HDFC Bank - Wikipedia

Indian banking and financial services company For its subsidiary, see Housing Development Finance Corporation. HDFC Bank Limited

Company type	Public
Traded as	NSE: HDFCBANK BSE: 500180 NYSE: HDB (ADS) BSE SENSEX constituent NSE NIFTY 50 constituent
ISIN	INE040A01034
Industry	BankingFinancial services
Founded	August 1994 (31 years ago) (August 1994)
Headquarters	Mumbai, Maharashtra, India
Number of locations	9,545 branches 21,417 ATMs[1]
Area served	India
Key people	Atanu Chakraborty (chairman)[2] Sashidhar Jagdishan (CEO)
Products	Consumer banking Commercial banking Insurance Credit cards Investment banking Mortgage loans Private banking Private equity Investment management Asset management Wealth management Stockbroking[3]
Revenue	₹4.70 lakh crore (US$56 billion) (2025)
Operating income	₹96,242 crore (US$11 billion) (2025)
Net income	₹70,792 crore (US$8.4 billion) (2025)
Total assets	₹39.10 lakh crore (US$460 billion) (2025)
Total equity	₹5.17 lakh crore (US$61 billion) (2025)
Number of employees	214,521 (FY25)[4]
Subsidiaries	HDFC LifeHDFC ERGOHDFC Securities[5]HDFC AMC (HDFC Mutual Fund)HDB Financial Services[6]HDFC Capital Advisors
Website	hdfc.bank.in
Footnotes / referencesFinancials as of 31 March 2025[update].[7][8]

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.[9] In 2025 HDFC became the 10th largest bank in the world by market capitalisation.[10]

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”.[11][12]

As of April 2024, HDFC Bank has a market capitalization of $145 billion making it the third-largest company on the Indian stock exchanges.[13] 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.[14][15]

History

[edit]

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.[16][17] The bank commenced operations in January 1995, with its registered office in Mumbai.[18] 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]

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, The Times Group.[20]

In July 2001, HDFC Bank's ADS listed on the New York Stock Exchange after an IPO.[21]

In 2008, HDFC Bank acquired the Centurion Bank of Punjab (CBoP) for ₹9,510 crore (US$2.19 billion) in a share-swap deal, reportedly the largest acquisition in the Indian financial sector at the time.[22]

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.[23]

HDFC Ltd–HDFC Bank merger

[edit]

On 4 April 2022, HDFC Ltd announced that it would merge with HDFC Bank, marking India's largest-ever M&A deal.[24][25] 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.[26]

On 1 July 2023, the merger of HDFC Ltd with HDFC Bank was completed.[27][28] 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.[29][30]

The combined entity had a customer base of 12 crore (120 million), surpassing the population of Germany in size.[31] 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.[32] The number of branches increased to 8,300.[33]

Shares of HDFC Ltd were delisted and shareholders were allotted 42 shares of HDFC Bank for every 25 shares of HDFC Ltd held,[34] leading to an increase in the equity capital of HDFC Bank.[35]

Operations

[edit]

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.[36]

HDFC Bank is the sole private bank operating in the union territory of Lakshadweep after opening a branch in Kavaratti island.[37]

Products and services

[edit]

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.[38] It also launched SmartWealth app in 2024.[39] PhonePe HDFC Bank launched co- branded RuPay credit card with Unified Payments Interface integration.[40][41]

Digital rupee

[edit] Main article: 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.[42]

Subsidiaries and associates

[edit]

Notable subsidiaries and associate companies of HDFC Bank include:

Name	Type	Ownership stake	Ref.
HDFC Life	Life insurance	50.37%	[43]
HDFC ERGO	General insurance	50.48%	[44]
HDFC Asset Management Company	Mutual funds	52.55%	[45]
HDFC Securities	Stockbroking	95.48%	[46]
HDB Financial Services	Consumer finance	94.84%	[47]
HDFC Capital Advisors	Private equity real estate	90%	[48]
HDFC Credila	Education finance	9.99%	[49]

Listings and shareholding

[edit]

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.[50]

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.[51][52]

Controversies

[edit]

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.[53][54]

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.[55]

A HDFC Bank manager was arrested on charges of fraud, involving a sum of ₹59,41,000 in Odisha.[56]

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.[57]

On 27 May 2021, RBI imposed a penalty of ₹10 crore (US$1.35 million) 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.[58]

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.[59]

In June 2025, HDFC Bank's Managing Director and CEO, Sashidhar Jagdishan, was named in a First Information Report (FIR) filed by the Lilavati Kirtilal Mehta Medical Trust, which manages Lilavati Hospital in Mumbai. The complaint alleged his involvement in a financial transaction worth ₹2.05 crore, reportedly aimed at pressuring a trustee of the hospital. This action was linked to a long-standing loan recovery dispute involving Splendour Gems Limited, originating from a recovery certificate issued in 2004.[60][61][62]

See also

[edit]

• Aditya Puri
• Banking in India
• List of banks in India
• List of companies of India

References

[edit]

1. ^ "Who We Are – Overview of Our Mission & Values | HDFC Bank". www.hdfc.bank.in. Retrieved 17 December 2025.
2. ^ "RBI approves appointment of Atanu Chakraborty as part-time chairman of HDFC Bank". thehindu.com. Archived from the original on 23 April 2021. Retrieved 22 April 2021.
3. ^ Com, Moneycontrol. "Balance Sheet of HDFC Bank". moneycontrol. Archived from the original on 4 April 2020. Retrieved 7 January 2016.
4. ^ "HDFC Bank headcount declines". Business Standard. Retrieved 23 April 2025.
5. ^ Securities, HDFC. "About Us". hdfcsec.com. Archived from the original on 11 January 2021. Retrieved 9 December 2020.
6. ^ "How HDB Financial Services Can Add To HDFC Bank's Long Rally". Moneycontrol. Archived from the original on 26 April 2021. Retrieved 26 April 2021.
7. ^ "Financial Results Q4FY25" (PDF). HDFC Bank. Retrieved 11 December 2025.
8. ^ "Q4FY25 Earnings Presentation" (PDF). HDFC Bank. 19 April 2025. Retrieved 11 December 2025.
9. ^ "Top companies in India by total assets". Moneycontrol. Retrieved 10 January 2025.
10. ^ "Top 10 largest banks in the world by market cap (2025): Indian bank in the global 10". The Indian Express. 2 May 2025. Retrieved 23 October 2025.
11. ^ "RBI releases 2022 list of Domestic Systemically Important Banks (D-SIBs)". rbi.org.in. RBI. 2 January 2023. Retrieved 6 December 2023. State Bank of India, ICICI Bank, and HDFC Bank continue to be identified as Domestic Systemically Important Banks (D-SIBs), under the same bucketing structure as in the 2021 list of D-SIBs.
12. ^ "RBI releases Domestic Systemically Important Banks (D-SIBs) of 2022". Livemint. New Delhi. 2 January 2023. Retrieved 6 December 2023.
13. ^ "Largest bank by Market capitalization". MoneyControl. Archived from the original on 6 June 2021. Retrieved 1 October 2014.
14. ^ "Financial Results (Indian GAAP) for the Quarter and Year Ended March 31, 2023" (PDF). hdfcbank.com. HDFC Bank. 31 March 2023. p. 4. Retrieved 16 November 2023.
15. ^ "HDFC Bank: Number of Employees 2006–2021 | HDB". macrotrends.net. Archived from the original on 22 May 2021. Retrieved 22 May 2021.
16. ^ "About HDFC Bank". hdfcbank.com. HDFC Bank. Retrieved 6 December 2023.
17. ^ "HDFC Bank Ltd" (PDF). careratings.com. CARE Ratings. 2 May 2023. Retrieved 6 December 2023. 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.
18. ^ "HDFC Bank: Reports, Company History, Directors Report, Chairman's Speech, Auditors Report of HDFC Bank". profit.ndtv.com. Archived from the original on 9 July 2016. Retrieved 16 July 2016.
19. ^ "Hdfc, Timesbank Merger By Feb 25". Business Standard. Retrieved 12 May 2024.
20. ^ Bandyopadhyay, Tamal (19 November 2012). "A Bank for the Buck". Livemint. Archived from the original on 3 April 2020. Retrieved 27 March 2020.
21. ^ "HDFC Bank prices ADS at $13.83: Reuters". Rediff.com. Retrieved 8 May 2024.
22. ^ "HDFC Bank buys Centurion in India's biggest financial sector buyout". The New York Times. 4 December 2008. Retrieved 8 May 2024.
23. ^ "Kotak Mahindra Bank, HDFC Bank To Acquire 9.99% Each In Ferbine". Moneycontrol. 26 February 2021. Archived from the original on 14 April 2021. Retrieved 4 March 2021.
24. ^ "HDFC HDFC Bank Merger: HDFC to merge with HDFC Bank in India's biggest-ever M&A |". The Times of India. 5 April 2022.
25. ^ Singh, Preeti; Patil, Divya (30 June 2023). "Bank Giant Bigger Than Morgan Stanley Arises From India Merger". Bloomberg.com.
26. ^ Kulkarni, Sneha (3 July 2023). "What is the HDFC Bank-HDFC merger date". The Economic Times. ISSN 0013-0389. Retrieved 4 July 2023.
27. ^ "HDFC Bank completes merger with HDFC after final board approval". The Economic Times. 1 July 2023. Retrieved 27 December 2023.
28. ^ Mishra, Lalatendu (1 July 2023). "HDFC Bank completes merger formalities, rebrands HDFC Ltd. offices, branches". The Hindu. Retrieved 27 December 2023.
29. ^ "HDFC Ltd-HDFC Bank merger: Behind Sashi Jagdishan's big plans for HDFC Bank". Business Today. 20 July 2023. Retrieved 27 December 2023.
30. ^ Mascarenhas, Rajesh (18 July 2023). "HDFC Bank becomes world's 7th largest lender post merger". The Economic Times. Retrieved 27 December 2023.
31. ^ "Bank giant bigger than Morgan Stanley arises from HDFC Bank, HDFC Ltd merger". The Times of India. 30 June 2023. Retrieved 27 December 2023.
32. ^ "Spotlight on HDFC Ltd and HDFC Bank Merger !". CNBCTV18. 3 July 2023. Retrieved 27 December 2023.
33. ^ "HDFC Ltd and HDFC Bank complete their merger today: Take a look at what's happened so far". Zee Business. 1 July 2023. Retrieved 27 December 2023.
34. ^ "HDFC-HDFC Bank merger likely to be effective July 1, HDFC to be delisted on July 13: Deepak Parekh". Business Today. 27 June 2023. Retrieved 27 December 2023.
35. ^ Tan, Charmaine Jacob, Joanna (3 July 2023). "India's HDFC Bank completes $40 billion takeover of the country's largest mortgage lender. Here's what it means". CNBC. Retrieved 27 December 2023.{{cite news}}: CS1 maint: multiple names: authors list (link)
36. ^ "HDFC Bank Distribution Network". Retrieved 12 April 2024.
37. ^ "Sole Private Bank Operator in UT Lakshdweep". The Indian Express. 10 April 2024. Retrieved 12 April 2024.
38. ^ "HDFC Bank – About Banking Services, Loans Scheme, Award, Contact Address, and more". business.mapsofindia.com. Archived from the original on 18 July 2016. Retrieved 16 July 2016.
39. ^ "HDFC Bank launches SmartWealth app". The Times of India. 24 June 2024.
40. ^ "PhonePe, HDFC Bank launch co-branded RuPay credit card with UPI integration - CNBC TV18". CNBCTV18. 26 June 2025. Retrieved 28 June 2025.
41. ^ www.ETBFSI.com. "PhonePe partners with HDFC bank to launch co-branded credit card - ET BFSI". ETBFSI.com. Retrieved 28 June 2025.
42. ^ "HDFC Bank unveils new UPI and CBDC features to enhance customers' digital banking experience". Financialexpress. 29 August 2024. Retrieved 13 September 2024.
43. ^ "HDFC Life Insurance Company Limited". ICRA. Retrieved 8 May 2024.
44. ^ "HDFC ERGO General Insurance Company Limited" (PDF). CARE Ratings. Retrieved 8 May 2024.
45. ^ "HDFC Asset Management Company Limited". MarketScreener. Retrieved 8 May 2024.
46. ^ "HDFC Securities Limited" (PDF). CARE Ratings. Retrieved 8 May 2024.
47. ^ "HDB Financial Services Limited". CRISIL. Retrieved 8 May 2024.
48. ^ "HDFC divests 10% stake in HDFC Capital Advisors to ADIA for Rs 184 cr". Business Standard. Retrieved 8 May 2024.
49. ^ "HDFC Bank completes Rs 9,553 cr stake sale in education unit HDFC Credila". Business Standard. Retrieved 8 May 2024.
50. ^ "HDFC bank: Information about American Depository Receipt". hdfc bank. Archived from the original on 22 October 2021. Retrieved 22 October 2021.
51. ^ "HDFC Bank's Global Expansion". Bru Times News.
52. ^ Written at New Delhi. "HDFC Bank terminates, de-lists GDRs from Luxembourg Stock Exchange". The hindu Business line. New delhi. 16 July 2019. Archived from the original on 22 October 2021. Retrieved 22 October 2021.
53. ^ "RBI asks HDFC Bank to halt issue of new credit cards, planned activities under Digital 2.0". Moneycontrol. 3 December 2020. Archived from the original on 7 December 2020. Retrieved 11 February 2022.
54. ^ "Explained: Why RBI has asked HDFC Bank to stop digital launches, new credit card sourcing". The Indian Express. 8 December 2020. Archived from the original on 8 December 2020. Retrieved 8 December 2020.
55. ^ "RBI imposes penalty on HDFC bank". rbi.org.in. Archived from the original on 30 January 2020. Retrieved 29 January 2020.
56. ^ "A HDFC bank manager arrested for Rs 59.41 lakh fraud in Odisha". The New Indian Express. Archived from the original on 5 October 2019. Retrieved 16 August 2019.
57. ^ Das, Saikat. "Altico and Mashreq approach RBI against HDFC Bank". The Economic Times. Archived from the original on 12 October 2019. Retrieved 13 October 2019.
58. ^ "Reserve Bank of India imposes Rs 10 crore penalty on HDFC Bank". The indian express. Archived from the original on 23 October 2021. Retrieved 23 October 2021.
59. ^ "HDB Financial Services flags data breach at service provider". The Economic Times. 7 March 2023. ISSN 0013-0389. Retrieved 27 June 2023.
60. ^ Mishra, Lalatendu (7 June 2025). "HDFC Bank denies allegations against MD & CEO Jagdishan, says recalcitrant defaulters at work to thwart recovery". The Hindu. ISSN 0971-751X. Retrieved 9 June 2025.
61. ^ "HDFC Bank rubbishes Lilavati Trust's allegations against MD & CEO Sashidhar Jagdishan - know charges here". ET Now. 9 June 2025. Retrieved 9 June 2025.
62. ^ "Who is Sasidhar Jagdishan, MD and CEO of HDFC Bank named in Lilavti Trust FIR?". The Economic Times. 9 June 2025. ISSN 0013-0389. Retrieved 9 June 2025.

Further reading

[edit]

• Bandyopadhyay, Tamal (2013). A Bank for the Buck. Jaico Publishing House. p. 344. ISBN 978-81-8495-396-1.
• Bandyopadhyay, Tamal (2019). HDFC Bank 2.0: From Dawn to Digital. Jaico Publishing House. ISBN 978-93-88423-35-9.
• Agarwal, Shilpa; Malik, Priyanka; Gautam, Shalini (9 February 2024). "Analysis of financial performance with regard to digital payment: a case of HDFC bank". International Journal of System Assurance Engineering and Management. 15 (6). Springer Nature: 2085–2096. doi:10.1007/s13198-023-02201-x.
• Devi, Pooja; Chauhan, Riya; Jain, Ruchi (14 February 2025). "An Application of Fintech is Revolutionary in Indian Banking Sector: W.R.T. To HDFC Bank". 2025 International Conference on Intelligent Control, Computing and Communications (IC3). pp. 59–62. doi:10.1109/IC363308.2025.10957709. ISBN 979-8-3315-2749-5 – via IEEE.

External links

[edit] Wikimedia Commons has media related to HDFC Bank.

• Official website
• Business data for HDFC Bank:
  • SEC filings

v t e HDFC Bank
HDFC Group
Subsidiaries and divisions	HDFC Bank Housing Development Finance Corporation HDFC ERGO General Insurance Company HDFC Life HDFC securities HDFC International Life and Re HDFC AMC HDB Financial Services
Investments	Ferbine (10%) Yes Bank (7.97%) Bandhan Bank (from GRUH divestment) (14.9%)
People	Deepak Parekh Keki Mistry Shyamala Gopinath Aditya Puri Hasmukhbhai Parekh Sashidhar Jagdishan
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Alternative financial services Digital lending Hero FinCorp Housing finance Aavas Financiers DHFL Home First Finance HUDCO HDFC LIC Housing Finance National Housing Bank Odisha Rural Housing & Development Corporation PNB Housing Finance Chit funds Saradha Group financial scandal Rose Valley financial scandal Microfinance Bandhan Bank BASIX (India) Bharat Financial Inclusion ESAF Small Finance Bank Grama Vidiyal National Bank for Agriculture and Rural Development Satin Creditcare Network Limited Other Peer-to-peer lending Kitty party
Angel investment, venture capital & private equity Angel investments Indian Angel Network Venture capital Chiratae Ventures Embassy Group Indian Angel Network Unitus Seed Fund Private equity Kotak Private Equity Chrys Capital India Value Fund - True North Motilal Oswal Private Equity IDFC Private Equity Fund ICICI Venture Fund CX Partners Premji Invest Kedaara Capital JM Financial Private Equity
Legislation & regulation Banking Authorities& boards Central bank Reserve Bank of India Other IFSCA BBB BCSBI NPCI IBA IDRBT Legislation In force Reserve Bank of India Act, 1934 Government Securities Act, 2006 The State Bank of India Act, 1955 The Banking Companies (Acquisition And Transfer Of Undertakings) Act, 1970 Banking Regulation Act, 1949 International Financial Services Centres Authority Act, 2019 Repealed Public Debt Act, 1944 Asset management Legislation The Unit Trust of India Act, 1963 Indian Registration Act, 1908 Other regulations SEBI (Mutual Funds) Regulations, 1993 Insurance Authorities & boards IRDAI Insurance Association of India Life Insurance Council General Insurance Council Legislation In force Insurance Act, 1938 Industrial Policy Resolution of 1956 Life Insurance Corporation Act, 1956 Insurance Regulatory and Development Authority Act, 1999 The General Insurance Business (Nationalisation) Act, 1972 Repealed The British Insurance Act, 1870 Financial markets Authorities & boards SEBI Securities commission Forward Markets Commission Legislation In force SEBI, Act 1992 Forward Contracts (Regulation) Act, 1952 The Securities Contracts (Regulation) Act, 1956 Alternativefinancial services Authorities & boards NHB Legislation Microfinance Tamil Nadu Money-Lenders Act, 1957 The Bombay Money-Lenders Act, 1946 The Karnataka Money-Lenders Act, 1961 The Kerala Money-Lenders Act, 1958 Bengal Money-Lenders Act, 1940 The Rajasthan Money-Lenders Act, 1963 Other Multi-State Cooperative Legislation Act, 2002 Mutually Aided Cooperative Acts The National Housing Bank Act, 1987 The Chit Funds Act, 1982 Alternativeinvestment funds Authorities & boards Indian Association of Alternative Investment Funds (IAAIF) Legislation Indian Trusts Act, 1882 Regulations SEBI (Venture Capital Funds) Regulations, 1996 SEBI AIF Regulations, 2012 SEBI (Investment Advisers) Regulations 2013

Authority control databases
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