Company:HDFC Bank

From HandWiki
HDFC Bank Limited
TypePublic
ISIN[https://handwiki.org/wiki/index.php?title=Toollabs:isin/&language=en&isin=INE040A01034 INE040A01034]
IndustryBanking
Financial services
Founded16 January 1995; 31 years ago (1995-01-16)
FounderHDFC Ltd
(under the leadership of Deepak Parekh)
Headquarters
Mumbai, Maharashtra
,
India
Number of locations
9,689 branches
21,417 ATMs[1]
Area served
India
Key people
  • Rajiv Kumar
    (Part-time Chairman)
  • Sashidhar Jagdishan
    (MD & CEO)
Products
RevenueIncrease ₹4.95 lakh crore (US$69 billion) (2026)
Increase ₹102,141 crore (US$14 billion) (2026)
Increase ₹76,026 crore (US$11 billion) (2026)
Total assetsIncrease ₹49.08 lakh crore (US$690 billion) (2026)
Total equityIncrease ₹5.79 lakh crore (US$81 billion) (2026)
Website{{{1}}}
Footnotes / references
Financials as of 31 March 2025.[3][4]

HDFC Bank Limited is an Indian banking and financial services company headquartered in Mumbai. Incorporated in August 1994, it officially commenced operations in January 1995 upon receiving its banking license from Reserve Bank of India.[7] It is India's largest private sector bank by assets and market capitalisation.[8] In 2025 HDFC became the 10th largest bank in the world by market capitalisation.[9] As of 2026, HDFC is the first out of the 10 most valuable banks in India.[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]

HDFC Bank at EXCON 2025, BIEC

As of April 2026, HDFC Bank has a market capitalization of $137.15 billion.[13] And as of April 2024, HDFC Bank has a market capitalization of $145 billion making it the third-largest company on the Indian stock exchanges.[14] In 2023, it was the sixteenth largest employer in India with over 173,000 employees, after its takeover of parent company Housing Development Finance Corporation.[15][16]

History

HDFC Bank was incorporated in 1994 as a subsidiary of HDFC Ltd, under the leadership of Deepak Parekh, nephew of HDFC Ltd's founder H.T Parekh. the parent company. which received an 'in principle' approval from the RBI to set up a bank in the Private Sector as part of its liberalisation of the Indian banking industry.[17][18] Aditya Puri was appointed as its first managing director to lead the newly formed institution.[19] The bank commenced operations in January 1995, with its registered office in Mumbai.[20] Its first corporate office and a full-service branch at Sandoz House, Worli, was inaugurated by the then Union Finance Minister, Manmohan Singh.[21]

In 1999, HDFC Bank merged with Times Bank, marking the first friendly merger and share-swap deal in the Indian banking sector.[7]

In 2000, HDFC Bank became the first bank in India to introduce mobile banking, offering SMS-based services for account management and transaction requests.[7]

In July 2001, HDFC Bank's ADS listed on the New York Stock Exchange after an IPO.[22]

In 2008, HDFC Bank acquired the Centurion Bank of Punjab (CBoP) for ₹9,510 crore (Template:INRConvert/HistoricalRate/Formatted) in a share-swap deal, reportedly the largest acquisition in the Indian financial sector at the time.[23]

In 2015, as part of its "Go Digital" campaign HDFC Bank introduced the digital payment solutions PayZapp and Chillr to facilitate mobile payments, transfers, and shopping.[7]

In August 2017, the bank set up an in-house Digital Command centre (DCC) to track customer interaction and brand sentiment across social media platforms.[7]

In October 2020, Sashidhar Jagdishan was appointed as Managing Director and CEO of HDFC Bank for a three-year term following RBI approval.[7]

In 2021, the bank acquired a 9.99% stake in Ferbine, 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.[24]

In December 2021, HDFC Bank partnered with Indian Post Payments Bank to distribute banking services across rural and semi-urban location.[7]

In 2021, HDFC Bank entered into a partnership with Paytm to issue co-branded Visa credit cards for retail customers and business merchants.[7]

In 2022, HDFC Bank provided financing for a 550-tonne per-day municipal waste to biogas plant in Indore, operated by Indore Clean Energy.[7]

Following approval from the Reserve Bank of India on 19 April 2023, HDFC Bank appointed Kaizad Bharucha as Deputy Managing Director and Bhavesh Zaveri as Executive Director, both serving three-year terms.[7]

HDFC Ltd–HDFC Bank merger

On 4 April 2022, HDFC Ltd announced that it would merge with HDFC Bank, marking India's largest-ever M&A deal.[25][26] 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.[27]

On 1 July 2023, the merger of HDFC Ltd with HDFC Bank was completed.[28][29] Consequently, HDFC Bank had a market capitalisation of $154 billion, becoming the seventh most valuable bank in the world. HDFC Bank also became one of the world's top 100 banking companies by total assets.[30][31]

The combined entity had a customer base of 12 crore (120 million), surpassing the population of Germany in size.[32] The merger resulted in a substantial increase in bank headcount, with the workforce totaling 1.77 lakh (177k) employees. The merged entity became the second-largest bank in India, trailing only the State Bank of India in terms of assets.[33] The number of branches increased to 8,300.[34]

Shares of HDFC Ltd were delisted and shareholders were allotted 42 shares of HDFC Bank for every 25 shares of HDFC Ltd held,[35] leading to an increase in the equity capital of HDFC Bank.[36]

By March 2025, this bank reported a 5.4% increase in year-on-year (YoY) surge in its advances to ₹28.2 lakh crore.[37] During this time period (of FY25), the bank reflected the results of the first full year of operation since the merger on July 1, 2023. [38] Post the merger, the bank was able to keep a healthy growth, all while maintaining asset quality. [39] A net profit of ₹67,347.4 during the March FY25 quarter, increasing YoY by 10.7% and the net interest income grew by 13%. [40]

Operations

A branch of HDFC Bank in Hyderabad

As of June 30,2026, HDFC Bank's distribution network included 9,694 branches and 20,958 ATMs (cash recyclers; cash deposit and withdrawal) spread throughout 4,175 cities and villages.[41]

HDFC Bank is the sole private bank operating in the union territory of Lakshadweep after opening a branch in Kavaratti island.[42]

The Bank's international operations comprises five branches, located in Bahrain, Dubai, Hong Kong and Singapore and an IFSC Banking Unit in Gujarat International Finance Tec-City. Additionally, it has four representative offices in Abu Dhabi, Dubai, London and Nairobi respectively.[41]

Employees

During the FY26 quarter, the bank reduced its workforce by 3343 employees. The total workforce of the bank reduced from 2,14,521 to 2,11,178, by March 2026. This mainly targeted non-supervisory roles, and the number of workmen, clerical and subordinate staff reduced from 1,70,950 in FY25 to 1,62,797 in FY26. [43]

The top voices of the bank opined that this was to elevate the experience of banking by combining human experience with technological innovation, by automating operations via technology. By integrating AI with HR digital solutions, the processes will be simplified, self-services will be made prominent, and a seamless employee journey would be ensured. This technology-led transformation was backed by the Managing Director and CEO of the bank, Sashidhar Jagdishan, who opined that the employees must evolve alongside the organisation.[44] The employees were supported for technological upskilling; around 50,631 employees were trained through the bank's GenAI Academy and other AI programmes. Around twenty thousand employees were also trained in Microsoft Copilot training. [45]

Though the total workforce saw a decline, there was an increase in the management roles. Multiple employees were welcomed into senior, middle-management and junior management roles- about a 1000 employees were welcomed into middle-management roles, while junior management roles saw an increase by 3000 employees. [46]

FY26 showed significant changes in diversity metrics as well. 27% of the workforce was women - the representation of women in STEM roles amounted to 27% and the women in management roles occupied 16% of the total roles. [47]

Subsidiaries and associates

Notable subsidiaries and associate companies of HDFC Bank include:

Name Type Ownership stake Ref.
HDFC Life Life insurance 50.37% [48]
HDFC ERGO General insurance 50.48% [49]
HDFC Asset Management Company Mutual funds 52.55% [50]
HDFC Securities Stockbroking 95.48% [51]
HDB Financial Services Consumer finance 94.84% [52]
HDFC Capital Advisors Private equity real estate 90% [53]
HDFC Credila Education finance 9.99% [54]
An HDFC Bank branch located in Dehradun

Listings and shareholding

The equity shares of HDFC Bank are listed on the Bombay Stock Exchange and the National Stock Exchange of India. Its American depositary receipts are listed on the NYSE.[55]

Its global depository receipts (GDRs) were listed on the Luxembourg Stock Exchange but were terminated by the board of directors, following its low trading volume.[56][57]

Largest shareholders (July 2026)[58]
Rank Name of owner Percentage ownership
1 Foreign Portfolio Investors Category I 39.61
2 Mutual Funds 30.62
3 Resident Individuals holding nominal share capital up to Rs. 2 lakhs 10.32
4 Insurance Companies 7.37
5 Provident/Pension Funds 3.02
6 Resident Individuals holding nominal share capital over Rs. 2 lakhs 2.72
7 Foreign Portfolio Investors Category II 2.21
8 Others 4.13
Total 100.00

Controversies

On 2 December 2020, the Reserve Bank of India (RBI) ordered HDFC Bank to temporarily halt the issuance of new credit cards and all planned activities under the bank's Digital 2.0 program, citing incidents of outages in the bank's internet banking, mobile banking and payment utility services.[59][60]

On 29 January 2020, RBI imposed a monetary penalty on HDFC Bank for failure to undertake ongoing due diligence in case of 39 current accounts opened for bidding in the initial public offer.[61]

A HDFC Bank manager was arrested on charges of fraud, involving a sum of ₹59,41,000 in Odisha.[62]

Altico Capital and Dubai's Mashreq Bank have approached RBI, accusing HDFC Bank of violating regulatory provisions by debiting part of the funds the company had raised through external commercial borrowing (ECB) and parked at the bank. They claimed that HDFC bank's decision to transfer money from the account may be a violation of the RBI's end-use rule.[63]

On 27 May 2021, RBI imposed a penalty of ₹10 crore (Template:INRConvert/HistoricalRate/Formatted) on HDFC Bank for deficiencies in regulatory compliances with regard to its auto loan portfolio. The said penalty was imposed with regard to the contraventions of certain provisions of the Banking Regulation Act, 1949.[64]

In March 2023, HDB Financial Services suffered a breach exposing the data of more than 7 crore (70 million) customers, including email addresses, names, dates of birth, phone numbers, genders, post codes and loan information belonging to the customers.[65]

In June 2025, HDFC Bank's Managing Director and CEO, Sashidhar Jagdishan, was named in a First Information Report (FIR) filed by the Lilavati Kirtilal Mehta Medical Trust, which manages Lilavati Hospital in Mumbai. The complaint alleged his involvement in a financial transaction worth ₹2.05 crore, reportedly aimed at pressuring a trustee of the hospital. This action was linked to a long-standing loan recovery dispute involving Splendour Gems Limited, originating from a recovery certificate issued in 2004.[66][67][68]

In 2025–2026, HDFC Bank faced allegations that its Dubai and Bahrain branches missold high-risk Additional Tier-1 (AT1) bonds issued by Credit Suisse to NRI clients as safe, fixed-return products without proper risk disclosure.[69] The bonds were wiped out in March 2023 during Credit Suisse–UBS acquisition, with exposure estimated at $100–120 million. The Dubai Financial Services Authority scrutinised the Dubai branch and barred new clients[70], leading to an internal probe, staff dismissals, and the March 2026 resignation of chairman Atanu Chakraborty over “values and ethics.”[71]

In July 2026, an internal review into deposit pricing arrangements with MSRDC Found instances of "business overreach" without improper intent, leading HDFC Bank's board to issue warning letters and ₹1 lakh penalties to top executives, including MD & CEO Sashidhar Jagdishan.[72]

See also

References

  1. ↑ "Who We Are – Overview of Our Mission & Values | HDFC Bank" (in en-IN). https://www.hdfc.bank.in/about-us/who-we-are. 
  2. ↑ Com, Moneycontrol. "Balance Sheet of HDFC Bank". moneycontrol. http://www.moneycontrol.com/financials/hdfcbank/balance-sheet/HDF01. 
  3. ↑ "Financial Results Q4FY25". HDFC Bank. https://www.hdfc.bank.in/content/dam/hdfcbankpws/in/en/pdf/financial-results/2024-2025/quarter-4/financial-results-for-the-quarter-and-year-ended-March-31-2025.pdf. 
  4. ↑ "Q4FY25 Earnings Presentation". HDFC Bank. 19 April 2025. https://www.hdfcbank.com/content/bbp/repositories/723fb80a-2dde-42a3-9793-7ae1be57c87f/?path=/Footer/About%20Us/About%20Investor%20Relations/pdf/2024/march/Q4FY25-Earnings-Presentation.pdf. 
  5. ↑ Securities, HDFC. "About Us". https://www.hdfcsec.com/article/about-us-1647. 
  6. ↑ "How HDB Financial Services Can Add To HDFC Bank's Long Rally". Moneycontrol. https://www.moneycontrol.com/news/business/moneycontrol-research/how-hdb-financial-services-can-add-to-hdfc-banks-long-rally-3707561.html. 
  7. ↑ 7.00 7.01 7.02 7.03 7.04 7.05 7.06 7.07 7.08 7.09 https://www.hdfc.bank.in/content/dam/hdfcbankpws/in/en/personal-banking/discover-products/about-us/who-we-are/pdfs/milestones.pdf
  8. ↑ "Top companies in India by total assets". Moneycontrol. https://www.moneycontrol.com/stocks/marketinfo/totassets/bse/bank-private.html. 
  9. ↑ "Top 10 largest banks in the world by market cap (2025): Indian bank in the global 10" (in en). 2025-05-02. https://indianexpress.com/article/trending/top-10-listing/top-10-largest-banks-in-the-world-by-market-cap-2025-9978985/. 
  10. ↑ "Top 10 most valuable banks in India in 2026: SBI overtakes ICICI Bank in market cap to become #2, check who is #1" (in en). 2026-04-11. https://indianexpress.com/article/trending/top-10-listing/top-10-most-valuable-banks-in-india-in-2026-10631398/. 
  11. ↑ "RBI releases 2022 list of Domestic Systemically Important Banks (D-SIBs)". RBI. 2 January 2023. https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=54979. "State Bank of India, ICICI Bank, and HDFC Bank continue to be identified as Domestic Systemically Important Banks (D-SIBs), under the same bucketing structure as in the 2021 list of D-SIBs." 
  12. ↑ "RBI releases Domestic Systemically Important Banks (D-SIBs) of 2022". Livemint (New Delhi). 2 January 2023. https://www.livemint.com/news/india/rbi-releases-domestic-systemically-important-banks-d-sibs-of-2021-list-here-11672660568619.html. 
  13. ↑ "Top 10 most valuable banks in India in 2026: SBI overtakes ICICI Bank in market cap to become #2, check who is #1" (in en). 2026-04-11. https://indianexpress.com/article/trending/top-10-listing/top-10-most-valuable-banks-in-india-in-2026-10631398/. 
  14. ↑ "Largest bank by Market capitalization". http://www.moneycontrol.com/stocks/marketinfo/marketcap/bse/banks-private-sector.html. 
  15. ↑ "Financial Results (Indian GAAP) for the Quarter and Year Ended March 31, 2023". HDFC Bank. 31 March 2023. p. 4. https://www.hdfcbank.com/content/bbp/repositories/723fb80a-2dde-42a3-9793-7ae1be57c87f/?path=/Footer/About%20Us/Investor%20Relation/Detail%20PAges/financial%20results/PDFs/2023/Press-Release-March-2023.pdf. 
  16. ↑ "HDFC Bank: Number of Employees 2006–2021 | HDB". https://www.macrotrends.net/stocks/charts/HDB/hdfc-bank/number-of-employees. 
  17. ↑ "About HDFC Bank". HDFC Bank. https://www.hdfcbank.com/personal/about-us/overview/who-we-are. 
  18. ↑ "HDFC Bank Ltd". CARE Ratings. 2 May 2023. https://www.careratings.com/upload/CompanyFiles/PR/202305140546_HDFC_Bank_Ltd.pdf. "The Housing Development Finance Corporation Limited (HDFC) was among the first institutions to receive an 'in principle' approval from RBI to set up a bank in the private sector, as part of the RBI's liberalization of the Indian banking industry in 1994. The bank was incorporated in August 1994 in the name of 'HDFC Bank Limited' (HBL), with its registered office in Mumbai, India." 
  19. ↑ Bhattacharya, Tamal (26 October 2020). "The Making of HDFC Bank: Aditya Puri and the Legacy". Business Standard. https://www.business-standard.com. 
  20. ↑ "HDFC Bank: Reports, Company History, Directors Report, Chairman's Speech, Auditors Report of HDFC Bank". http://profit.ndtv.com/stock/hdfc-bank-ltd_hdfcbank/reports. 
  21. ↑ "HDFC Bank to shift HQ from where it had started its operations 25 years ago". Business Standard. https://www.business-standard.com/article/finance/hdfc-bank-to-shift-hq-from-where-it-had-started-its-operations-25-years-ago-119110601671_1.html. 
  22. ↑ "HDFC Bank prices ADS at $13.83: Reuters". Rediff.com. https://www.rediff.com/money/2001/jul/20hdfc1.htm. 
  23. ↑ "HDFC Bank buys Centurion in India's biggest financial sector buyout". The New York Times. 4 December 2008. https://www.nytimes.com/2008/02/24/business/worldbusiness/24iht-indiabank24.10327786.html. 
  24. ↑ "Kotak Mahindra Bank, HDFC Bank To Acquire 9.99% Each In Ferbine". 26 February 2021. https://www.moneycontrol.com/news/business/markets/kotak-mahindra-bank-hdfc-bank-to-acquire-9-99-each-in-ferbine-private-ltd-6578201.html. 
  25. ↑ "HDFC HDFC Bank Merger: HDFC to merge with HDFC Bank in India's biggest-ever M&A |". 5 April 2022. https://timesofindia.indiatimes.com/business/india-business/hdfc-to-merge-with-hdfc-bank-in-indias-biggest-ever-ma/articleshow/90651390.cms. 
  26. ↑ Singh, Preeti; Patil, Divya (30 June 2023). "Bank Giant Bigger Than Morgan Stanley Arises From India Merger" (in en). Bloomberg.com. https://www.bloomberg.com/news/articles/2023-06-30/india-s-hdfc-vaults-into-ranks-of-world-s-most-valuable-banks?fromMostRead=true&sref=CIpmV6x8. 
  27. ↑ Kulkarni, Sneha (3 July 2023). "What is the HDFC Bank-HDFC merger date". The Economic Times. ISSN 0013-0389. https://economictimes.indiatimes.com/wealth/save/what-is-the-hdfc-bank-hdfc-merger-date/articleshow/101414476.cms. 
  28. ↑ "HDFC Bank completes merger with HDFC after final board approval". The Economic Times. 1 July 2023. https://economictimes.indiatimes.com/industry/banking/finance/banking/hdfc-bank-completes-merger-with-hdfc-after-final-board-approval/articleshow/101402111.cms. 
  29. ↑ Mishra, Lalatendu (1 July 2023). "HDFC Bank completes merger formalities, rebrands HDFC Ltd. offices, branches" (in en-IN). The Hindu. https://www.thehindu.com/business/Industry/hdfc-bank-completes-merger-formalities-rebrands-hdfc-ltd-offices-branches/article67030718.ece. 
  30. ↑ "HDFC Ltd-HDFC Bank merger: Behind Sashi Jagdishan's big plans for HDFC Bank" (in en). Business Today. 20 July 2023. https://www.businesstoday.in/magazine/the-buzz/story/hdfc-ltd-hdfc-bank-merger-behind-sashi-jagdishans-big-plans-for-hdfc-bank-390643-2023-07-20. 
  31. ↑ Mascarenhas, Rajesh (18 July 2023). "HDFC Bank becomes world's 7th largest lender post merger". The Economic Times. https://economictimes.indiatimes.com/markets/stocks/news/hdfc-bank-becomes-worlds-7th-largest-lender-post-merger/articleshow/101840225.cms. 
  32. ↑ "Bank giant bigger than Morgan Stanley arises from HDFC Bank, HDFC Ltd merger". The Times of India. 30 June 2023. https://timesofindia.indiatimes.com/business/india-business/bank-giant-bigger-than-morgan-stanley-arises-from-hdfc-bank-hdfc-ltd-merger/articleshow/101380691.cms?from=mdr. 
  33. ↑ "Spotlight on HDFC Ltd and HDFC Bank Merger !" (in en). CNBCTV18. 3 July 2023. https://www.cnbctv18.com/business/companies/hdfc-ltd-and-hdfc-bank-merger-record-date-ftse-nifty-sensex-msci-mutual-funds-17103621.htm. 
  34. ↑ "HDFC Ltd and HDFC Bank complete their merger today: Take a look at what's happened so far". Zee Business. 1 July 2023. https://www.zeebiz.com/personal-finance/banking/news-hdfc-ltd-completes-its-merger-with-and-hdfc-bank-today-sashidhar-jagdishan-home-loans-nse-bse-242387. 
  35. ↑ "HDFC-HDFC Bank merger likely to be effective July 1, HDFC to be delisted on July 13: Deepak Parekh" (in en). Business Today. 27 June 2023. https://www.businesstoday.in/industry/banks/story/hdfc-hdfc-bank-merger-to-be-effective-july-1-hdfc-to-be-delisted-july-13-deepak-parekh-387245-2023-06-27. 
  36. ↑ Tan, Charmaine Jacob, Joanna (3 July 2023). "India's HDFC Bank completes $40 billion takeover of the country's largest mortgage lender. Here's what it means" (in en). CNBC. https://www.cnbc.com/2023/07/03/indias-hdfc-bank-completes-40-billion-merger-with-mortgage-lender-hdfc.html. 
  37. ↑ "HDFC Bank confident of growing advances on par with industry in 2025-26 fiscal year" (in en). https://upstox.com/news/market-news/stocks/hdfc-bank-confident-of-growing-advances-on-par-with-industry-in-2025-26-fiscal-year/article-178051/. 
  38. ↑ "HDFC Bank confident of growing advances on par with industry in 2025-26 fiscal year" (in en). https://upstox.com/news/market-news/stocks/hdfc-bank-confident-of-growing-advances-on-par-with-industry-in-2025-26-fiscal-year/article-178051/. 
  39. ↑ "HDFC Bank confident of growing advances on par with industry in 2025-26 fiscal year" (in en). https://upstox.com/news/market-news/stocks/hdfc-bank-confident-of-growing-advances-on-par-with-industry-in-2025-26-fiscal-year/article-178051/. 
  40. ↑ "HDFC Bank confident of growing advances on par with industry in 2025-26 fiscal year" (in en). https://upstox.com/news/market-news/stocks/hdfc-bank-confident-of-growing-advances-on-par-with-industry-in-2025-26-fiscal-year/article-178051/. 
  41. ↑ 41.0 41.1 https://www.hdfc.bank.in/about-us/who-we-are
  42. ↑ "Sole Private Bank Operator in UT Lakshdweep". 10 April 2024. https://indianexpress.com/article/business/hdfc-bank-first-private-bank-brach-office-in-lakshadweep-kavaratti-9261984/. 
  43. ↑ Goel, Sheetal (2026-07-13). "HDFC Bank trims workforce by over 3,300 in FY26, says tech will elevate, not replace people | Company Business News" (in en). https://www.livemint.com/companies/people/hdfc-bank-trims-workforce-by-over-3-300-in-fy26-says-tech-will-elevate-not-replace-people-11783920020535.html. 
  44. ↑ Goel, Sheetal (2026-07-13). "HDFC Bank trims workforce by over 3,300 in FY26, says tech will elevate, not replace people | Company Business News" (in en). https://www.livemint.com/companies/people/hdfc-bank-trims-workforce-by-over-3-300-in-fy26-says-tech-will-elevate-not-replace-people-11783920020535.html. 
  45. ↑ www.ETBFSI.com. "HDFC Bank cuts non supervisory workforce by over 8,000 in FY26, ramps up management hiring" (in en). https://bfsi.economictimes.indiatimes.com/articles/hdfc-bank-streamlines-workforce-by-reducing-8000-non-supervisory-jobs-while-increasing-management-roles/132329042. 
  46. ↑ Goel, Sheetal (2026-07-13). "HDFC Bank trims workforce by over 3,300 in FY26, says tech will elevate, not replace people | Company Business News" (in en). https://www.livemint.com/companies/people/hdfc-bank-trims-workforce-by-over-3-300-in-fy26-says-tech-will-elevate-not-replace-people-11783920020535.html. 
  47. ↑ www.ETBFSI.com. "HDFC Bank cuts non supervisory workforce by over 8,000 in FY26, ramps up management hiring" (in en). https://bfsi.economictimes.indiatimes.com/articles/hdfc-bank-streamlines-workforce-by-reducing-8000-non-supervisory-jobs-while-increasing-management-roles/132329042. 
  48. ↑ "HDFC Life Insurance Company Limited". https://www.icra.in/Rationale/ShowRationaleReport/?Id=126945. 
  49. ↑ "HDFC ERGO General Insurance Company Limited". https://www.careratings.com/upload/CompanyFiles/PR/202311121118_HDFC_ERGO_General_Insurance_Company_Limited.pdf. 
  50. ↑ "HDFC Asset Management Company Limited". https://www.marketscreener.com/quote/stock/HDFC-ASSET-MANAGEMENT-COM-45228895/company/. 
  51. ↑ "HDFC Securities Limited". https://www.careratings.com/upload/CompanyFiles/PR/202312131236_HDFC_Securities_Limited.pdf. 
  52. ↑ "HDB Financial Services Limited". https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/HDBFinancialServicesLimited_December%2007,%202023_RR_332383.html. 
  53. ↑ "HDFC divests 10% stake in HDFC Capital Advisors to ADIA for Rs 184 cr". Business Standard. https://www.business-standard.com/article/companies/hdfc-divests-10-stake-in-hdfc-capital-advisors-to-adia-for-rs-184-cr-122052600885_1.html. 
  54. ↑ "HDFC Bank completes Rs 9,553 cr stake sale in education unit HDFC Credila". Business Standard. https://www.business-standard.com/companies/news/hdfc-bank-completes-rs-9-553-cr-stake-sale-in-education-unit-hdfc-credila-124032100231_1.html. 
  55. ↑ "HDFC bank: Information about American Depository Receipt". https://www.hdfcbank.com/personal/about-us/investor-relations/adr. 
  56. ↑ "HDFC Bank's Global Expansion" (in en). https://www.brutimes.com/news/business/hdfc-banks-global-expansion. 
  57. ↑ "HDFC Bank terminates, de-lists GDRs from Luxembourg Stock Exchange". The hindu Business line (New delhi). 16 July 2019. https://www.thehindubusinessline.com/markets/stock-markets/hdfc-bank-terminates-de-lists-its-gdrs-from-luxembourg-stock-exchange/article28468674.ece. 
  58. ↑ "HDFC Bank shareholdings: Find HDFC Bank Shareholding Pattern and Ownership" (in en). https://www.livemint.com/hdfc-bank/share-holdings/companyid-s0003020. 
  59. ↑ "RBI asks HDFC Bank to halt issue of new credit cards, planned activities under Digital 2.0" (in en). 3 December 2020. https://www.moneycontrol.com/news/business/rbi-halts-hdfc-bank-digital-activities-asks-bank-to-stop-sourcing-new-credit-card-customers-after-multiple-digital-failures-6183521.html. 
  60. ↑ "Explained: Why RBI has asked HDFC Bank to stop digital launches, new credit card sourcing" (in en). 8 December 2020. https://indianexpress.com/article/explained/hdfc-bank-rbi-action-explained-7083629/. 
  61. ↑ "RBI imposes penalty on HDFC bank". https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49273. 
  62. ↑ "A HDFC bank manager arrested for Rs 59.41 lakh fraud in Odisha". https://www.newindianexpress.com/states/odisha/2019/sep/16/former-hdfc-bank-manager-arrested-for-rs-5941-lakh-fraud-in-odisha-2034332.html. 
  63. ↑ Das, Saikat. "Altico and Mashreq approach RBI against HDFC Bank". https://economictimes.indiatimes.com/industry/banking/finance/banking/altico-and-mashreq-approach-rbi-against-hdfc-bank/articleshow/71546523.cms. 
  64. ↑ "Reserve Bank of India imposes Rs 10 crore penalty on HDFC Bank". The indian express. https://indianexpress.com/article/business/reserve-bank-imposes-rs-10-crore-penalty-on-hdfc-bank-7335173/. 
  65. ↑ "HDB Financial Services flags data breach at service provider". The Economic Times. 7 March 2023. ISSN 0013-0389. https://economictimes.indiatimes.com/industry/banking/finance/banking/hdb-financial-services-flags-data-breach-at-service-provider/articleshow/98483482.cms. 
  66. ↑ Mishra, Lalatendu (2025-06-07). "HDFC Bank denies allegations against MD & CEO Jagdishan, says recalcitrant defaulters at work to thwart recovery" (in en-IN). The Hindu. ISSN 0971-751X. https://www.thehindu.com/business/Industry/hdfc-bank-denies-allegations-against-md-ceo-jagdishan-says-recalcitrant-defaulters-at-work-to-thwart-recovery/article69669694.ece. 
  67. ↑ "HDFC Bank rubbishes Lilavati Trust's allegations against MD & CEO Sashidhar Jagdishan - know charges here" (in en). 2025-06-09. https://www.etnownews.com/companies/hdfc-bank-rubbishes-lilavati-trusts-allegations-against-md-ceo-sashidhar-jagdishan-know-charges-here-article-151816513. 
  68. ↑ "Who is Sasidhar Jagdishan, MD and CEO of HDFC Bank named in Lilavti Trust FIR?". The Economic Times. 2025-06-09. ISSN 0013-0389. https://economictimes.indiatimes.com/industry/banking/finance/banking/hdfc-bank-shares-who-is-sasidhar-jagdishan-md-and-ceo-of-hdfc-bank-accused-in-lilavti-trust-fir/articleshow/121720349.cms?from=mdr. 
  69. ↑ "NRIs accuse HDFC Bank officials of fraud, allege misuse of Rs 25-30 crore funds to pay for AT-1 bonds: Report" (in en). 2025-07-12. https://www.financialexpress.com/business/banking-finance-nris-accuse-hdfc-bank-officials-of-fraud-allege-misuse-of-rs-25-30-crore-funds-to-pay-for-at-1-bonds-report-3912163/. 
  70. ↑ "HDFC Bank barred from onboarding new clients in Dubai branch by local regulator" (in en-IN). The Hindu. 2025-09-27. ISSN 0971-751X. https://www.thehindu.com/business/Industry/hdfc-bank-barred-from-onboarding-new-clients-in-dubai-branch-by-local-regulator/article70101501.ece. 
  71. ↑ Raghavan, Ranjani (2026-03-20). "HDFC Bank: What exactly was it? Atanu Chakrabarty's shock exit baffles global investors". The Economic Times. ISSN 0013-0389. https://economictimes.indiatimes.com/industry/banking/finance/banking/hdfc-bank-atanu-chakrabarty-resignation-what-exactly-was-it-shock-exit-baffles-global-investors-hdfc-bank-shares-fall/articleshow/129691533.cms?from=mdr. 
  72. ↑ https://www.reuters.com/world/india/indias-hdfc-bank-finds-employees-conduct-deposit-pricing-matter-was-business-2026-07-27/

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