Some facts about HDFC Bank
Being one of the largest banks of India, HDFC bank has 88,253 permanent employees. Apart from India is has its branches in Hong Kong, Bahrain and Dubai. Also, HDFC bank is the largest private sector lender regarding assets. This bank was incorporated in the year of 1994, and its registered office is in Mumbai. According to BrandZ, it stands in the 69th position amongst the top 100 most valuable global brands. Apart from wholesale banking and retail banking, it also provides the service of auto loans, treasury, personal loans, two-wheeler loans, loans against property, credit cards and many more. In the year 2000, HDFC bank joined hands with Times bank. So, let us dig a bit deeper and know some facts about this fantastic bank
1. Birth
This bank got its license in the year of 1994. At that time, many banks like ICICI Bank, UTI Bank (now Axis Bank) and IndusInd bank took birth, and all of them are established right now. This list also includes ‘Times Bank’ which was founded by Bennet Coleman Group, the owner of times of India. Another bank which came out that year was Centurion bank, and like Times Bank, it didn’t do quite good as well. In the year 1999 HDFC bank acquired both Times bank and Centurion bank.
2. Name – a fascinating fact to know
Deepak Parekh, the founder of HDFC limited, initially planned to name this bank as ‘Bank of Bombay’ because it was the only bank amongst other 10 banks, who took birth in that year, to set up their headquarter in the city of Bombay (Mumbai now). But controversy was triggered because its contemporary banks like ICICI and IDBI bank took their name from their parent institution and as a result of that HDFC had to keep its name according to its parent institution as well.
3. Parent and Child- no royalty taken
It is a fascinating fact that HDFC ltd., doesn’t take any royalty from HDFC bank for using their name but it can ask HDFC bank to change its name if their share market value drops beneath a threshold level. Deepak Parekh, the chairman of HDFC Ltd is not a board member of HDFC bank, but he gets a special invitation from the bank as a ‘special invitee’ in most of their board meetings.
4. The first customer
Do you know who the first corporate customer of this bank was? Siemens was the first corporate company to borrow from this bank. Even before the bank got its banking license, it got many corporate borrowers. At that time, they lent money to the corporate customers as ‘inter-corporate deposits’. D.B. Remedios of Thane was the first individual borrower who borrowed Rs 35000 to build a house.
HDFC Bank is one of the biggest banks in India with a massive number of employees, and 17.80% are women amongst them. They have multiple customer services like traveller’s cheques, foreign currency cash, mutual fund and many more. So, to know some facts about your favourite bank, go through the above-written article.