Housing Development Finance Corporation Limited, or HDFC Ltd, was one of the first financial institutions in India to receive “in-principle” approval from the Reserve Bank of India (RBI) to set up a private sector bank. This was done as part of the RBI’s policy to liberalize the Indian banking sector in 1994. HDFC Bank was incorporated in August 1994 as HDFC Bank Limited, headquartered in Mumbai, India. The bank commenced operations as a Scheduled Commercial Bank in January 1995.
On April 4, 2022, the merger of HDFC Limited, India’s largest housing finance company, and HDFC Bank, India’s largest private sector bank, was announced. Over the past 45 years, HDFC Ltd has developed one of the best product offerings, making it a leader in the housing finance business. HDFC Bank enables seamless delivery of home loans as part of its wide range of products across urban, semi-urban and rural India.
As of June 30, 2023, the bank’s distribution network had 7,860 branches and 20,352 ATMs/cash recycling machines (account payments and withdrawals) in 3,825 cities. HDFC Bank timings may vary from branch to branch but they are generally as follows:
Monday to Friday:
- Lobby Timing: 10:00 AM to 4:00 PM
- Cash Transaction Timing: 10:00 AM to 3:00 PM
Saturday:
- Lobby Timing: 10:00 AM to 4:00 PM
- Cash Transaction Timing: 10:00 AM to 1:00 PM
The distribution network of HDFC Oy consisting of 737 branches, which includes 214 offices of HDFC Sales Private Limited, has been merged with the network of the bank. The bank has an international presence with branches in 4 countries and 3 representative offices in Dubai, London and Singapore offering mortgage products to Non-Resident Indians and Persons of Indian Origin.
HDFC Bank offers a wide range of commercial and transaction banking services and treasury products to wholesale and retail customers. The bank has three main business segments:
- Wholesale Banking Services – The Bank’s target market ranges from large manufacturing companies operating in India to small and medium enterprises and agricultural enterprises.
- Retail Banking Services – The purpose of a retail bank is to offer its target market customers a wide range of financial products and banking services, providing the customer with all their banking needs in one place.
- Treasury – The Bank has three main product areas in this industry – Currency and Derivatives, Local Money Market and Debt Securities and Shares. The Treasury business is responsible for managing the performance and market risk of its investment portfolio. HDFC Securities (HSL) and HDB Financial Services (HDBFSL) are its subsidiaries.
Personal banking
- Accounts and deposits
- loans
- HDFC debit card and credit card options
- Forex
- Investments and insurances
NRI Banking
- Accounts and deposits
- Money transfers
- Investment and loan insurance services
- Wholesale banking
- Small and medium-sized enterprises
- Financial institutions and funds
Due to the popularity of online banking and the use of mobile web browsing, mobile banking is becoming a daily routine for most people. Moreover, because it is convenient, simple and usable on the go. But what is mobile banking? Simply put, mobile banking is the use of financial services through mobile devices such as mobile phones.
The most common way to use mobile banking is to use a mobile phone or personal digital assistant browser to access your bank’s website. Like a personal computer, the mobile browser allows access to the bank’s login website for account maintenance.
The two main mobile banking technologies that keep your information safe in the process are
Interactive Voice Response (IVR) IVR is used to call users and interact with them personally or to solve their queries. Here is how it works –
Banks advertise multiple numbers to their customers. Customers dial the IVR number on their mobile phone. They are greeted with a recorded electronic message followed by a multi-choice menu. Customers select an option by pressing the corresponding number on the mobile phone keypad. The speech synthesis program reads the desired information. IVR allows only survey-based transactions and general solutions. Text messages
You can also check payments and receipts, receive alerts, or pay utilities using the InstaAlert system. You also fear if your balance falls below a certain level to maintain an average quarterly balance. To do this, you must register with your bank to use mobile services. HDFC Bank provides the above services through its InstaAlert service. SMS enables two-way communication, allowing banks or customers to send messages.
HDFC into advanced digital technology:
HDFC Bank’s next-generation customer-facing online banking architecture is powered and managed on the Backbase Engagement Banking Platform. The digital banking platform is fully compliant with India’s money transfer regulations by integrating with Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT), Instant Payment Service (IMPS) and UPI payments, and includes advanced, customizable local security functions. according to local industry standards.
HDFC Bank continues to invest in technologies to improve customer experience and increase efficiency by providing customers with a seamless user experience across all platforms on the back of a flexible infrastructure, powered by HDFC Bank Enterprise and Digital Factory launched in June 2021.
HDFC Bank has partnered with Microsoft as it embarks on a digital transformation journey spanning its application, information landscape and security.
HDFC Bank is using Microsoft Azure to consolidate and modernize its enterprise data environment with a Federated Data Lake to scale its data management capabilities with enterprise-wide reporting and advanced analytics powered by artificial intelligence.
HDFC Bank’s remarkable journey from a fledgling private bank to a financial powerhouse has changed the face of banking in India. Through its visionary leadership, innovative strategies, and relentless pursuit of excellence, HDFC Bank has paved the way for the private banking sector in the country. As an institution, HDFC Bank continues to redefine banking standards, build customer confidence, and set new performance standards, leading India to a brighter and more prosperous future. HDFC Bank has offered many promising services to its customers. As a private bank, the company has earned the absolute trust of its customers and has achieved a huge customer base across the country. The bank engages in various financial and banking services such as treasury operations and commercial banking. HDFC Bank facilitates banking services to many high- and middle-income individuals and organizations across India. The bank has a very strong position in the market and is considered the most trusted and reliable private bank in India, followed later by ICICI bank.
