Company Background - HDFC Bank

HDFC Bank, a private sector bank was incorporated in the year of 1994 by Housing Development Finance Corporation Limited (HDFC), India's premier housing finance company. 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. The Bank commenced its operations as a Scheduled Commercial Bank in January 1995 with the help of RBI's liberalisation. HDFC Bank deals with three key business segments - Wholesale Banking Services, Retail Banking Services, Treasury. It has entered the banking consortia of over 50 corporates for providing working capital finance, trade services, corporate finance and merchant banking. It is also providing sophisticated product structures, sound advice and fine pricing mainly in areas of foreign exchange and derivatives, money markets and debt trading and equity research through its state-of-the-art dealing room.

Notable event was happened in the history of bank as well as Indian banking sector in Feb. 2000, the Times Bank was amalgamated with HDFC bank. This was an important milestone, being the first merger of two private sector banks. HDFC Bank was the first Bank to launch an International Debit Card in association with VISA (Visa Electron). The Bank launched its Credit Card business in 2001. In the same year HDFC Bank has became the first private sector bank to be authorised by the Central Board of Direct Taxes (CBDT) as well as the RBI to accept direct taxes. The taxes accepted at specified branches of the bank. Also it has announced a strategic tie-up with a Bangalore-based business solutions software developer Tally Solutions Pvt (TSPL) for developing and offering products and services facilitating on-line accounting and banking services to SMEs (Small and Medium Enterprises). In 2001-02 the bank was listed on the New York Stock Exchange in the form of ADS and bank had alliance with LIC for provide online payment of insurance premium to the customers.

Bank received plenty of awards to its credit, in the year 2003 bank received "Best Local Bank in India" by Finance Asia, "Best Domestic Bank in India Region" in The Asset Triple A Country Awards 2003. Apart from this, 'Best Bank in the Private Sector' for the year 2003 in the Outlook Express Awards, 'Best New Private Sector Bank 2003' by the Financial Express in the FE-Ernst & Young Best Bank's survey 2003. It was also figured in the 'Best Under a Billion, 200 Best Small Companies for 2003' by Forbes Global and for use of information technology the bank was awarded with 'Best IT user in Banking' at the IT User Awards 2003 conferred by Economictimes.com & Nasscom. In the year of 2004 to 2005, "Best Domestic Commercial Bank" & "Best Cash Management Bank"- India- Asiamoney Awards for Corporate Excellence of 2004-05, "Best Bank" - India - Finance Asia, "Company of the Year "- The Economic Times Awards for Corporate Excellence 2004-05, "Best Domestic Bank in India" - The Asset Triple A Country Awards 2005, "Most Customer Responsive Company- Banking and Financial Services" - The Economic Times - Avaya Global Connect Customer Responsiveness Awards 2005. During the year of 2006-07 also bank received number of awards, The Asian Banker Achievement Award, Best Listed Bank of India in 2006 by Business World, Euromoney Award as Best Bank in India, One of Asia Pacific's Best 50 Companies in 2006 by Forbes Magazine, Asiamoney Award for Best Local Cash Management in Large and Medium segments, other than above bank received " Best Bank in India " award continuously from the year 2003 to 2007 conferred by the magazine Business Today. The Financial Express rated 1st in India's Best Banks 2007 under New Private Sector Bank under along with Axis Bank.

As on 2007 May, The Reserve Bank of India has allowed HDFC Bank to start a non banking finance company. The NBFC, to be set up by HDFC Bank as a wholly owned subsidiary and will undertake retail operations such as auto, personal loans etc. On June 2nd of 2007 HDFC Bank has opened 19 branches in a day in Delhi and the National Capital Region (NCR), outdoing its own record of 14 branches in a day 2005. As part and apart from the regular banking activity, HDFC Bank and The Institute for Technology and Management (ITM), Chennai gone under Memorandum of Understanding to promote co-operation advancement of academic and business exchanges between the two.

In credit card industry alone, HDFC grown more than 10 times within the 3 years from 2005 to 2007. The bank have over 10 million customers and 1605 ATMS. The number of branches accounted 684 in 316 towns and cities as of 2007 and the bank want to survive as " a World Class Indian Bank ", benchmarking against international standards and best practices in terms of product offering, technology, service levels, risk management.