HDFC Bank was incorporated in August 1994 under the name of 'HDFC Bank Limited', based in Mumbai, India. HDFC Bank began operations as a Scheduled Commercial Bank in January 1995. The Financial Corporation for Housing Development (HDFC) was the first to receive "in principle" approval from the Reserve Bank of India (RBI) to create a Bank in the private sector as part of the liberalization of the RBI of the Indian banking industry in 1994.
HDFC Bank is headquartered in Mumbai. Currently, the Bank has an enviable network of more than 1416 branches in 550 cities in India. All branches are linked online in real time. Customers in more than 500 locations are also served through telephone banking. The Bank also has a network of about 3382 network ATMs across these cities.The promoter of the company HDFC was started in 1977 is India's leading housing finance company and enjoys a flawless track record in India as well as in international markets. HDFC has developed a significant retail mortgage loan experience in different market segments and also has a large corporate customer base for its home equity lines of credit. With its expertise in financial markets, a strong market reputation, a large shareholder base and a unique consumer franchise, HDFC was ideally positioned to promote a bank in the Indian environment.
The shares are traded on the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited. The Bank's US Depositary Shares (ADSs) are traded on the New York Stock Exchange (NYSE) under the symbol 'HDB' and the Bank's Global Depository Receipts (GDR) are listed on the Luxembourg Stock Exchange.On May 23, 2008, the merger of Centurion Bank of Punjab with HDFC Bank was formally approved by the Reserve Bank of India to complete the legal and regulatory approval process. Under the amalgamation scheme, CBoP shareholders received 1 share of HDFC Bank for every 29 CBoP shares.
The merged entity now has a strong deposit base of around Rs. 1,22,000 crore and net advances of around Rs. 89,000 crore. The balance sheet size of the combined entity would be greater than Rs. 1.63,000 crore. The amalgam added significant value to the HDFC Bank in terms of increased branch network, geographic reach and customer base, and a greater pool of skilled labor.
In a major transaction in the Indian banking industry, Times Bank Limited (another new private sector bank promoted by Bennett, Coleman & Co. / Times Group) merged with HDFC Bank Ltd., as of February 26, 2000. This Was the first merger of two private banks in the Banks of the New Generation Private Sector. According to the amalgamation scheme approved by the shareholders of both banks and the Reserve Bank of India, Times Bank shareholders received a share of HDFC Bank for every 5.75 shares of Times Bank.