other non-banking customers as well.
HDFC – Housing Development Finance Corporation Limited was among the first bunch of banks to obtain RBI’s “in principle” approval for setting up shop in India as a private sector bank. This was in line with the RBI’s liberalisation policy of the Indian Banking industry in 1994.
History
With its registered office in Mumbai, the bank started its operations in August 1994 with commercial operations beginning from January 1995.
HDFC’s particular expertise spans the segment of retail home loans catering to different market segments, which includes a large corporate client base as well. Armed with a large share holder baser, experience in various financial markets HDFC positioned itself well to become part of the popular bank list in India.
HDFC’s objective revolves around building sound customer franchises across distinct businesses to achieve its goal of becoming the preferred banking partner for retail and wholesale consumer groups.
Milestones
a. February 26, 2000 – Touted as the first of its kind merger involving two private banks of the new generation, a significant milestone was the merger with Times Bank Limited, promoted by Bennett, Coleman & Co.
b. May 23, 2008 – The merger of Centurion Bank of Punjab with HDFC received formal approval from the RBI to mark the completion of the official regulatory and approval process.
This merger created a strong deposit base of around Rs. 1.2 crore and net advances of around Rs. 89,000 crore and a balance sheet size of over Rs. 1.6 crore. The merger led to an increase in the number of branches, great geographic positioning, access, a huge customer base and a talented resource pool.
Overview
With its headquarters in Mumbai, HDFC Bank now has a network of over 1416 branches across 550 Indian cities. Connected live online across branches the customers in the over 500 locations are also provided service via telephone banking. HDFC also has over 3382 networked ATMs across 500 Indian cities.
The bank’s focus is on asserting its presence in all the vital and central industrial and commercial hubs to service their corporate clientele and on the other hand it also aspires to ramp up its retail customer base for deposit and loan products. HDFC Bank Limited’s retail segment currently offers HDFC personal loans, HDFC home loans, HDFC car loans and HDFC credit cards to its growing customer base and to other non-banking customers as well.
HDFC’s actively contributes to stock exchanges being a clearing/settlement bank and hence has branches in the centers where the NSE/BSE have a strong and active member base.