HDFC Bank

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 liberalisation of the Indian banking industry.{{cite web |url=https://www.hdfcbank.com/personal/about-us/overview/who-we-are |title=About HDFC Bank |website=hdfcbank.com |publisher=HDFC Bank |access-date=6 December 2023}}{{cite web |url=https://www.careratings.com/upload/CompanyFiles/PR/202305140546_HDFC_Bank_Ltd.pdf |title=HDFC Bank Ltd |date=2 May 2023 |website=careratings.com |publisher=CARE Ratings |access-date=6 December 2023 |quote=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.}} The bank commenced operations in January 1995, with its registered office in Mumbai.{{Cite web|url=http://profit.ndtv.com/stock/hdfc-bank-ltd_hdfcbank/reports|title=HDFC Bank: Reports, Company History, Directors Report, Chairman's Speech, Auditors Report of HDFC Bank|website=profit.ndtv.com|access-date=16 July 2016|archive-date=9 July 2016|archive-url=https://web.archive.org/web/20160709001214/http://profit.ndtv.com/stock/hdfc-bank-ltd_hdfcbank/reports|url-status=live}} 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|date=January 2022}}

In February 2000, Times Bank merged with HDFC Bank, which was India's first-ever voluntary merger of banks.{{cite news |title=Hdfc, Timesbank Merger By Feb 25 |url=https://www.business-standard.com/article/specials/hdfc-timesbank-merger-by-feb-25-100021901051_1.html |access-date=12 May 2024 |work=Business Standard}} Times Bank was established by India's largest media conglomerate, The Times Group.{{Cite news|last=Bandyopadhyay|first=Tamal|url=https://www.livemint.com/Industry/R9RVglpE4GP7OdDFN9wRPO/Bank-for-the-buck.html|title=A Bank for the Buck|date=19 November 2012|work=Livemint|access-date=27 March 2020|archive-date=3 April 2020|archive-url=https://web.archive.org/web/20200403234024/https://www.livemint.com/Industry/R9RVglpE4GP7OdDFN9wRPO/Bank-for-the-buck.html|url-status=live}}

In July 2001, HDFC Bank's ADS listed on the New York Stock Exchange after an IPO.{{cite news |title=HDFC Bank prices ADS at $13.83: Reuters |url=https://www.rediff.com/money/2001/jul/20hdfc1.htm |access-date=8 May 2024 |work=Rediff.com}}

In 2008, HDFC Bank acquired the Centurion Bank of Punjab (CBoP) for {{INRconvert|9510|c|mode=historical|lk=c|year=2008}} in a share-swap deal, reportedly the largest acquisition in the Indian financial sector at the time.{{cite news |title=HDFC Bank buys Centurion in India's biggest financial sector buyout |url=https://www.nytimes.com/2008/02/24/business/worldbusiness/24iht-indiabank24.10327786.html |access-date=8 May 2024 |work=The New York Times |date=4 December 2008}}

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.{{Cite web|title=Kotak Mahindra Bank, HDFC Bank To Acquire 9.99% Each In Ferbine|url=https://www.moneycontrol.com/news/business/markets/kotak-mahindra-bank-hdfc-bank-to-acquire-9-99-each-in-ferbine-private-ltd-6578201.html|access-date=4 March 2021|website=Moneycontrol|date=26 February 2021 |archive-date=14 April 2021|archive-url=https://web.archive.org/web/20210414103152/https://www.moneycontrol.com/news/business/markets/kotak-mahindra-bank-hdfc-bank-to-acquire-9-99-each-in-ferbine-private-ltd-6578201.html|url-status=live}}

On 4 April 2022, HDFC Ltd announced that it would merge with HDFC Bank, marking India's largest-ever M&A deal.{{Cite news|url=https://timesofindia.indiatimes.com/business/india-business/hdfc-to-merge-with-hdfc-bank-in-indias-biggest-ever-ma/articleshow/90651390.cms|title = HDFC HDFC Bank Merger: HDFC to merge with HDFC Bank in India's biggest-ever M&A | |website = The Times of India| date=5 April 2022 }}{{cite news |last1=Singh |first1=Preeti |last2=Patil |first2=Divya |title=Bank Giant Bigger Than Morgan Stanley Arises From India Merger |url=https://www.bloomberg.com/news/articles/2023-06-30/india-s-hdfc-vaults-into-ranks-of-world-s-most-valuable-banks?fromMostRead=true&sref=CIpmV6x8 |work=Bloomberg.com |date=30 June 2023 |language=en}} 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.{{Cite news |last=Kulkarni |first=Sneha |date=3 July 2023 |title=What is the HDFC Bank-HDFC merger date |work=The Economic Times |url=https://economictimes.indiatimes.com/wealth/save/what-is-the-hdfc-bank-hdfc-merger-date/articleshow/101414476.cms |access-date=4 July 2023 |issn=0013-0389}}

On 1 July 2023, the merger of HDFC Ltd with HDFC Bank was completed.{{cite news |title=HDFC Bank completes merger with HDFC after final board approval |url=https://economictimes.indiatimes.com/industry/banking/finance/banking/hdfc-bank-completes-merger-with-hdfc-after-final-board-approval/articleshow/101402111.cms |access-date=27 December 2023 |publisher=The Economic Times |date=1 July 2023}}{{cite news |last1=Mishra |first1=Lalatendu |title=HDFC Bank completes merger formalities, rebrands HDFC Ltd. offices, branches |url=https://www.thehindu.com/business/Industry/hdfc-bank-completes-merger-formalities-rebrands-hdfc-ltd-offices-branches/article67030718.ece |access-date=27 December 2023 |work=The Hindu |date=1 July 2023 |language=en-IN}} 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.{{cite news |title=HDFC Ltd-HDFC Bank merger: Behind Sashi Jagdishan's big plans for HDFC Bank |url=https://www.businesstoday.in/magazine/the-buzz/story/hdfc-ltd-hdfc-bank-merger-behind-sashi-jagdishans-big-plans-for-hdfc-bank-390643-2023-07-20 |access-date=27 December 2023 |publisher=Business Today |date=20 July 2023 |language=en}}{{cite news |last1=Mascarenhas |first1=Rajesh |title=HDFC Bank becomes world's 7th largest lender post merger |url=https://economictimes.indiatimes.com/markets/stocks/news/hdfc-bank-becomes-worlds-7th-largest-lender-post-merger/articleshow/101840225.cms |access-date=27 December 2023 |publisher=The Economic Times |date=18 July 2023}}

The combined entity had a customer base of 12 crore (120 million), surpassing the population of Germany in size.{{cite news |date=30 June 2023 |title=Bank giant bigger than Morgan Stanley arises from HDFC Bank, HDFC Ltd merger |url=https://timesofindia.indiatimes.com/business/india-business/bank-giant-bigger-than-morgan-stanley-arises-from-hdfc-bank-hdfc-ltd-merger/articleshow/101380691.cms?from=mdr |access-date=27 December 2023 |work=The Times of India}} The merger resulted in a substantial increase in bank headcount, with the workforce totaling 1.77 lakh (177k) employees. The merged entity became the second-largest bank in India, trailing only the State Bank of India in terms of assets.{{cite news |date=3 July 2023 |title=Spotlight on HDFC Ltd and HDFC Bank Merger ! |url=https://www.cnbctv18.com/business/companies/hdfc-ltd-and-hdfc-bank-merger-record-date-ftse-nifty-sensex-msci-mutual-funds-17103621.htm |access-date=27 December 2023 |publisher=CNBCTV18 |language=en}} The number of branches increased to 8,300.{{cite news |date=1 July 2023 |title=HDFC Ltd and HDFC Bank complete their merger today: Take a look at what's happened so far |url=https://www.zeebiz.com/personal-finance/banking/news-hdfc-ltd-completes-its-merger-with-and-hdfc-bank-today-sashidhar-jagdishan-home-loans-nse-bse-242387 |access-date=27 December 2023 |publisher=Zee Business}}

Shares of HDFC Ltd were delisted and shareholders were allotted 42 shares of HDFC Bank for every 25 shares of HDFC Ltd held,{{cite news |title=HDFC-HDFC Bank merger likely to be effective July 1, HDFC to be delisted on July 13: Deepak Parekh |url=https://www.businesstoday.in/industry/banks/story/hdfc-hdfc-bank-merger-to-be-effective-july-1-hdfc-to-be-delisted-july-13-deepak-parekh-387245-2023-06-27 |access-date=27 December 2023 |publisher=Business Today |date=27 June 2023 |language=en}} leading to an increase in the equity capital of HDFC Bank.{{cite news |last1=Tan |first1=Charmaine Jacob, Joanna |title=India's HDFC Bank completes $40 billion takeover of the country's largest mortgage lender. Here's what it means |url=https://www.cnbc.com/2023/07/03/indias-hdfc-bank-completes-40-billion-merger-with-mortgage-lender-hdfc.html |access-date=27 December 2023 |publisher=CNBC |date=3 July 2023 |language=en}}

File:HDFC Bank.jpg]]

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.{{Cite web |title=HDFC Bank Distribution Network |url=https://www.hdfcbank.com/personal/about-us/overview/who-we-are |access-date=12 April 2024}}

HDFC Bank is the sole private bank operating in the union territory of Lakshadweep after opening a branch in Kavaratti island.{{Cite web |date=10 April 2024 |title=Sole Private Bank Operator in UT Lakshdweep |url=https://indianexpress.com/article/business/hdfc-bank-first-private-bank-brach-office-in-lakshadweep-kavaratti-9261984/ |access-date=12 April 2024 |website=The Indian Express}}

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.{{Cite web|url=http://business.mapsofindia.com/banks-in-india/hdfc/|title=HDFC Bank – About Banking Services, Loans Scheme, Award, Contact Address, and more|website=business.mapsofindia.com|access-date=16 July 2016|archive-date=18 July 2016|archive-url=https://web.archive.org/web/20160718134217/http://business.mapsofindia.com/banks-in-india/hdfc/|url-status=live}} It also launched SmartWealth app in 2024.{{cite web |title=HDFC Bank launches SmartWealth app |url=https://timesofindia.indiatimes.com/technology/tech-news/hdfc-bank-launches-smartwealth-app/articleshow/111237829.cms |website=The Times of India |date=24 June 2024}}

{{Main|Digital rupee}}

On 29 August 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 utilised.{{Cite web |date=2024-08-29 |title=HDFC Bank unveils new UPI and CBDC features to enhance customers' digital banking experience |url=https://www.financialexpress.com/money/hdfc-bank-unveils-new-upi-and-cbdc-features-to-enhance-customers-digital-banking-experience-3596243/ |access-date=2024-09-13 |website=Financialexpress |language=en}}

Notable subsidiaries and associate companies of HDFC Bank include:

File:HDFC Bank, Hathibarkala Branch.jpg]]

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.{{Cite web|title=HDFC bank: Information about American Depository Receipt|url=https://www.hdfcbank.com/personal/about-us/investor-relations/adr|url-status=live|website=hdfc bank|access-date=22 October 2021|archive-date=22 October 2021|archive-url=https://web.archive.org/web/20211022112314/https://www.hdfcbank.com/personal/about-us/investor-relations/adr}}

Its global depository receipts (GDRs) were listed on the Luxembourg Stock Exchange but were terminated by the board of directors, following its low trading volume..{{cite web |title=HDFC Bank's Global Expansion |url=https://www.brutimes.com/news/business/hdfc-banks-global-expansion |website=Bru Times News |language=en}}{{Cite news|title=HDFC Bank terminates, de-lists GDRs from Luxembourg Stock Exchange|work=The hindu Business line|location=New Delhi|publication-place=New delhi|publication-date=16 July 2019|url=https://www.thehindubusinessline.com/markets/stock-markets/hdfc-bank-terminates-de-lists-its-gdrs-from-luxembourg-stock-exchange/article28468674.ece|access-date=22 October 2021|archive-date=22 October 2021|archive-url=https://web.archive.org/web/20211022110810/https://www.thehindubusinessline.com/markets/stock-markets/hdfc-bank-terminates-de-lists-its-gdrs-from-luxembourg-stock-exchange/article28468674.ece|url-status=live}}

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.{{Cite web|title=RBI asks HDFC Bank to halt issue of new credit cards, planned activities under Digital 2.0|url=https://www.moneycontrol.com/news/business/rbi-halts-hdfc-bank-digital-activities-asks-bank-to-stop-sourcing-new-credit-card-customers-after-multiple-digital-failures-6183521.html|url-status=live|archive-url=https://web.archive.org/web/20201207105648/https://www.moneycontrol.com/news/business/rbi-halts-hdfc-bank-digital-activities-asks-bank-to-stop-sourcing-new-credit-card-customers-after-multiple-digital-failures-6183521.html|archive-date=7 December 2020|access-date=11 February 2022|website=Moneycontrol|date=3 December 2020 |language=en}}{{Cite web|date=8 December 2020|title=Explained: Why RBI has asked HDFC Bank to stop digital launches, new credit card sourcing|url=https://indianexpress.com/article/explained/hdfc-bank-rbi-action-explained-7083629/|access-date=8 December 2020|website=The Indian Express|language=en|archive-date=8 December 2020|archive-url=https://web.archive.org/web/20201208100906/https://indianexpress.com/article/explained/hdfc-bank-rbi-action-explained-7083629/|url-status=live}}

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.{{Cite web|url=https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49273|title=RBI imposes penalty on HDFC bank|website=rbi.org.in|access-date=29 January 2020|archive-date=30 January 2020|archive-url=https://web.archive.org/web/20200130070954/https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx%3Fprid%3D49273|url-status=live}}

A HDFC Bank manager was arrested on charges of fraud, involving a sum of ₹59,41,000 in Odisha.{{Cite web|url=https://www.newindianexpress.com/states/odisha/2019/sep/16/former-hdfc-bank-manager-arrested-for-rs-5941-lakh-fraud-in-odisha-2034332.html|title=A HDFC bank manager arrested for Rs 59.41 lakh fraud in Odisha|website=The New Indian Express|access-date=16 August 2019|archive-date=5 October 2019|archive-url=https://web.archive.org/web/20191005153615/http://www.newindianexpress.com/states/odisha/2019/sep/16/former-hdfc-bank-manager-arrested-for-rs-5941-lakh-fraud-in-odisha-2034332.html|url-status=live}}

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.{{Cite news|url=https://economictimes.indiatimes.com/industry/banking/finance/banking/altico-and-mashreq-approach-rbi-against-hdfc-bank/articleshow/71546523.cms|title=Altico and Mashreq approach RBI against HDFC Bank|website=The Economic Times|access-date=13 October 2019|last1=Das|first1=Saikat|archive-date=12 October 2019|archive-url=https://web.archive.org/web/20191012181759/https://economictimes.indiatimes.com/industry/banking/finance/banking/altico-and-mashreq-approach-rbi-against-hdfc-bank/articleshow/71546523.cms|url-status=live}}

On 27 May 2021, RBI imposed a penalty of {{INRconvert|10|c|mode=historical|lk=|year=2021}} 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.{{Cite news|title=Reserve Bank of India imposes Rs 10 crore penalty on HDFC Bank|work=The indian express|url=https://indianexpress.com/article/business/reserve-bank-imposes-rs-10-crore-penalty-on-hdfc-bank-7335173/|access-date=23 October 2021|archive-date=23 October 2021|archive-url=https://web.archive.org/web/20211023031340/https://indianexpress.com/article/business/reserve-bank-imposes-rs-10-crore-penalty-on-hdfc-bank-7335173/|url-status=live}}

In March 2023, HDB Financial Services suffered a breach exposing the data of more than 7 crore (70 million) customers, including email addresses, names, dates of birth, phone numbers, genders, post codes and loan information belonging to the customers.{{Cite news |date=7 March 2023 |title=HDB Financial Services flags data breach at service provider |work=The Economic Times |url=https://economictimes.indiatimes.com/industry/banking/finance/banking/hdb-financial-services-flags-data-breach-at-service-provider/articleshow/98483482.cms |access-date=27 June 2023 |issn=0013-0389}}

{{Portal|Banks}}

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{{reflist}}

• {{cite book |last=Bandyopadhyay |first=Tamal |date=2013 |title=A Bank for the Buck |title-link=A Bank for the Buck |publisher=Jaico Publishing House |page=344 |isbn=978-81-8495-396-1|author-link=Tamal Bandyopadhyay }}
• {{cite book |last=Bandyopadhyay |first=Tamal |date=2019 |title=HDFC Bank 2.0: From Dawn to Digital |publisher=Jaico Publishing House |isbn=978-93-88423-35-9|author-link=Tamal Bandyopadhyay }}
• {{Cite journal |last1=Agarwal |first1=Shilpa |last2=Malik |first2=Priyanka |last3=Gautam |first3=Shalini |date=9 February 2024 |title=Analysis of financial performance with regard to digital payment: a case of HDFC bank |url=https://link.springer.com/article/10.1007/s13198-023-02201-x |journal=International Journal of System Assurance Engineering and Management |publisher=Springer Nature |volume=15 |issue=6 |pages=2085–2096 |doi=10.1007/s13198-023-02201-x}}
• {{Cite book |last1=Devi |first1=Pooja |last2=Chauhan |first2=Riya |last3=Jain |first3=Ruchi |chapter=An Application of Fintech is Revolutionary in Indian Banking Sector: W.R.T. To HDFC Bank |date=14 February 2025 |pages=59–62 |title=2025 International Conference on Intelligent Control, Computing and Communications (IC3) |chapter-url=https://ieeexplore.ieee.org/document/10957709 |doi=10.1109/IC363308.2025.10957709 |isbn=979-8-3315-2749-5 |via=IEEE}}

{{Commons category|HDFC Bank}}

• {{Official website}}{{Finance links

| name = HDFC Bank

| symbol = HDB

| sec_cik = 1144967

}}

{{HDFC Group}}

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