HDFC Full Form: Housing Development Finance Corporation in its full form. HDFC is a well-known Indian housing finance institution that specialises in providing home loans to middle- and low-income individuals and builders for construction projects.
Its primary goal is to increase residential housing stock by systematically providing Housing Finance and increasing homeownership across the country.
The company’s headquarters are in Mumbai, India, and it is a leader in the Indian home finance business.
With 427 interconnected branches, it has a large distribution network. It also has three branch offices in Singapore, London, and Dubai that provide Home Loan services.
HDFC Full Form, Service and products
Table of Contents
Housing Development Finance Corporation in its full form. As part of the RBI’s 1994 Indian Banking Industry Liberalization, HDFC was one of the first to receive In-Principle approval to incorporate a private sector bank.
Services and products
Wholesale banking, retail banking, treasury, auto loans, two-wheeler loans, personal loans, loans against property, durable consumer loans, lifestyle loans, and credit cards are among the goods and services offered by HDFC Bank. Payzapp and Smart BUY are two other digital solutions available.
Acquisitions and mergers
In February 2000, HDFC Bank and Times Bank amalgamated. In the New Generation private sector banks category, this was the first merger of two private banks. Bennett, Coleman and Co. Ltd., better known as The Times Group, India’s largest media company, founded Times Bank.
HDFC Bank purchased Centurion Bank of Punjab (CBP) in 2008. The board of directors of HDFC Bank authorised the acquisition of CBoP for $95.1 billion, making it one of India’s largest financial mergers.
In 2021, the Bank bought a 9.99 per cent ownership of FERBINE. The Tata Group-backed firm will run a pan-India umbrella entity for retail payment systems akin to the National Payments Corporation of India.
The Bank teamed with Paytm in September 2021 to introduce a line of credit cards enabled by Visa’s global card network.
Investments
Yes, the Bank received a 1,000 crore investment from HDFC (parent company of HDFC BANK) in March 2020.
According to Yes Bank’s rehabilitation plan, 75 per cent of the company’s entire investment will be locked in for three years. Yes, the bank allotted 100 crore shares with a face value of 2 each to the corporation on March 14 for a consideration of 10 per share (including an eight premium), accounting for 7.97 per cent of Yes Bank’s post-issue equity share capital.
Listings and stock ownership
The Bombay Stock Exchange and the National Stock Exchange of India both list HDFC Bank’s equity shares. JP Morgan Chase Bank issues its American depositary receipts traded on the New York Stock Exchange.
Its global depository receipts (GDRs) were listed on the Luxembourg Stock Exchange but were delisted due to poor trading volume by the board of directors.
Corporate social responsibility is an important concept.
HDFC Bank’s corporate social responsibility activities are collectively known as Parivartan.
In the fiscal year 2019–20, HDFC Bank’s Parivartan initiative spent Rs 535 crore.
In fiscal year 2020-21, HDFC Bank spent Rs 634.91 crore on Parivartan. Over Rs 110 crore was allocated and spent on Covid-19 alleviation initiatives out of a total of Rs 634.9 crore.
HDFC Bank has committed to becoming carbon neutral by 2032.
Controversies
The Reserve Bank of India ordered HDFC Full Form Bank to temporarily cease the issuance of new credit cards as well as all planned activities under its Digital 2.0 initiative on December 2, 2020, citing interruptions in the Bank’s internet banking, mobile banking, and payment utility services.
The Reserve Bank of India fined HDFC Bank on January 29, 2020, for failing to conduct ongoing due diligence in the case of 39 current accounts opened for bidding in the first public offer.
In Odisha, a HDFC bank manager was detained on suspicion of fraud involving a value of 59.41 lakh.
Altico Capital and Mashreq Bank of Dubai have filed a complaint with the Reserve Bank of India, alleging that HDFC Full Form (Housing Development Finance Corporation) Bank violated regulatory rules by debiting monies raised through external commercial borrowing (ECB) and parked at the Bank. They stated that HDFC Bank’s action to withdraw funds from the account may have violated RBI’s end-use guidelines.
The Reserve Bank of India fined HDFC Bank Rs 10 crore on May 27, 2021, for regulatory compliance violations related to its vehicle lending portfolio.
The penalty was issued because certain sections of the Banking Regulation Act of 1949 were violated.
Recognition and awards
2021
- FinanceAsia Country Awards: Best Bank in India
- Asiamoney Best Bank Awards: Best Bank for SMEs
- The Euromoney Awards for Excellence India’s Best Bank
- The Euromoney Private Banking and Wealth Management Survey ranks it first in the Mass Affluent category.
2020
- Euromoney Awards: Best Bank in India
- FinanceAsia Country Awards: Best Bank in India
2019
- FE Best Bank Awards[39]: Best Bank New Private Sector
- Winner of Priority Sector Lending Innovation and Inclusiveness – 11th Inclusive Finance India Awards (IFI) 2019
- 1st place in 2019 The Top 75 Most Valuable Indian Brands according to Brands For the sixth year in a row, HDFC Bank was highlighted.
- The Institutional Investor All-Asia (ex-Japan) Executive Team 2019 survey named us among the Most Honored Companies.
- Euromoney Awards for Excellence 2019: India’s Best Bank
- Business Today – Money Today Financial Awards 2019 Bank of the Year and Best Large Bank
- Best Bank of India 2019, according to Finance Asia, a global publication.
- In 2019, he was ranked 60th. The Top 100 Most Valuable Global Brands, according to Brands. For the fifth year in a row, HDFC Bank was named the Brand’s Top 100 Most Valuable Global Brands 2019. The value of the Bank’s brand has increased from $20.87 billion in 2018 to $22.70 billion in 2019.
- The Business World Magna Awards named it Best Large Bank and Fastest Growing Large Bank in 2019.
- Dun & Bradstreet BFSI Awards: India’s leading private sector bank
2018
- Economic Times Corporate Excellence Awards: Company of the Year
- Aadhaar Excellence Awards: Best Private Bank in Total Aadhaar Generation & Update
- National Payments Excellence Award (NCPI)
2016
- Global Brands Magazine Award for Best Banking Performer in India in 2016.
- NABARD Award for Best Microfinance Branch among Private Sector Banks, 2016, Award for Best Microfinance Branch
- KPMG India’s Best Bank Research, Bank of the Year, and Best Digital Banking Initiative Award 2016
- BrandZ Rankings, India’s Most Valuable Brand for the Third Year in a Row
- Best managed public company India, according to a Finance Asia poll of Asia’s Best Companies 2015.
- J.P. Morgan Quality Recognition Award for best-in-class straight-through processing rates.
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