HDFC Bank: Difference between revisions

| revenue = {{Increase}} {{INRConvert|2.05|lc|lk=on}}<ref name=pnl>{{Cite web|title=HDFC Bank Consolidated Profit & Loss account, HDFC Bank Financial Statement & Accounts|url=https://www.hdfcbank.com/content/bbp/repositories/723fb80a-2dde-42a3-9793-7ae1be57c87f/?path=/Footer/About%20Us/Investor%20Relation/Detail%20PAges/financial%20results/PDFs/2023/Signed-Results-March-2023.pdf}}</ref>

| revenue_year = 2023

| operating_income = {{Increase}} {{INRConvert|61498.39|c}}<ref name=pnl/>

| income_year = 2023

| net_income = {{Increase}} {{INRConvert|45997.11|c}}<ref name=pnl/>

| net_income_year = 2023

| assets = {{Increase}} {{INRConvert|25.3|lc}}<ref name=bs>{{Cite web|title=HDFC Bank Consolidated Balance Sheet, HDFC Bank Financial Statement & Accounts|url=https://www.hdfcbank.com/content/bbp/repositories/723fb80a-2dde-42a3-9793-7ae1be57c87f/?path=/Footer/About%20Us/Investor%20Relation/Detail%20PAges/financial%20results/PDFs/2023/Signed-Results-March-2023.pdf}}</ref>

| assets_year = 2023

| equity = {{Increase}} {{INRConvert|2.85|lc}}<ref name=bs/>

| equity_year = 2023

| num_employees = 1,77,000 (1 July 2023)<ref name=arep>{{Cite web|publisher=NDTV|title=HDFC-HDFC Bank Merger |url=https://www.ndtv.com/india-news/hdfc-bank-merger-live-hdfc-to-be-among-worlds-most-valuable-banks-after-todays-merger-10-points-4168174 |access-date=2023-03-11}}</ref>

| foundation = {{start date and age|df=y|p=y|1st July 2023}} (via the merger between HDFC-HDFC bank)| homepage = {{Official url}}

| subsid = [[HDFC Life]]<br/>[[HDFC ERGO General Insurance Company|HDFC ERGO]]<br />[[HDFC Securities]]<ref>{{cite web |last1=Securities |first1=HDFC |title=About Us |url=https://www.hdfcsec.com/article/about-us-1647 |website=hdfcsec.com |access-date=9 December 2020 |archive-date=11 January 2021 |archive-url=https://web.archive.org/web/20210111041928/https://www.hdfcsec.com/article/about-us-1647 |url-status=live }}</ref><br />HDFC Asset Management Company<br />HDFC Mutual Fund<br />HDB Financial Services<ref>{{cite news |title=How HDB Financial Services Can Add To HDFC Bank's Long Rally |url=https://www.moneycontrol.com/news/business/moneycontrol-research/how-hdb-financial-services-can-add-to-hdfc-banks-long-rally-3707561.html |access-date=26 April 2021 |work=Moneycontrol |archive-date=26 April 2021 |archive-url=https://web.archive.org/web/20210426121321/https://www.moneycontrol.com/news/business/moneycontrol-research/how-hdb-financial-services-can-add-to-hdfc-banks-long-rally-3707561.html |url-status=live }}</ref><br>HDFC Credila Financial Services Limited

| footnotes = <ref>{{Cite web|url=https://www.bloomberg.com/markets/stocks|title=Stocks|publisher=Bloomberg L.P.|access-date=24 October 2020|archive-date=8 May 2017|archive-url=https://web.archive.org/web/20170508034725/https://www.bloomberg.com/markets/stocks|url-status=live}}</ref><ref>{{Cite web|title=Sashidhar Jagdishan to be the new CEO of HDFC Bank|url=https://www.moneycontrol.com/news/business/markets/sashidhar-jagdishan-to-be-the-new-ceo-of-hdfc-bank-report-5642411.html|access-date=4 August 2020|website=Moneycontrol|date=4 August 2020 |archive-date=11 February 2022|archive-url=https://web.archive.org/web/20220211113748/https://www.moneycontrol.com/news/eye-on-india/videos/sashidhar-jagdishan-hdfc-bank-ceo-5642411.html|url-status=live}}</ref><ref>{{cite web |title=Sashidhar Jagdishan appointed MD & CEO of HDFC Bank; He will take charge on October 27 |url=https://www.thehansindia.com//business/sashidhar-jagdishan-appointed-md-ceo-of-hdfc-bank-he-will-take-charge-on-october-27-651672 |website=the hans india |date=17 October 2020 |access-date=17 October 2020 |archive-date=20 October 2020 |archive-url=https://web.archive.org/web/20201020155554/https://www.thehansindia.com//business/sashidhar-jagdishan-appointed-md-ceo-of-hdfc-bank-he-will-take-charge-on-october-27-651672 |url-status=live }}</ref><ref>{{cite web|title=Composition of Board of Directors of HDFC Bank|url=https://www.hdfcbank.com/personal/about-us/corporate-governance/composition-of-the-board|website=hdfcbank.com|access-date=23 December 2020|archive-date=7 February 2021|archive-url=https://web.archive.org/web/20210207024418/https://www.hdfcbank.com/personal/about-us/corporate-governance/composition-of-the-board|url-status=live}}</ref>

'''HDFC Bank Limited''' (also known as '''HDB''') is an Indian banking and financial services company headquartered in [[Mumbai]]. It is India's largest private sector bank by assets and world's fourth largest bank by [[market capitalisation]] {{As of|2023|7|lc=y}}, following its [[takeover]] of parent company [[Housing Development Finance Corporation|HDFC]].<ref>{{Cite web|url=http://www.livemint.com/Companies/zGj86RBk393NGlakNGPfAP/HDFC-Bank-most-valuable-brand-in-India.html|title=HDFC Bank most valuable brand in India: WPP study|date=10 September 2015|website=Livemint|access-date=7 January 2016|archive-date=28 November 2019|archive-url=https://web.archive.org/web/20191128145140/https://www.livemint.com/Companies/zGj86RBk393NGlakNGPfAP/HDFC-Bank-most-valuable-brand-in-India.html|url-status=live}}</ref><ref>{{Cite news |title=Bank Giant Bigger Than Morgan Stanley Arises From India Merger |work=[[Bloomberg News|Bloomberg]] |url=https://www.bloomberg.com/news/articles/2023-06-30/india-s-hdfc-vaults-into-ranks-of-world-s-most-valuable-banks}}</ref> It is the second largest company by market capitalisation of $172 billion on the Indian stock exchanges.<ref>{{Cite web|url=http://www.moneycontrol.com/stocks/marketinfo/marketcap/bse/banks-private-sector.html|title=Largest bank by Market capitalization|website=MoneyControl|access-date=1 October 2014|archive-date=6 June 2021|archive-url=https://web.archive.org/web/20210606043759/https://www.moneycontrol.com/stocks/marketinfo/marketcap/bse/banks-private-sector.html|url-status=live}}</ref> It is also the [[List of largest employers in India|sixteenth largest employer in India]] with nearly 1.78 [[lakh]] employees.<ref>{{Cite web|url=https://www.macrotrends.net/stocks/charts/HDB/hdfc-bank/number-of-employees|title=HDFC Bank: Number of Employees 2006-2021 &#124; HDB|website=macrotrends.net|access-date=22 May 2021|archive-date=22 May 2021|archive-url=https://web.archive.org/web/20210522071805/https://www.macrotrends.net/stocks/charts/HDB/hdfc-bank/number-of-employees|url-status=live}}</ref>

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 then [[Ministry of Finance (India)|Union Finance Minister]], Bhoop Singh.

{{As of|2023|6|1}}, the bank's distribution network was at 8,344 branches and 19,727 ATMs across 3,811 cities.It has installed 4,30,000 [[Payment terminal|POS]] terminals and issued 2.35 [[crore]] (23.5 million) debit cards and 1.2 crore (12&nbsp;million) credit cards in FY 2017.<ref name="HDFC Bank">{{cite web|url=https://www.hdfcbank.com/htdocs/common/pdf/corporate/Annual_Report_2016_17.pdf|title=HDFC Bank 2017|access-date=1 December 2017|archive-date=1 December 2017|archive-url=https://web.archive.org/web/20171201232843/https://www.hdfcbank.com/htdocs/common/pdf/corporate/Annual_Report_2016_17.pdf|url-status=live}}</ref> It has a base of 1,77,000 permanent employees as of 1 June 2023.<ref>{{Cite web|url=http://www.hdfcbank.com/|title=HDFC Bank|website=HDFC Bank|access-date=20 January 2007|archive-date=21 January 2007|archive-url=https://web.archive.org/web/20070121204220/http://hdfcbank.com/|url-status=live}}</ref>

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 in India|private sector banks]] category.<ref>{{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}}</ref> [[Times Bank]] was established by [[Bennett, Coleman|Bennett, Coleman and Co. Ltd]]., commonly known as [[The Times Group]], India's largest media conglomerate.<ref>{{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=Live Mint|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}}</ref>

In 2008, [[Centurion Bank of Punjab]] (CBoP) was acquired by HDFC Bank. HDFC Bank's board approved the acquisition of CBoP for [[Indian rupee|₹]]9,510 crore in one of the largest mergers in the financial sector in India.<ref>{{Cite web|url=http://www.banknetindia.com/banking/80142.htm|title=HDFC Bank to acquire Centurion Bank of Punjab|website=Banknet India|access-date=23 January 2016|archive-date=1 December 2019|archive-url=https://web.archive.org/web/20191201054019/http://www.banknetindia.com/banking/80142.htm|url-status=dead}}</ref>

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]].<ref>{{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=2021-03-04|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}}</ref>

In September 2021, the bank partnered with [[Paytm]] to launch a range of credit cards powered by [[Visa Inc.|Visa]].<ref>{{cite news |title=HDFC Bank partners with Paytm to launch co-branded credit cards |url=https://www.livemint.com/companies/news/hdfc-bank-partners-with-paytm-to-launch-co-branded-credit-cards-11632119508688.html |work=mint |date=20 September 2021 |language=en |access-date=22 September 2021 |archive-date=21 September 2021 |archive-url=https://web.archive.org/web/20210921045424/https://www.livemint.com/companies/news/hdfc-bank-partners-with-paytm-to-launch-co-branded-credit-cards-11632119508688.html |url-status=live }}</ref>

On April 4, 2022, HDFC Bank announced a merger with the [[Housing Development Finance Corporation]].<ref>{{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 &#124; India Business News - Times of India|website = [[The Times of India]]| date=5 April 2022 }}</ref> Upon the completion of the merger, HDFC became the fourth-largest bank in the world by market capitalization.<ref name="bloomberg_0623">{{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}}</ref> The effective date of the merger was set to be July 1, 2023. After the merger takes place, HDFC, a housing financing corporation, will transfer its home loan portfolio to HDFC Bank. Also, the bank is giving home financing company depositors the choice of either withdrawing their money or renewing their deposits with the private sector bank at the interest rate that the bank is currently offering.<ref>{{Cite news |last=Kulkarni |first=Sneha |date=2023-07-03 |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=2023-07-04 |issn=0013-0389}}</ref>

In March 2020, [[Housing Development Finance Corporation]], parent company of HDFC Bank, made an investment of ₹1,000 crore in [[Yes Bank]].<ref>{{Cite web|date=16 March 2020|title=HDFC to hold 7.97% stake in Yes Bank after infusing ₹1,00,000 crore|url=https://www.livemint.com/companies/news/hdfc-to-hold-7-97-stake-in-yes-bank-for-rs-1-000-crore-infusion-11584367566618.html|access-date=8 December 2020|website=mint|language=en|archive-date=20 October 2020|archive-url=https://web.archive.org/web/20201020211545/https://www.livemint.com/companies/news/hdfc-to-hold-7-97-stake-in-yes-bank-for-rs-1-000-crore-infusion-11584367566618.html|url-status=live}}</ref> 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.<ref>{{Cite news|title=HDFC to hold 7.97% stake in YES Bank after Rs 1,000 crore infusion|work=The Economic Times|url=https://economictimes.indiatimes.com/markets/stocks/news/hdfc-to-hold-7-97-stake-in-yes-bank-after-rs-1000-crore-infusion/articleshow/74658102.cms|access-date=8 December 2020|archive-date=2 March 2021|archive-url=https://web.archive.org/web/20210302042015/https://economictimes.indiatimes.com/markets/stocks/news/hdfc-to-hold-7-97-stake-in-yes-bank-after-rs-1000-crore-infusion/articleshow/74658102.cms|url-status=live}}</ref>

Its [[global depository receipt]]s (GDRs) were listed on the [[Luxembourg Stock Exchange]] but were terminated by the board of directors following its low trading [[Volume (finance)|volume]].<ref>{{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=July 16, 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}}</ref>

== Parivartan: Corporate social responsibility==

HDFC Bank spent ₹634.91 crore towards Parivartan,in FY 2020-21. Out of ₹634.9 crore, over ₹110 crore was allocated and utilised towards initiatives focused on [[COVID-19 pandemic|COVID-19 relief]].<ref name=":1">{{Cite news|title=HDFC Bank Spends Rs. 634.91 Cr Towards CSR in FY 2020-2021|work=Businesswire: A Berkshire Hathaway company|url=https://www.businesswire.com/news/home/20210708005454/en/HDFC-Bank-Spends-Rs.-634.91-Cr-Towards-CSR-in-FY-2020-2021|access-date=23 October 2021|archive-date=23 October 2021|archive-url=https://web.archive.org/web/20211023051522/https://www.businesswire.com/news/home/20210708005454/en/HDFC-Bank-Spends-Rs.-634.91-Cr-Towards-CSR-in-FY-2020-2021|url-status=live}}</ref>

HDFC Bank has pledged to become [[Carbon neutrality|carbon neutral]] by 2032.<ref name=":1" />

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.<ref>{{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=2020-12-07|access-date=2022-02-11|website=Moneycontrol|date=3 December 2020 |language=en}}</ref><ref>{{Cite web|date=2020-12-08|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=2020-12-08|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}}</ref>

On 29 January 2020, RBI imposed a monetary penalty on HDFC Bank for failure to undertake on-going due diligence in case of 39 current accounts opened for bidding in the [[Initial public offering|initial public offer]].<ref>{{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}}</ref>

A HDFC bank manager was arrested on charges of fraud, involving a sum of ₹59.41 lakh, in [[Odisha]].<ref>{{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}}</ref>

Altico Capital and [[Dubai]]'s [[Mashreq (bank)|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.<ref>{{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}}</ref>

On 27 May 2021, RBI imposed a penalty of ₹10 crore on HDFC Bank for deficiencies in regulatory compliances with regard to its auto loan portfolio. The said penalty was imposed in regards to the contraventions of certain provisions of the [[Banking Regulation Act, 1949]].<ref>{{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}}</ref>

 

In March 2023, [[HDB Financial Services]] suffered a data exposing the data of more than 70 million customers, including email addresses, names, dates of birth, phone numbers, genders, post codes and loan information belonging to the customers.<ref>{{Cite news |date=2023-03-07 |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=2023-06-27 |issn=0013-0389}}</ref>

*[[J. P. Morgan]] Quality Recognition Award, Best in class straight-through processing rates<ref>{{Cite web|title=Top 10 Banks in India 2015|url=http://www.mbaskool.com/fun-corner/top-brand-lists/13474-top-10-banks-in-india-2015.html?start=4|website=MBA Skool|access-date=1 March 2016|archive-date=5 July 2018|archive-url=https://web.archive.org/web/20180705175934/https://www.mbaskool.com/fun-corner/top-brand-lists/13474-top-10-banks-in-india-2015.html?start=4|url-status=live}}</ref>