HDFC Bank: First Bank in the Private Sector

Banking Awareness about HDFC Bank

HDFC Bank stands for Housing Development Finance Corporation Limited. HDFC provides a wide range of banking and financial services. It was the first financial organisation that got an ‘in principle’ authorisation from the Reserve Bank of India (RBI) to establish a private sector bank. The RBI’s policy for liberalisation of the Indian banking industry is responsible for establishing this bank in 1994. 

This bank initiated its operations as a Scheduled Commercial Bank in January 1995 in Mumbai, India. As per statistics, HDFC Bank has a great network of branches comprising 5,779 branches and 17,238 ATMs across 2,956 cities and towns. This bank also provides services through digital mode. 

There are five core values followed by the HDFC Bank: Operational Excellence, Customer Focus, Product Leadership, People, and Sustainability. The following sections provide more information on these values. 

Fundamental Information About HDFC Bank 

• It is the second-largest private bank in the country. 
• Headquarters: The headquarters is situated in Mumbai, India. 
• Mr Aditya Puri is the current Managing Director and Chief Executive of HDFC Bank Limited. 
• Branches: There are 5,779 branches and 17,238 ATMs located in different cities of India. Apart from India, HDFC has a global network with several branches located in other countries, including Bahrain, Hong Kong, UAE, and Kenya. 
• The following are the mobile applications offered by HDFC Bank:

1. HDFC Bank SmartHub App
2. HDFC Bank SmartHub App
3. HDFC Bank Vahan Gyan

• Subsidiaries: This bank has two subsidiary companies – HDFC Securities Ltd and HDB Financial Services Ltd.

• The tagline of HDFC Bank is ‘We Understand Your World’. 

Vision, Mission, And Core Values

The mission of HDFC Bank is to become a world-class Indian bank offering complete financial services and facilities. Its primary objective is two-fold: first, to become the preferred provider for banking-related services, and second, to accomplish healthy and sustainable growth of the organisation by maintaining rules and regulations effectively. 

Maintaining ethical standards, professional integrity, corporate governance, and regulatory compliance are the primary concerns of this bank. 

Services and Facilities Provided by HDFC Bank 

The three key business segments of this bank are banking, wholesale banking, and treasury. Retail lending products and loans against shares are the first products of HDFC Bank launched in 1998. HDFC Bank was the first bank to launch and offer international debit cards in collaboration with VISA (Visa Electron). They started their credit card business in 2001. 

HDFC Bank Parivartan (A Step Towards Progress) – Corporate Social Responsibility 

Parivartan is HDFC Bank’s social change program which aims to transform the lives of millions of people in India. The primary goal of this program is to support the socio-economic development of the marginalised societies in the country and make them sustainable by empowering them. There are numerous interventions implemented across the nation with the vision of social change in the country’s remote regions. Rural development, water conservation, education for all, social startups, etc., are some of the interventions under the program Parivartan.

This bank believes in the philosophy of sustainability and innovation. The following are the focus areas of operations: 

1. Holistic Rural Development Program (HRDP). 
2. Promotion of Education. 
3. Skill Training and Livelihood Enhancement. 
4. Healthcare and Hygiene. 
5. Financial Literacy and Inclusion. 

Conclusion 

In the next two years, HDFC Bank intends to enhance its reach and extent in more than two lakh villages. The expansion of the bank would be achieved by increasing the number of branches and developing an immense network, increasing business facilitators, Common Service Centre (CSC) partners, virtual relationship management, and improving digital outreach platforms. Operational excellence, customer focus, product leadership, and people and sustainability are the core values of this bank.