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HDFC (Housing Development and Finance Corporation Limited) Bank is India’s largest private sector bank. The bank was officially established under the approval of RBI (Reserve Bank of India) on 24 August 1994. HDFC Bank is India’s biggest bank in terms of market capitalization as of March 2020.
Aditya Puri is the current CEO (Chief Executive Officer) and MD (Managing Director) of the Bank. HDFC Bank’s business loans are very popular as the bank offers various facilities to its borrowers.
The headquarters of the bank is in Mumbai, Maharashtra. The bank has total assets of $170 Billion ( ₹ 11,894 billion) as of 2019. The Bank generates average revenue of $16 billion (2019). They have an employee strength of 104,154. It’s first headquartered of Mumbai, Maharashtra was inaugurated by the former PM Dr. Manmohan Singh.
The bank is operating on a large basis, as it has two subsidiary outlets – HDFC Securities Ltd and HDB Financial Services Ltd.
Facilities Offered by HDFC Bank
The Bank offers various facilities like wholesale banking, retail banking, vehicle purchasing loans, business loans, loans for property, loans for housing, etc. The bank also provides the facility of Debit cards and credit cards. It provides various types of debit cards like Mastercard, Visa card, etc.
The bank also offers net banking services to its users. Cards can be used to withdraw cash from any ATM situated in India. Banks has more than 13,500 ATMs over India. Bank has also deposited 25% percent of its money to the government as a security deposit. Bank offers superb customer service to its customers. The bank offers excellent loan services to Businessmen.
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Merger Info
In February 2000 HDFC bank combined with the Times Bank. It was the first union of two co-operate banks in the new era of co-operating sector banks in India.
In 2008, the HDFC bank taken control over the Centurion bank. The Board of HDFC bank accepted the accretion of Centurion Bank for 95.1 billion INR which is one of the largest mergers in the financial sector in India.
Honors 🏆
- In 2019 HDFC bank won the award of the best cooperative bank (FE Best Bank award).
- Won 1st award in 2019 of top 75 Most Valuable Indian Brands. The bank appeared successively 6th time in recent years.
- Among The Most Honored Company List, Institutional Investor All-Asia (ex-Japan) Executive Team 2019 survey
- Euromoney Awards awarded the Bank as the best bank for Excellence in 2019.
- Business Today awarded HDFC Bank- The best bank in Money Today Financial Awards of 2019.
- Awarded Best Bank of India in 2019 from Global magazine Finance Asia.
- Won the award of Fastest Growing Bank in 2019 from Business World Magna Awards.
Source: Wikipedia