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HDFC Bank Limited
Public company
Traded as BSE500180
BSE SENSEX Constituent
CNX Nifty Constituent
Industry Banking, Financial services
Founded August 1994
Headquarters Mumbai, Maharashtra, India
Area served
Key people
Aditya Puri (MD)[1]
Products Investment Banking
Investment Management
Wealth Management
Private Banking
Corporate Banking
Private Equity
Finance and Insurance
Consumer Banking
Credit Cards[2]
Revenue 9940.7 crore (US$1.5 billion) (2015)[3]
Profit 3356.8 crore (US$490 million) (2015)[4]
Total assets 687892 crore (US$100 billion) (2015)[5]
Number of employees
76,286 (March 2015)[6]

HDFC Bank Limited is an Indian banking and financial services company headquartered in Mumbai, Maharashtra. Incorporated in 1994, it is the second largest bank in India as measured by assets.[8] It is the largest private sector bank in India by market capitalization as of December 2015, at approximately Rs.2,67,293.02 crores.[9] According to the Brand Trust Report 2015, HDFC was ranked 58th among India's most trusted brands.[10]

Total balance sheet size as of December 31, 2015 was Rs. 687,892 crores as against Rs. 534,855 crores as of December 31, 2014.[11]

The Bank’s total income for the quarter ended December 31, 2015 was Rs.18,283.3 crores, up from Rs.14,930.7 crores for the quarter ended December 31, 2014. Net revenues (net interest income plus other income) increased by 20.7% to Rs. 9,940.7 crores for the quarter ended December 31, 2015 as against Rs. 8,234.8 crores for the corresponding quarter of the previous year.[12]

HDFC Bank is among the top 50 most valued global bank in terms of market capitalization. It is India’s second-largest private lender in terms of asset size, ranks 45th, with a market capitalization of $39 billion, Bloomberg data show. [13]

Mr. Aditya Puri is the Managing Director HDFC Bank, and has held this position since 1994. He was recently named in the Barron’s list of Best 30 CEOs and business leader of the year by AIMA.[14]


In August 1994, ‘HDFC Bank Limited’ was incorporated, with its registered office in Mumbai, India. It commenced operations as a Scheduled Commercial Bank on 5 January 1995 after receiving banking license. The bank also entered into strategic alliance with National Westminster Bank group.

The bank was promoted by Housing Development Finance Corporation, a premier housing finance company (set up in 1977) of India. HDFC was amongst the first to receive an ‘in principle’ approval from the Reserve Bank of India (RBI) to set up a bank in the private sector, as part of RBI’s liberalization of the Indian Banking Industry in 1994. HDFC Bank’s first corporate office and a full service Branch at Sandoz House, Worli was inaugurated by the then Union Finance Minister, Dr. Manmohan Singh.

On March 14, 1995, HDFC Bank went public with the launch of its IPO.


Times Bank[edit]

In February, 2000, Times Bank Limited (a new private sector bank promoted by Bennett, Coleman & Co. / Times Group) merged with HDFC Bank Ltd. This was the first merger of two private banks in the New Generation Private Sector Banks category. As per the scheme of amalgamation approved by the shareholders of both banks and the Reserve Bank of India, shareholders of Times Bank received 1 share of HDFC Bank for every 5.75 shares of Times Bank.[15]

Centurion Bank of Punjab[edit]

In 2008, Centurion Bank of Punjab (CBoP) was acquired by HDFC Bank Ltd. HDFC Bank Board on 25 February 2008 approved the acquisition of CBoP for Rs 9,510 crore in one of the largest mergers in the financial sector in India. As per the scheme of amalgamation, shareholders of CBoP received 1 share of HDFC Bank for every 29 shares of CBoP.[16]


HDFC Bank offers the following core products:[17]

  • Personal Banking
  • Accounts & Deposits
  • Loans
  • Cards
  • Demat
  • Investments
  • Insurance
  • Forex
  • Premier Banking
  • Private Banking

NRI banking[edit]

Under NRI Banking, HDFC offers:

  • Accounts & Deposits
  • Money Transfer
  • Investments & Insurance
  • Research Reports
  • Payment Services

SME banking[edit]

Under SME Banking, HDFC offers

  • Accounts & Deposits
  • Business Financing
  • Trade Services
  • Payments & Collections
  • Cards
  • ATM


Wholesale banking services[18][edit]

HDFC Bank provides a range of commercial and transactional banking services, including working capital finance, trade services, transactional services, cash management, etc. to large, small and mid-sized corporates and agriculture-based businesses in India. The bank is also a leading provider of these services to its corporate customers, mutual funds, stock exchange members and banks.

An HDFC Bank Branch

Retail banking services[edit]

HDFC Bank was the first bank in India to launch an International Debit Card in association with VISA (Visa Electron). The bank also issues the MasterCard Maestro debit card.[19][20] The Bank launched its credit card business in late 2001. By the end of June 2013, it had a credit card base of 5.94 million.[21] By March 2012, the bank had a total card base (debit and credit cards) of over 19.7 million.The Bank is also one of the leading players in the "merchant acquiring" business with over 240,000 point-of-sale (POS) terminals for debit / credit cards acceptance at merchant establishments.[2][22] The Bank is positioned in various net based B2C opportunities including a wide range of Internet banking services for Fixed Deposits, Loans, Bill Payments, etc.


The bank has three main product areas - Foreign Exchange and Derivatives, Local Currency Money Market & Debt Securities, and Equities. These services are provided through the bank's Treasury team. To comply with statutory reserve requirements, the bank is required to hold 25% of its deposits in government securities. The Treasury business is responsible for managing the returns and market risk on this investment portfolio.


As of December 31, 2015, the Bank’s distribution network was at 4,281 branches in 2,505 cities in India, and all branches of the Bank are linked on an online real-time basis.[23] The Bank has overseas branch operations in Bahrain, Hong Kong and Dubai.[24] Customers across India are also serviced through multiple delivery channels such as Phone Banking, Net Banking, Mobile Banking and SMS based banking.[25] The Bank’s expansion plans take into account the need to have a presence in all major industrial and commercial centers, where its corporate customers are located, as well as the need to build a strong retail customer base for both deposits and loan products. Being a clearing / settlement bank to various leading stock exchanges, the Bank has branches in centres where the NSE / BSE have a strong and active member base.

The Bank also has a network of 11,843 ATMs across India.[26]

HDFC Bank has two subsidiaries[edit]

HDB Financial Services Limited (‘HDBFS’): HDBFS is engaged in retail asset financing. It is a non-deposit taking non-bank finance company (NBFC).[27] Apart from lending to individuals, the company grants loans to micro, small and medium business enterprises. It also runs call centers for collection services to the HDFC Bank’s retail loan products. The Company is promoted by HDFC Bank Ltd which has 97.42% shareholding in the Company as on 31 March 2012.[28] As of March 31, 2015, HDBFS had 425 branches in 265 cities. During the FY 2013-14, HDBFS had turnover of Rs 1688.27 crores and profit after tax of Rs 209.24 crores.[29]

HDFC Securities Limited (‘HSL’): HSL is engaged in stock broking. As of March 31, 2014, HDBFS has 200 branches across 160 cities. HDFC Bank has 89.24% shareholding in HSL. During the FY 2013-14, HSL had turnover of Rs 263.1 crores and profit after tax of Rs 78.4 crores.[30]

Listings and shareholding[edit]

The equity shares of HDFC Bank are listed on the Bombay Stock Exchange, where it is a constituent of the BSE SENSEX index,[31] and the National Stock Exchange of India,[32] where it is a constituent of the CNX Nifty. Its American Depositary Shares are listed on the NYSE.[2] Its Global Depository Receipts (GDRs) are listed on the Luxembourg Stock Exchange where 2 GDRs represent one underlying equity share of HDFC Bank.[2]

Shareholders (as of 31 December-2015) Shareholding[33]
Promoter Group (HDFC) 21.57%
Foreign Institutional Investors (FII) 32.40%
Individual shareholders 8.5%
Bodies Corporate 07.50%
Insurance companies 05.38%
Mutual Funds/UTI 8.65%
NRI/OCB/Others 00.29%
Financial Institutions/Banks 2.75%
ADS/GDRs 18.78%


As of 31 March 2015, HDFC Bank Ltd had 76,286 employees, including 12,680 women.[34] During the financial year 2013-14, the company incurred Rs. 234.99 crore on employee benefit expenses.[35]

CSR Activities[edit]

HDFC Bank has taken several initiatives as part of its corporate social responsibility. It has collaborated with several NGOs to assist in its activities.[36]

Initiative Objective Activities Facts/Figures
Sustainable Livelihood Provide livelihood finance to empower rural people, especially women at the bottom of the pyramid Training for Occupation Skills
Credit Counseling
Financial Literacy
Market Linkages
Reached 20 lakh households across 24 states[37]
Financial Literacy Provide affordable access to basic banking products and services to excluded and underprivileged sections of the society Literacy programs in schools
‘Power of Banking’ workshops
600 government schools across Andhra Pradesh & Odisha in literacy programs
3365 students across 6 locations covered in workshops[38]
Education Spread the importance of education by providing quality education to children Galli School Project
Grow with Books
Library programs
Engineering scholarships
Child development program
Family based care programs
A large number of students reached through various programs across the country
Training Enhance employability of youth and women in the weaker sections of the society by providing training and capacity development Skill-based courses
Technical & vocational training
Basic computer programming
Educational support for children
More than 1500 youth benefitted through various programs across the country
Community Enable economic growth and sustainable development through community building programs Rain water harvesting programs
Setting up blood storage facilities
Construction of sanitation facilities in schools
Child Aid Foundation
150 tribal girls benefited through sanitation project[39]

350 poor and needy children supported

1600+ children rescued

The HDFC Bank Blood Donation Drive of 2013 set a GUINNESS WORLD RECORD™as the organizer of the “Largest Blood Donation (across multiple venues) in a single day”in the world[39]

Go Green Take responsibility for the effects of the operations of the Bank on the environment and the society. Promoting paperless banking
Multi-channel delivery (Internet, Mobile, Phone, ATM)
Energy efficiency
Green infrastructure
As of Mar 2013, 82% of customer-initiated retail transactions direct banking channels, reducing the need to commute[40]
66 lakh retail customers subscribed for e-statement
20 ATMs operating on clean energy[41]

Awards and recognitions[edit]


AIMA Managing India Awards 2015 -Business Leader of the Year- Aditya Puri [42][43]
Barron's -World's 30 Best CEOs - Aditya Puri [44][45]
Finance Asia poll on Asia's Best Companies 2015 - Best Managed Public Company-India [44][46]
Forbes Asia Fab 50 Companies List for the 8th year [44][47]
J. P Morgan Quality Recognition Award - Best in class straight Through Processing Rates [48]


Euromoney Best Private Banking Services for Super affluent clients for 5 years in a row at Euromoney Awards [49]
Euromoney Private Banking and Wealth Management Survey 2015 Best Private Banking Services award for Net-worth-specific services category for Super affluent clients (US$1 million to US$5 million). [49]
FE Best Bank Awards Best Bank in the New Private sector [50]
Business Today - KPMG Study 2014 Best Large Bank - Overall [51]
Businessworld-PwC India Best Banks Survey 2014 Best Large Bank [44][52]
Asiamoney FX Poll 2014 - Best Domestic Provider of FX options [44][53]
The Asian Banker Strongest Bank in India in the Asian Banker 500 (AB 500) Strongest Bank by Balance Sheet Ranking 2014 [44][52]
Dun & Bradstreet - Polaris Financial Technology Banking Awards 2014 Best Bank - Managing IT Risk (Large Banks) [44][52]
BrandZ TM Top 50 Most Valuable Indian Brands study by Millward Brown India's Most Valuable Brand [44][54]
Finance Asia Country Awards 2014 and poll on India's Top Companies Best Bank - India [44][44][52][55]


Outlook Money award 2013 Best Bank in Large Banks Category [44][56]
IBA Innovation Awards Most Innovative Use of Technology [44][57]
Dun & Bradstreet Polaris Financial Technology Banking Award 2013 Best Private Sector Bank Technology Adoption
Best Private Sector Bank Retail
Overall Best Private Sector Bank
Institutional Investor Best Bank in Asia
Mr. Aditya Puri - Best CEO
Forbes Asia Fab 50 Companies List for the 7th year [44][59]
Sunday Standard Best Banker Awards Best Private Sector Bank: Large
Safest Bank: Large
Mr. Aditya Puri: Top Achiever
Asia Money 2013 Best Domestic Bank in India
Mr. Aditya Puri: Best Executive in India
MACCIA Awards 2013 Best in Financial Services: Bank Category [62]
UTI Mutual Fund CNBC TV 18 Financial Advisory Awards 2012 Best Performing Bank - Private [44][63]
Dun & Bradstreet Corporate Awards 2012 Best in Banking sector [64]
NDTV Profit Business Leadership Awards 2012 Winner in the banking category [44][65]
NASSCOM CNBC–TV18 IT Innovation Award Best IT Driven Innovation in Banking (COMMERCIAL) [44][66]
The National Quality Excellence Awards Best Customer Service Result [67]
Brand Trust Report 2013 Most Trusted Finance Brand [68]
FE Best Bank Awards Best Bank: New Private sector
Best in Strength & Soundness
Mr. Aditya Puri: Best Banker
Skoch Financial Inclusion Awards 2013 Organization of the Year [44][70]
Guinness World Record For The Annual Blood Donation Drive [71]


DSCI Information Technology Award 2012 Security in Bank (2nd time in a row)
Security Leader of the Year (Banking)
Businessworld Awards for Banking Excellence 2012 Most tech-friendly Bank
Deal of the year (Rupee Bonds)
HT-Mars Customer satisfaction survey Winner: Bank and Credit Card customer satisfaction Survey [44][74]
CSO Forum Information Technology Award 2012 Best Organization for Information Security Practice
(2nd time in a row)
Economic Times ET Awards for Corporate Excellence - Company of the Year 2012 [44][76]
CNBC TV18's India Best Banks and Financial Institutions Awards 2012 Best Private Sector Bank [44][77]
Mint-Aon Hewitt study on India's Best Managed Boards 2012 One of India's six best managed Boards 2012 [44][78]
Forbes Asia Fab 50 Companies - Winning for the 6th year [44][79]
IBA Banking Technology Awards 2011 Best Online Bank
Best Use of Business Intelligence
Best Customer Relationship Initiative
Best Risk Management & Security Initiative
Best Use of Mobility Technology in Banking
Dun & Bradstreet Banking Awards 2012 Overall Best Bank
Best Private Sector Bank
Asset Quality - Private Sector
Retail Banking -Private Sector
IDRBT Banking Technology Excellence Awards 2011-12 Best Bank in 'IT for Operational Effectiveness' category [44][82]
Asia Money 2012 Best Domestic Bank in India [83][84]
India's Top 500 Companies -Dun & Bradstreet Corporate Awards Best Bank in India [85][86]
Finance Asia Best Managed Company
Best CEO - Mr. Aditya Puri
UTI Mutual Fund CNBC TV 18 Financial Advisor Awards 2011 Best Performing Bank - Private [88]
Asian Banker International Excellence in Retail Financial Services Awards 2012 Best Retail Bank in India
Best Bancassurance
Best Risk Management
5th Loyalty Summit award Customer and Brand Loyalty [90][91]
Brand Trust Report 2012 Most Trusted Finance Brand [92]
Skoch Financial Inclusion Award for 2012 Skoch Foundation Award for the SHG/JLG Linkage Programme [93][94]
ICAI Awards 2011 Excellence in Financial Reporting [95][96]


Money laundering allegations
On 14 March 2013 an online magazine named released video footage from Operation Red Spider showing high-ranking officials and some employees of HDFC bank and two other leading banks, willing to turn black money into white, a violation of Money Laundering Control Act.

Following the release of the footage, the Government of India and RBI ordered an inquiry.[97][98][99] The banks under question also conducted investigations of their own. HDFC appointed Deloitte Touche Tohmatsu to conduct a forensic inquiry. The bank also appointed Amarchand & Mangaldas & Suresh A Shroff & Co (AMSS), a law firm based in India, to investigate in association with the internal departmental inquiry, the breaches in the bank’s code of conduct and ethical standards by the officials involved.[100] On 16 March 2013, HDFC released a statement announcing the suspension of over 20 employees involved in the videotape to ensure fair and unbiased investigation process.[101][102]

The RBI forensic investigation did not reveal any prima facie evidence for the allegations of money laundering. Deputy Governor at RBI, K.C. Chakrabarty, said in an interview that no transactions had taken place.[103] The Executive Director of HDFC, Paresh Sukthankar, also confirmed that their investigations revealed the same on 24 April 2013, "The issue is being reviewed and investigated from multiple quarters. Clearly, all the investigations have shown that there have been no instances of transactions actually taking place. Our belief is that the existing processes seem to have worked in not allowing these transactions to happen."[102]

However, RBI investigations revealed violations of KYC (Know Your Customer) norms, for which the three banks were imposed penalty, with Rs. 4.5 crores imposed on HDFC.[104]

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External links[edit]