HDFC Bank Limited is an Indian banking and financial services company headquartered in Mumbai. It is India's largest private sector bank by assets and market capitalisation.[8] In 2025 HDFC became the 10th largest bank in the world by market capitalisation.[9]
The Reserve Bank of India (RBI) has identified the HDFC Bank, State Bank of India, and ICICI Bank as Domestic Systemically Important Banks (D-SIBs), which are often referred to as banks that are “too big to fail”.[10][11]
As of April 2024, HDFC Bank has a market capitalization of $145 billion making it the third-largest company on the Indian stock exchanges.[12] In 2023, it was the sixteenth largest employer in India with over 173,000 employees, after its takeover of parent company Housing Development Finance Corporation.[13][14]
History
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.[15][16] The bank commenced operations in January 1995, with its registered office in Mumbai.[17] Its first corporate office and a full-service branch at Sandoz House, Worli, was inaugurated by the then Union Finance Minister, Manmohan Singh.[18]
In February 2000, Times Bank merged with HDFC Bank, which was India's first-ever voluntary merger of banks.[19] Times Bank was established by India's largest media conglomerate,
Operations
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.
HDFC Bank is the sole private bank operating in the union territory of Lakshadweep after opening a branch in Kavaratti island.[36]
Subsidiaries and associates
Notable subsidiaries and associate companies of HDFC Bank include:
Listings and shareholding
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.[44]
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.[45][46]
Controversies
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.[48][49]
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.[50]
A HDFC Bank manager was arrested on charges of fraud, involving a sum of ₹59,41,000 in Odisha.[51]
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.
See also
- Aditya Puri
- Banking in India
- List of banks in India
- List of companies of India
Further reading
External links
References
- Moneycontrol Com. Balance Sheet of HDFC Bank moneycontrol, retrieved 7 January 2016^
- HDFC Bank headcount declines Business Standard, retrieved 23 April 2025^
- Who We Are – Overview of Our Mission & Values