What is HDFC?
HDFC stands for “Housing Development Finance Corporation” and it refers to one of India’s biggest financial services organization. The HDFC Bank was incorporated back in 1994 and was one of the first to be allowed by the Reserve Bank of India to operate as a private organization. This came after India’s banking sector was liberalized on the same year that the HDFC was incorporated.
HDFC started operating as a private commercial bank in the year 1995. Five years later, HDFC became part of India’s first ever merger between two private banks. Times Bank Limited was the name of the bank that merged with HDFC, with the latter keeping the name of the original bank. By 2008, HDFC was able to acquire another bank, Centurion Bank of Punjab and with this acquisition, HDFC’s branches reached more than 1000.
HDFC concentrates on three financial services segments to cater to its customers across India. The first financial segment is on wholesale banking. Services for this segment are offered to agriculture-based businesses, blue-chip making organizations, and even small corporate offices. Wholesale banking by HDFC includes cash management services, trade services, and capital finance among others. Retail banking is the second segment offered by HDFC to cater to the ever-growing retail customer base. Services for this sector include credit cards, debit cards, loans, and bills payment facilities. Loans that may be availed by HDFC’s retail consumers may be multi-purpose loans, educational loans, home loans, car loans, or health care loans. The last financial segment offered by HDFC is in Treasury which involves the bank’s dealings on equities, securities, foreign exchange transactions, and currency money markets.
HDFC’s main office and headquarters is in Mumbai, India and it has branch offices across different cities and towns. With about 2000 branches and 5000 automated teller machines, HDFC is continuing to grow and stamp its status as one of India’s “big four” banks or financial institutions.