 | |
| Company type | Public |
|---|---|
| |
| ISIN | INE040A01034 |
| Industry | Banking Financial services |
| Founded | August 1994 (31 years ago) (August 1994) |
| Headquarters | , India |
Number of locations | 9,545 branches 21,417 ATMs[1] |
Area served | India |
Key people |
|
| Products | |
| Revenue |  ₹4.70lakhcrore (US$56 billion) (2025) |
| ₹96,242 crore (US$11 billion) (2025) | |
| ₹70,792 crore (US$8.4 billion) (2025) | |
| Total assets | ₹39.10 lakh crore (US$460 billion) (2025) |
| Total equity | ₹5.17 lakh crore (US$61 billion) (2025) |
Number of employees | 214,521 (FY25)[4] |
| Subsidiaries | HDFC Life HDFC ERGO HDFC Securities[5] HDFC AMC (HDFC Mutual Fund) HDB Financial Services[6] HDFC Capital Advisors |
| Website | hdfc |
| Footnotes / references Financials as of 31 March 2025[update].[7][8] | |
HDFC Bank Limited is an Indianbanking andfinancial services company headquartered inMumbai. It is India's largest private sector bank by assets and market capitalisation.[9] In 2025 HDFC became the 10th largest bank in the world by market capitalisation.[10]
TheReserve Bank of India (RBI) has identified the HDFC Bank,State Bank of India, andICICI Bank asDomestic Systemically Important Banks (D-SIBs), which are often referred to as banks that are “too big to fail”.[11][12]
As of April 2024, HDFC Bank has a market capitalization of $145 billion making it the third-largest company on the Indian stock exchanges.[13] In 2023, it was thesixteenth largest employer in India with over 173,000 employees, after itstakeover of parent companyHousing Development Finance Corporation.[14][15]
HDFC Bank was incorporated in 1994 as a subsidiary ofHDFC Ltd, which received an 'in principle' approval from the RBI to set up a bank in the Private Sector as part of itsliberalisation of the Indian banking industry.[16][17] The bank commenced operations in January 1995, with its registered office inMumbai.[18] Its first corporate office and a full-service branch at Sandoz House,Worli, was inaugurated by the thenUnion Finance Minister,Manmohan Singh.[citation needed]
In February 2000,Times Bank merged with HDFC Bank, which was India's first-ever voluntary merger of banks.[19] Times Bank was established by India's largest media conglomerate,The Times Group.[20]
In July 2001, HDFC Bank'sADS listed on theNew York Stock Exchange after an IPO.[21]
In 2008, HDFC Bank acquired theCenturion Bank of Punjab (CBoP) for₹9,510crore (US$2.19 billion) in ashare-swap deal, reportedly the largest acquisition in the Indian financial sector at the time.[22]
In 2021, the bank acquired a 9.99% stake in Ferbine, an entity promoted byTata Group, to operate a pan-India umbrella entity for retail payment systems, similar to theNational Payments Corporation of India.[23]
On 4 April 2022,HDFC Ltd announced that it would merge with HDFC Bank, marking India's largest-everM&A deal.[24][25] As part of the merger, HDFC Ltd would transfer itshome loan portfolio to HDFC Bank, while the bank offered depositors of HDFC Ltd the choice of either withdrawing their money or renewing their deposits with the bank at theinterest rate that the bank was then offering.[26]
On 1 July 2023, the merger of HDFC Ltd with HDFC Bank was completed.[27][28] Consequently, HDFC Bank had amarket capitalisation of $154 billion, becoming the seventh most valuable bank in the world. HDFC Bank also became one of theworld's top 100 banking companies by total assets.[29][30]
The combined entity had a customer base of 12 crore (120 million), surpassing the population of Germany in size.[31] The merger resulted in a substantial increase in bank headcount, with the workforce totaling 1.77 lakh (177k) employees. The merged entity became the second-largest bank in India, trailing only theState Bank of India in terms of assets.[32] The number of branches increased to 8,300.[33]
Shares of HDFC Ltd were delisted and shareholders were allotted 42 shares of HDFC Bank for every 25 shares of HDFC Ltd held,[34] leading to an increase in the equity capital of HDFC Bank.[35]
As of March 2024, HDFC Bank's distribution network included 8,735 branches and 20,938 ATMs (cash recyclers; cash deposit and withdrawal) spread throughout 3,836 cities and villages. The distribution network of HDFC Ltd., which consists of 737 locations and includes 214 offices of HDFC Sales Private Limited, has been integrated into the network of the Bank.[citation needed]
HDFC Bank is the sole private bank operating in the union territory ofLakshadweep after opening a branch inKavaratti island.[36]
Notable subsidiaries and associate companies of HDFC Bank include:
| Name | Type | Ownership stake | Ref. |
|---|---|---|---|
| HDFC Life | Life insurance | 50.37% | [37] |
| HDFC ERGO | General insurance | 50.48% | [38] |
| HDFC Asset Management Company | Mutual funds | 52.55% | [39] |
| HDFC Securities | Stockbroking | 95.48% | [40] |
| HDB Financial Services | Consumer finance | 94.84% | [41] |
| HDFC Capital Advisors | Private equity real estate | 90% | [42] |
| HDFC Credila | Education finance | 9.99% | [43] |
Theequity shares of HDFC Bank are listed on theBombay Stock Exchange and theNational Stock Exchange of India. ItsAmerican depositary receipts are listed on theNYSE.[44]
Itsglobal depository receipts (GDRs) were listed on theLuxembourg Stock Exchange but were terminated by the board of directors, following its low tradingvolume.[45][46]
On 2 December 2020, theReserve Bank of India (RBI) ordered HDFC Bank to temporarily halt the issuance of new credit cards and all planned activities under the bank's Digital 2.0 program, citing incidents of outages in the bank's internet banking, mobile banking and payment utility services.[47][48]
On 29 January 2020, RBI imposed a monetary penalty on HDFC Bank for failure to undertake ongoing due diligence in case of 39 current accounts opened for bidding in theinitial public offer.[49]
A HDFC Bank manager was arrested on charges of fraud, involving a sum of ₹59,41,000 inOdisha.[50]
Altico Capital andDubai'sMashreq Bank have approached RBI, accusing HDFC Bank of violating regulatory provisions by debiting part of the funds the company had raised through external commercial borrowing (ECB) and parked at the bank. They claimed that HDFC bank's decision to transfer money from the account may be a violation of the RBI's end-use rule.[51]
On 27 May 2021, RBI imposed a penalty of₹10 crore (US$1.35 million) on HDFC Bank for deficiencies in regulatory compliances with regard to its auto loan portfolio. The said penalty was imposed with regard to the contraventions of certain provisions of theBanking Regulation Act, 1949.[52]
In March 2023, HDB Financial Services suffered a breach exposing the data of more than 7 crore (70 million) customers, including email addresses, names, dates of birth, phone numbers, genders,post codes and loan information belonging to the customers.[53]
In June 2025, HDFC Bank'sManaging Director andCEO,Sashidhar Jagdishan, was named in aFirst Information Report (FIR) filed by theLilavati Kirtilal Mehta Medical Trust, which managesLilavati Hospital inMumbai. The complaint alleged his involvement in a financial transaction worth ₹2.05 crore, reportedly aimed at pressuring a trustee of the hospital. This action was linked to a long-standing loan recovery dispute involving Splendour Gems Limited, originating from a recovery certificate issued in 2004.[54][55][56]
State Bank of India, ICICI Bank, and HDFC Bank continue to be identified as Domestic Systemically Important Banks (D-SIBs), under the same bucketing structure as in the 2021 list of D-SIBs.
The Housing Development Finance Corporation Limited (HDFC) was among the first institutions to receive an 'in principle' approval from RBI to set up a bank in the private sector, as part of the RBI's liberalization of the Indian banking industry in 1994. The bank was incorporated in August 1994 in the name of 'HDFC Bank Limited' (HBL), with its registered office in Mumbai, India.
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