Housing Development Finance Corporation Bank shortens known as HDFC Bank is major financial services company of India founded by Deepak Parekh.
It was established by Housing Development Finance Corporation in August 1994 as a part of the liberalization of the Indian Banking Industry by Reserve Bank of India (RBI). The Headquarters of HDFC bank based in Mumbai, India. The bank was promoted by HDFC, a premier financial services in India, which was setup in 1977. In 779 cities of India, HDFC Bank have 1,725 branches and 4,232 ATMs. All branches of the bank have linked on online real time basis. The Bank has started processes as a planned commercial bank in January 1995 under the RBI's liberalization policies. The bank has worked over 51,888 employees. Total assets of the bank are US$ 39.723 billion as year of 2009.
The HDFC Bank has merged with Times Bank Ltd in 2000. That was the first merger of two private banks in India. In 2008, the bank has handed over on Centurion Bank of Punjab taking its total of more than 1000 branches. The total profit of bank is Rs 3,032.92 crores as year of 2010 and also the total equity is Rs. 21,158.15 crores as 2010. HDFC Bank deals with three type business section as Wholesale Banking Services, Retail Banking Services and Treasury.
It has come into the banking association of over 50 corporate for providing working capital finance, trade services, corporate finance and merchant banking. Bank is also giving that complicated product structures in areas of foreign exchange and derivatives, money markets and debt trading and equity research.
The Bank has provided phone banking, internet banking and mobile banking facilities to its huge amount of customer. It was the first bank in India to provided international Debit Card to its customers. There are also many facilities like fixed deposit services, loans, bill payment through internet provided by the bank.
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