HDFC Bank's name is an acronym for Housing Development Finance Corporation.
The bank is a private escort bank that was incorporated after India allowed the establishment of private sector banks in 1994 and started doing business in January of 1995. Before this, it was a housing finance company (hence the name), which was set up in 1977. It is a growing business that is hugely profitable, with net profit equivalent to $871.64 million US dollars for the fiscal year of 2010-2011. This figure showed a growth of more than 30% from the previous year. As of 2008, the bank held assets amounting to more than 1006 billion Rupees. It's main competitors in India are the State Bank of India, ICICI Bank and the Punjab National Bank, which account for the remaining three quarters of India's 'big four' banks.
The bank currently has 1725 branches across India, based in 780 cities, and trades in wholesale banking services, treasury and retail banking services. The treasury takes care of foreign currency, debt security, and equity, the wholesale banking services take care of business accounting and transactions, and the retail section deals with consumers. Most notably, the Housing Development Finance Corporation bank was the first bank to introduce the debit card in India through its retail services. It worked with VISA to bring its electron card services to the country, and now also offers MasterCard debit cards to its customers.
The bank is a private escort bank that was incorporated after India allowed the establishment of private sector banks in 1994 and started doing business in January of 1995. Before this, it was a housing finance company (hence the name), which was set up in 1977. It is a growing business that is hugely profitable, with net profit equivalent to $871.64 million US dollars for the fiscal year of 2010-2011. This figure showed a growth of more than 30% from the previous year. As of 2008, the bank held assets amounting to more than 1006 billion Rupees. It's main competitors in India are the State Bank of India, ICICI Bank and the Punjab National Bank, which account for the remaining three quarters of India's 'big four' banks.
The bank currently has 1725 branches across India, based in 780 cities, and trades in wholesale banking services, treasury and retail banking services. The treasury takes care of foreign currency, debt security, and equity, the wholesale banking services take care of business accounting and transactions, and the retail section deals with consumers. Most notably, the Housing Development Finance Corporation bank was the first bank to introduce the debit card in India through its retail services. It worked with VISA to bring its electron card services to the country, and now also offers MasterCard debit cards to its customers.
