HDFC Bank Limited is an Indian banking and financial services company, headquartered in Mumbai. It is India's largest private sector bank by assets and the world's tenth-largest bank by market capitalization as of May 2024.[9][10]

The Reserve Bank of India (RBI) has identified the HDFC Bank, State Bank of India, and ICICI Bank as Domestic Systemically Important Banks (D-SIBs), which are often referred to as banks that are “too big to fail”.[11][12]

As of April 2024, HDFC Bank has a market capitalization of $145 billion making it the third-largest company on the Indian stock exchanges.[13] It is also the sixteenth largest employer in India with over 173,000 employees, following its takeover of parent company Housing Development Finance Corporation.[14][15]

History
HDFC Bank was incorporated in 1994 as a subsidiary of HDFC Ltd, which received an 'in principle' approval from the RBI to set up a bank in the Private Sector as part of its liberalization of the Indian banking industry.[16][17] The bank commenced operations in January 1995, with its registered office in Mumbai.[18] Its first corporate office and a full-service branch at Sandoz House, Worli, was inaugurated by the then Union Finance Minister, Manmohan Singh.[citation needed]

In February 2000, Times Bank merged with HDFC Bank, which was India's first-ever voluntary merger of banks.[19] Times Bank was established by India's largest media conglomerate, The Times Group.[20]

In July 2001, HDFC Bank's ADS listed on the New York Stock Exchange after an IPO.[21]

In 2008, HDFC Bank acquired the Centurion Bank of Punjab (CBoP) for ₹9,510 crore (US$2.19 billion) in a share-swap deal, reportedly the largest acquisition in the Indian financial sector at the time.

In 2021, the bank acquired a 9.99% stake in Fibrine, an entity promoted by Tata Group, to operate a pan-India umbrella entity for retail payment systems, similar to the National Payments Corporation of India.[23]