HDFC Bank facts for kids
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| Public | |
| Traded as | |
| ISIN | ISIN: [https://isin.toolforge.org/?language=en&isin=INE040A01034 INE040A01034] |
| Industry | Financial services |
| Founded | August 1994 |
| Headquarters |
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India
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Area served
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India |
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Key people
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| Products |
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| Revenue |  ₹4.08 lakh crore (US$69 billion) (2024) |
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Operating income
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₹76,568 crore (US$13 billion) (2024) |
| ₹64,062 crore (US$11 billion) (2024) |
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| Total assets | ₹36.17 lakh crore (US$610 billion) (2024) |
| Total equity | ₹4.53 lakh crore (US$77 billion) (2024) |
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Number of employees
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177,000 (1 July 2023) |
| Subsidiaries | HDFC Life HDFC ERGO HDFC Securities HDFC AMC (HDFC Mutual Fund) HDB Financial Services HDFC Capital Advisors |
HDFC Bank is a very large Indian bank and financial company. Its main office is in Mumbai, India. It is the biggest private bank in India. It's also one of the world's largest banks by its total value in the stock market.
In January 2024, HDFC Bank became even bigger. It took over its parent company, HDFC. The Reserve Bank of India (RBI) sees HDFC Bank as a "too big to fail" bank. This means it's super important for India's financial system.
As of April 2024, HDFC Bank is worth about $145 billion. This makes it one of the largest companies in India. It also has many employees, over 173,000 people work there!
Contents
How HDFC Bank Started
HDFC Bank began in 1994. It was started by a company called HDFC Ltd. The Reserve Bank of India gave HDFC Ltd permission to open a new private bank. This was part of India's plan to make its banking system more open.
The bank officially started its work in January 1995. Its first main office and branch were in Mumbai. A very important person, the Union Finance Minister Manmohan Singh, opened it.
Big Mergers and Growth
HDFC Bank has grown a lot by joining with other banks.
- In 2000, Times Bank joined with HDFC Bank. This was the first time two new private banks merged in India. Times Bank was owned by a big media company, The Times Group.
- In 2001, HDFC Bank's shares were listed on the New York Stock Exchange in the USA. This helped it get money from investors around the world.
- In 2008, HDFC Bank bought Centurion Bank of Punjab (CBoP). This was a huge deal in India's financial world at the time.
- In 2021, HDFC Bank bought a small part of a company called Ferbine. This company helps create new ways for people to make payments across India.
HDFC Ltd and HDFC Bank Join Forces
On April 4, 2022, HDFC Ltd announced it would merge with HDFC Bank. This was the biggest merger deal ever in India! HDFC Ltd used to give out home loans. After the merger, HDFC Bank took over all these home loans.
The merger was completed on July 1, 2023. After this, HDFC Bank became one of the top 100 banking companies in the world. It also became the seventh most valuable bank globally.
The combined bank now has 120 million customers. That's more people than live in Germany! The number of employees also grew to 177,000. HDFC Bank became the second-largest bank in India, right after the State Bank of India. It now has about 8,300 branches.
What HDFC Bank Does
HDFC Bank has a huge network across India. As of February 2024, it has 8,192 branches. It also has over 20,760 ATMs (machines for cash). These are spread across 3,836 cities and villages.
HDFC Bank is the only private bank that has a branch in Lakshadweep. This is a group of islands that is a union territory of India.
Products and Services
HDFC Bank offers many different services to its customers.
- Wholesale banking: Services for large companies and businesses.
- Retail banking: Services for everyday people, like savings accounts and debit cards.
- Treasury: Managing money for the bank itself.
- Loans: They offer many types of loans, such as:
* Auto loans (for cars) * Two-wheeler loans (for motorcycles) * Personal loans (for personal needs) * Loans against property * Consumer durable loans (for things like TVs or fridges) * Lifestyle loans
- Credit cards: Cards that let you buy things now and pay later.
- Digital products: They have apps like PayZapp and SmartBUY for easy online payments.
Companies HDFC Bank Works With
HDFC Bank owns parts of many other companies. These companies offer different financial services.
| Name | What they do | How much HDFC Bank owns |
|---|---|---|
| HDFC Life | Life insurance | 50.37% |
| HDFC ERGO | General insurance | 50.48% |
| HDFC Asset Management Company | Manages Mutual funds | 52.55% |
| HDFC Securities | Helps people buy and sell stocks | 95.48% |
| HDB Financial Services | Offers loans to consumers | 94.84% |
| HDFC Capital Advisors | Invests in real estate | 90% |
| HDFC Credila | Offers education loans | 9.99% |
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You can buy and sell shares of HDFC Bank on major stock exchanges.
- In India, its shares are listed on the Bombay Stock Exchange and the National Stock Exchange of India.
- In the USA, its shares are listed on the NYSE (New York Stock Exchange).
HDFC Bank's Social Work
HDFC Bank has a program called Parivartan. This word means "change" in Hindi. It's the name for all the good things HDFC Bank does for society.
- In 2019–2020, HDFC Bank spent ₹535 crore (about 5.35 billion Indian Rupees) on these programs.
- In 2020–2021, they spent even more, ₹6349.1 million. A big part of this money (over ₹1.10 billion) was used to help with COVID-19 relief.
- HDFC Bank has also promised to become carbon-neutral by the year 2032. This means they want to balance out the carbon they release into the air.
Awards and Recognition
HDFC Bank has won many awards for its services and performance.
Awards in 2016
- Best Banking Performer, India by Global Brands Magazine Award.
- Best Performing Branch in Microfinance by NABARD.
- Bank of the Year and Best Digital Banking Initiative by KPMG.
- Named the Most Valued Brand in India for the third year in a row by BrandZ Rankings.
Awards in 2018
- Company of the Year at The Economic Times Corporate Excellence Awards.
- Best Performing Private Bank for Aadhaar Generation & Update.
Awards in 2019
- Best Bank: New Private Sector at FE Best Bank awards.
- Winner in Innovation and Inclusiveness in Priority Sector Lending.
- Ranked 1st in BrandZ Top 75 Most Valuable Indian Brands.
- India's Best Bank by Euromoney Awards for Excellence.
- Bank of the Year and Best Large Bank by Business Today – Money Today Financial Awards.
- Best Bank in India by Global magazine FinanceAsia.
- Ranked 60th in BrandZ Top 100 Most Valuable Global Brands.
- Best Large Bank & Fastest Growing Large Bank by Business World Magna Awards.
Awards in 2020
- Best Bank in India by Euromoney Awards.
- Best Bank in India by FinanceAsia Country Awards.
Awards in 2021
- Best bank in India by FinanceAsia Country Awards.
- Best bank for SMEs by Asiamoney best bank awards.
- Best bank in India by The Euromoney Awards for Excellence.
- Ranked No. 1 in Mass Affluent category by Euromoney Private Banking and Wealth Management Survey.
- Adjudged 'Best Private Bank in India' at the Global Private Banking Awards 2021.
Awards in 2022
- Best Bank In India by Euromoney Awards for Excellence.
See also
- HDFC Life
- Aditya Puri
- Banking in India
- List of banks in India
- List of companies of India
