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HDFC Bank Limited
Public company
Traded as BSE: 500180
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 US$ 6.5 billion (March 2013)[1][3]
US$ 1.87 billion (March 2013)[3][4]
Profit US$ 1.1 billion (March 2013)[3][4]
Total assets US$ 66.7 billion (May 2013)[3]
Total equity US$ 08.6 billion (March 2013)[5]
Number of employees
69,065 (March 2013)[1][6]
Website .comHDFCBank

HDFC Bank Limited is an Indian banking and financial services company headquartered in Mumbai, Maharashtra. Incorporated in 1994, it is the fifth largest bank in India as measured by assets.[1][7] It is the largest private sector bank[8] in India by market capitalization as of February 2014. The bank was promoted by the Housing Development Finance Corporation, a premier housing finance company (set up in 1977) of India.[9] According to the Brand Trust Report 2014, HDFC was ranked 32nd among India's most trusted brands.[10] HDFC was ranked 45th on the list of top 50 Banks in the world in terms of their market capitalization.[11]

As of 31 March 2013, the bank had assets of INR 4.08 trillion.[2] For the fiscal year 2012-13, the bank has reported net profit of INR 69 billion, up 31% from the previous fiscal year.[2] Its customer base stood at 28.7 million customers on 31 March 2013.[2]


  • Products 1
    • NRI banking 1.1
    • Wholesale banking 1.2
  • Services 2
    • Wholesale banking services 2.1
    • Retail banking services 2.2
    • Treasury 2.3
  • Operations 3
  • Listings and shareholding 4
  • Employees 5
  • CSR Activities 6
  • Awards and recognitions 7
    • 2013 7.1
    • 2012 7.2
  • Controversies 8
  • See also 9
  • References 10
  • External links 11


HDFC Bank offers the following core products:

NRI banking

Under NRI Banking, HDFC offers:[12]

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

Wholesale banking

HDFC offers Wholesale Banking for Corporates and Financial Institutions & Trusts. The Bank also provides services such as Investment Banking and other services in the Government sector.[13]


Wholesale banking services

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.[14]

An HDFC Bank Branch

Retail banking services

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.[15][16] 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.[17] By March 2012, the bank had a total card base (debit and credit cards) of over 19.7 million.[14] 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][18] 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.[14]


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.[1][14]


As of 30 September 2013, HDFC Bank has 3,251 branches and 11,177 ATMs, in 2,022 cities in India, and all branches of the bank are linked on an online real-time basis.[19] The Bank has overseas branch operations in Bahrain and Hong Kong.[2][20]

HDFC Bank has two subsidiaries:

HDB Financial Services Limited (‘HDBFS’): HDBFS is engaged in retail asset financing. It is a non-deposit taking non-bank finance company (NBFC). 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. HDFC Bank holds 97.4% shares in HDBFS. As of 31 March 2013, HDBFS has 230 branches in 184 cities. During the FY 2012-13, HDBFS had turnover of INR 9.6 billion and profit after tax of INR 1 billion.[2] It has 6,404 employees as of 31 March 2013.[21]

HDFC Securities Limited (‘HSL’): HSL is engaged in stock broking. As of 31 March 2013, HDBFS has 194 branches across 150 cities. HDFC Bank has 62.1% shareholding in HSL. During the FY 2012-13, HSL had turnover of INR 2.3 billion and profit after tax of INR 668 million.[2] During the year, the Company received the "Best e-Brokerage Award - 2012" in the Outlook Money Awards in the runner up category.[22]

Listings and shareholding

The equity shares of HDFC Bank are listed on the Bombay Stock Exchange,[23] where it is a constituent of the BSE SENSEX index,[24] and the National Stock Exchange of India,[25] where it is a constituent of the CNX Nifty.[26] 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]

Shareholding: On 30 September 2013, the promoter group Housing Development Finance Corporation held 22.72% of its equity shares. 33.61% of the shares were owned by the Foreign Institutional Investors (FII). Around 428,000 individual public shareholders own approx. 8.43% of its shares. The remaining 35.24% shares are owned by others.[27]

Shareholders (as of 30-September-2013) Shareholding[27]
Promoter Group (HDFC) 22.72%
Foreign Institutional Investors (FII) 33.61%
Individual shareholders 08.43%
Bodies Corporate 08.01%
Insurance companies 05.38%
Mutual Funds/UTI 04.34%
NRI/OCB/Others 00.40%
Financial Institutions/Banks 00.09%
ADS/GDRs 17.02%
Total 100.0%


As of 31 March 2013, the company has 69,065 employees, out of which 12,295 are women (17.80%).[6] In June 2013, the company reported an annual attrition rate of approx. 20%.[28] During the financial year 2012-13, the company incurred INR 42 billion on employee benefit expenses.[2]

CSR Activities

HDFC Bank has taken several initiatives as part of its corporate social responsibility. It has collaborated with several NGOs to assist in its activities.[29]

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
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
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 benefitted through sanitation project
350 poor and needy children supported
1600+ children rescued
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
66 lakh retail customers subscribed for e-statement
20 ATMs operating on clean energy

Awards and recognitions


Outlook Money award 2013 Best Bank in Large Banks Category [30][31]
IBA Innovation Awards Most Innovative Use of Technology [31][32]
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 [31][35]
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 [38]
UTI Mutual Fund CNBC TV 18 Financial Advisory Awards 2012 Best Performing Bank - Private [31][39]
Dun & Bradstreet Corporate Awards 2012 Best in Banking sector [40]
NDTV Profit Business Leadership Awards 2012 Winner in the banking category [31][41]
NASSCOM CNBC–TV18 IT Innovation Award Best IT Driven Innovation in Banking (COMMERCIAL) [31][42]
The National Quality Excellence Awards Best Customer Service Result [43]
Brand Trust Report 2013 Most Trusted Finance Brand [44]
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 [31][46]
Guinness World Record For The Annual Blood Donation Drive [47]


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 [31][50]
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 [31][52]
CNBC TV18's India Best Banks and Financial Institutions Awards 2012 Best Private Sector Bank [31][53]
Mint-Aon Hewitt study on India's Best Managed Boards 2012 One of India's six best managed Boards 2012 [31][54]
Forbes Asia Fab 50 Companies - Winning for the 6th year [31][55]
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 [31][58]
Asia Money 2012 Best Domestic Bank in India [59][60]
India's Top 500 Companies -Dun & Bradstreet Corporate Awards Best Bank in India [61][62]
Finance Asia Best Managed Company
Best CEO - Mr. Aditya Puri
UTI Mutual Fund CNBC TV 18 Financial Advisor Awards 2011 Best Performing Bank - Private [64]
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 [66][67]
Brand Trust Report 2012 Most Trusted Finance Brand [68]
Skoch Financial Inclusion Award for 2012 Skoch Foundation Award for the SHG/JLG Linkage Programme [69][70]
ICAI Awards 2011 Excellence in Financial Reporting [71][72]


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.[73][74][75] 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.[76] 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.[77][78]

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.[79] 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."[78]

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.[80]

See also



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  8. ^
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  11. ^ "". Retrieved 18 January 2015. 
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External links

    • Business data for HDFC Bank:
  • Reuters
  • SEC filings
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