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On 4 April 2022, HDFC Ltd announced that it would merge with HDFC Bank, marking India's largest-ever M&A deal. [23] [24] As part of the merger, HDFC Ltd would transfer its home 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 the interest rate that the bank was then offering.
HDFC held 26.14% of shares in HDFC Bank. HDFC Bank sources home loans for HDFC for a fee. [22] The key business areas of HDFC Bank were wholesale and retail banking and treasury operations. As of April 2023, its market capitalisation was ₹ 941,386 crore (US$110 billion), making it India's third largest publicly traded company. [23]
Online customers proved more loyal and profitable than regular customers. In October 2001, Bank of America customers executed a record 3.1 million electronic bill payments, totaling more than $1 billion. As of 2017, the bank has 34 million active digital accounts, both online and mobile. [11]
The reserve bank has also introduced Basic Savings Bank Deposit Account [5] which has certain limits, but allows customer to start a bank account with no minimum balance. They were not popular among the common man until the 1920s. [6] Savings accounts did not exist at most banks in India for a lot of time.
Renu Sud Karnad is an Indian businesswoman and the managing director of India's largest Mortgage Financier Housing Development Finance Corp. Ltd. Additionally she also holds seven other positions for companies like HDFC Property Ventures Ltd., HDFC Education & Development Services Pvt Ltd. (both are subsidiaries of HDFC Ltd.) and Non-Executive Chairman at GlaxoSmithKline Pharmaceuticals Ltd.
HDFC may refer to: Housing Development Finance Corporation, an Indian mortgage company; HDFC Bank, an Indian financial services company; HDFC Life, a joint venture of Housing Development Finance Corporation and Standard Life plc; HDFC Bank of Sri Lanka, a Sri Lankan specialised housing bank
HDFC Bank is one of the LMD 100 companies in Sri Lanka. The bank ranked 78th in the 2020/21 edition. [2] Brand Finance calculated the brand value of HDFC Bank to be LKR763 million in 2022. [3] Due to the effects of the Sri Lankan economic crisis, Fitch Ratings placed the bank along with twelve other Sri Lankan banks on Rating Watch Negative.
In September 1994 he returned to India as managing director of HDFC Bank. [1] [6] He presided over HDFC's acquisitions of Times Bank Limited in 2000 and of Centurion Bank of Punjab in 2010. [1] [7] In August 2019 he was reported to be the most highly paid CEO of any Indian bank with a monthly salary of ₹ 89 lakh (US$100,000). [8]