With its headquarters in Mumbai, Maharashtra, this Indian Banking and Financial Services Company has the highest market capitalization (as of March 2014) among all the private sector banks in India.
The Housing Development Finance Corporation was amongst the amongst the first to receive ‘in principal’ approval from the Reserve Bank of India to set up a private bank in the country during the liberalization of the Indian Banking Industry in 1994. It was incorporated in August 1994 and later in January 1995 it commenced its operations as a Scheduled Commercial Bank. On February 26, 2000 the Times Bank Limited was merged with HDFC bank. Yet another milestone was achieved on May 23, 2008 when the Centurion Bank of Punjab was amalgamated with HDFC Bank through approval by the Reserve bank of India.
HDFC operates in three major business segments –Wholesale Banking, Treasury and Retail Banking. This bank also caters to the needs of the customers seeking distinct financial solutions, information and advice on investment avenues through its various programs. The International debit card was launched for the first time in India by this bank in association with VISA. The Fixed Deposit programme of HDFC has been rated ‘CARE AAA (FD)’ [Triple A] by CARE which indicates instruments of the best quality and carrying negligible risk. It has also been assigned "tAAA (ind)" rating to its deposit programme by Fitch Ratings India Pvt. Ltd. The "tAAA (ind)" rating represents ‘highest credit quality with very high protection factors’. HDFC has bagged a number of awards and recognitions, both nationally and internationally for its world class product quality and services. The latest among them include the Best Managed public Company- India, Best Corporate Governance- Rank 3, Best Investor relations- Rank 3 in Finance Asia Poll on Asia’s Best Companies 2015 and JP Morgan Quality Recognition Award- Best in class straight through processing Rates. The banks distribution network comprises of 3659 branches in 2287 cities and 11,633 ATMs across the country.