The full form of HDFC is Housing Development Financial Corporation. This is banking and a financial institution having its headquarters in Mumbai, Maharashtra.
The bank has a successful network of 4727 branches with 12,220 ATMs across 2,666 cities/towns and has over 84, 325 employees. The HDFC Bank was incorporated in the year 1994 and its first corporate office with a full-service branch is located at Worli, Mumbai and it was inaugurated by Dr. ManMohan Singh, the Union Finance Minister.
The bank has its branches in Bahrain, Hong Kong, and Dubai. Let’s peep into the timeline of the HDFC Bank.
- 1994- The bank was first incorporated by Housing Development Financial Corporation. The bank was the first one to receive an approval from the Reserve Bank of India.
- 1995- The Bank commenced operations as a Scheduled Commercial Bank.
- 1996- The bank was appointed as the clearing bank by the National Securities Clearing Corporation Ltd. (NSCCL)
- 1997- The bank launched retail investment advisory services.
- 1998- The bank launched their first retail lending product, loans against shares.
- 1999- Launched real-time net banking.
- 2000- The Times Bank Ltd. Owned by Bennett, Coleman merged with the HDFC Bank. This was the first merger of the two private banks,
- 2001- The bank started the Credit Card Business and it became the first private sector bank to get authorized by the Central Board of Direct Taxes (CBDT) as well as the RBI to accept direct taxes.
- 2001-02- The bank entered in the list of New York Stock Exchange. It is also tied up with LIC and introduced the online payment facility for paying an insurance premium to the customers.
- 2002-03- The bank introduced more ATMs and branches and expanded their presence in the merchant acquiring business.
- 2003-2004- The bank expanded the distribution network of branches from 231 to 312 and 732 to 910 number of ATMs. In 2001, they also introduced Housing Loan Business and started selling HDFC Home Loan Product.
- 2005-2006- The bank launched no-frills account, this is a basic savings account that is offered to the customers.
- 2006-2007- The bank introduced direct lending to the Self Help Groups. They also started an individual branch for lending the Self Help Groups in Thudilayur Village (Tamil Nadu). The bank increased their stake in HDFC securities from 29.5% to 55%. Later HDFC Securities became the subsidiary of the bank.
- 2007-2008- HDFC Financial Services became the subsidiary company and opened 19 branches in a day in Delhi and National Capital Region (NCR).
- 2008-2009- The bank merged with Centurion Bank of Punjab and started to effect from May 23rd, 2008.
- The bank also opened their first overseas branch in Bahrain. The bank offers different banking services including the treasury and trade finance products for the corporate clients and the wealth- management products for the Non-resident India.
- 2009-11- The bank opened around 1725 branches in 779 cities and the ATMs increased from 4,232 to 5, 471.
Awards and Achievements
- The bank also received “The Best Banking Performer” in India in the year 2016 by Global Brands Magazine.
- Received best-performing branch in Microfinance in the year 2016 by NABARD.
- Received Bank of the year and best bank in Digital Marketing Initiative Award 2016.