Housing Development

using The Housing Development Finance Corporation Limited (HDFC) was amongst the first to receive an "in principle" approval from the Reserve Bank of India (RBI) to set up a bank in the private sector, as part of RBI"s liberalisation of the Indian Banking Industry in 1994. The bank was incorporated in August 1994 in the name of "HDFC Bank Limited", with its registered office in Mumbai, India. HDFC Bank commenced operations as a Scheduled Commercial Bank in January 1995. | | | Promoter | | Business Focus | | Capital Structure | | CBoP & Times Bank Amalgamation | | Distribution Network | | Management | | Technology | | Businesses | | Ratings | |

HDFC Bank Limited (BSE: 500180, NSE: HDFCBANK, NYSE: HDB) is an Indian financial services company based in Mumbai, Maharashtra that was incorporated in August 1994. HDFC Bank is the fifth largest bank in India by assets and the largest bank by market capitalization as of 1 November 2012. The bank was promoted by the Housing Development Finance Corporation, a premier housing finance company (set up in 1977) of India. As on May 2013, HDFC Bank has 3,062 branches and 10,743 ATMs, in 1,568 cities in India, and all branches of the bank are linked on an online real-time basis. As of December 2012 the bank had balance sheet size of Rs. 3837 billion. For the fiscal year 2011-12, the bank has reported net profit of 5,167.07 crore (US$870 million), up 31.6% from the previous fiscal.
On 14 March 2013 an online magazine named Cobrapost.com released video footage from Operation Red Spider showing high ranking officials and some employees of HDFC bank willing to turn black money into white which is violation of Money Laundering Control Act. Following this the government of India and RBI have ordered an inquiry.[3][4][5] The enquiry confirmed violation of KYC (Know Your Customer) norms by HDFC Bank. A penalty of Rs 45 million was imposed on the bank by RBI.[6]
Contents
[hide] * 1 History

References: * 4 External links ------------------------------------------------- History[edit] HDFC Bank was incorporated in 1994 by Housing Development Finance Corporation Limited (HDFC), India 's largest housing finance company. It was among the first companies to receive an 'in principle ' approval from the Reserve Bank of India (RBI) to set up a bank in the private sector. The Bank started operations as a scheduled commercial bank in January 1995 under the RBI 's liberalisation policies. On 26 February 2000 Times Bank Limited owned by The Times Group (Bennett, Coleman & Co.) was merged with HDFC Bank Ltd. This was the first merger of two private banks in India. Shareholders of Times Bank received 1 share of HDFC Bank for every 5.75 shares of Times Bank. On 23 May 2008 HDFC Bank acquired Centurion Bank of Punjab taking its total branches to more than 1,000. The amalgamated bank emerged with a base of about Rs. 1,22,000 crore and net advances of about Rs.89,000 crore. The balance sheet size of the combined entity is more than Rs. 1,63,000 crore.[citation needed]