NYSE : HDB (ADS) BSE SENSEX constituent NSE NIFTY 50 constituent Rajiv Kumar (Part-time Chairman) Sashidhar Jagdishan (MD & CEO) Consumer banking Commercial banking Investment banking Private banking Investment management Asset management Wealth management Stockbroking [ 2 ] 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 . [ 8 ] It is India's largest private sector bank by assets and market capitalisation. [ 9 ] In 2025 HDFC became the 10th largest bank in the world by market capitalisation. [ 10 ] As of 2026, HDFC is the first out of the 10 most valuable banks in India. [ 11 ] 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 ”. [ 12 ] [ 13 ] As of April 2026, HDFC Bank has a market capitalization of $137.15 billion. [ 14 ] 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 . [ 15 ] 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 . [ 16 ] [ 17 ] 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. [ 18 ] [ 19 ] Aditya Puri was appointed as its first managing director to lead the newly formed institution. [ 20 ] The bank commenced operations in January 1995, with its registered office in Mumbai . [ 21 ] Its first corporate office and a full-service branch at Sandoz House, Worli , was inaugurated by the then Union Finance Minister , Manmohan Singh . [ 22 ] In July 2001, HDFC Bank's ADS listed on the New York Stock Exchange after an IPO . [ 23 ] 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. [ 24 ] 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 . [ 25 ] HDFC Ltd–HDFC Bank merger On 4 April 2022, HDFC Ltd announced it would merge with HDFC Bank, marking India's largest-ever M&A deal . [ 26 ] [ 27 ] 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. [ 28 ] On 1 July 2023, the merger of HDFC Ltd with HDFC Bank was completed. [ 29 ] [ 30 ] 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. [ 31 ] [ 32 ] The combined entity had a customer base of 12 crore (120 million), surpassing the population of Germany in size. [ 33 ] 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. [ 34 ] The number of branches increased to 8,300. [ 35 ] Shares of HDFC Ltd were delisted and shareholders were allotted 42 shares of HDFC Bank for every 25 shares of HDFC Ltd held, [ 36 ] leading to an increase in the equity capital of HDFC Bank. [ 37 ] By March 2025, this bank reported a 5.4% increase in year-on-year (YoY) surge in its advances to ₹28.2 lakh crore. [ 38 ] 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. [ 39 ] Post the merger, the bank was able to keep a healthy growth, all while maintaining asset quality. [ 40 ] 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%. [ 41 ] 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. [ 42 ] HDFC Bank is the sole private bank operating in the union territory of Lakshadweep after opening a branch in Kavaratti island. [ 43 ] 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. [ 42 ] 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. [ 44 ] 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. [ 45 ] 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. [ 46 ] 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. [ 47 ] 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. [ 48 ] Subsidiaries and associates Notable subsidiaries and associate companies of HDFC Bank include: 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 . [ 56 ] 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. [ 57 ] [ 58 ] 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. [ 60 ] [ 61 ] 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 . [ 62 ] A HDFC Bank manager was arrested on charges of fraud, involving a sum of ₹59,41,000 in Odisha . [ 63 ] 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. [ 64 ] On 27 May 2021, RBI imposed a penalty of ₹ 10 crore (US$1.35 million) 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 . [ 65 ] 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. [ 66 ] 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. [ 67 ] [ 68 ] [ 69 ] 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. [ 70 ] 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 [ 71 ] , leading to an internal probe, staff dismissals, and the March 2026 resignation of chairman Atanu Chakraborty over “values and ethics.” [ 72 ] In August 2026, a securities fraud class action law suit was filed against HDFC Bank in a New York federal court, alleging that the bank failed to disclose material information regarding its internal controls and credit quality. The lawsuit named managing director and CEO Sashidhar Jagdishan and CFO Srinivasan Vaidyanathan as a co-defendants. [ 73 ] Banking in India List of banks in India List of companies of India ↑ "Who We Are – Overview of Our Mission & Values | HDFC Bank" . www.hdfc.bank.in . Retrieved 17 December 2025 . ↑ Com, Moneycontrol. "Balance Sheet of HDFC Bank" . moneycontrol. Archived from the original on 4 April 2020 . Retrieved 7 January 2016 . ↑ "HDFC Bank headcount declines" . Business Standard . Retrieved 23 April 2025 . ↑ Securities, HDFC. "About Us" . hdfcsec.com . Archived from the original on 11 January 2021 . Retrieved 9 December 2020 . ↑ "How HDB Financial Services Can Add To HDFC Bank's Long Rally" . Moneycontrol . Archived from the original on 26 April 2021 . Retrieved 26 April 2021 . ↑ "Financial Results Q4FY25" (PDF) . HDFC Bank . Retrieved 11 December 2025 . ↑ "Q4FY25 Earnings Presentation" (PDF) . HDFC Bank. 19 April 2025 . Retrieved 11 December 2025 . ↑ "HDFC Bank Milestones 1995–2023" (PDF) . Retrieved 15 August 2026 . ↑ "Top companies in India by total assets" . Moneycontrol . Retrieved 10 January 2025 . ↑ "Top 10 largest banks in the world by market cap (2025): Indian bank in the global 10" . The Indian Express . 2 May 2025 . Retrieved 23 October 2025 . ↑ "Top 10 most valuable banks in India in 2026: SBI overtakes ICICI Bank in market cap to become #2, check who is #1" . The Indian Express . 11 April 2026 . Retrieved 14 July 2026 . ↑ "RBI releases 2022 list of Domestic Systemically Important Banks (D-SIBs)" . rbi.org.in . RBI. 2 January 2023 . Retrieved 6 December 2023 . 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. ↑ "RBI releases Domestic Systemically Important Banks (D-SIBs) of 2022" . Livemint . New Delhi. 2 January 2023 . Retrieved 6 December 2023 . ↑ "Top 10 most valuable banks in India in 2026: SBI overtakes ICICI Bank in market cap to become #2, check who is #1" . The Indian Express . 11 April 2026 . Retrieved 14 July 2026 . ↑ "Largest bank by Market capitalization" . MoneyControl . Archived from the original on 6 June 2021 . Retrieved 1 October 2014 . ↑ "Financial Results (Indian GAAP) for the Quarter and Year Ended March 31, 2023" (PDF) . hdfcbank.com . HDFC Bank. 31 March 2023. p. 4 . Retrieved 16 November 2023 . ↑ "HDFC Bank: Number of Employees 2006–2021 | HDB" . macrotrends.net . Archived from the original on 22 May 2021 . Retrieved 22 May 2021 . ↑ "About HDFC Bank" . hdfcbank.com . HDFC Bank . Retrieved 6 December 2023 . ↑ "HDFC Bank Ltd" (PDF) . careratings.com . CARE Ratings. 2 May 2023 . Retrieved 6 December 2023 . 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. ↑ Bhattacharya, Tamal (26 October 2020). "The Making of HDFC Bank: Aditya Puri and the Legacy" . Business Standard . Retrieved 2 July 2026 . ↑ "HDFC Bank: Reports, Company History, Directors Report, Chairman's Speech, Auditors Report of HDFC Bank" . profit.ndtv.com . Archived from the original on 9 July 2016 . Retrieved 16 July 2016 . ↑ "HDFC Bank to shift HQ from where it had started its operations 25 years ago" . Business Standard . Retrieved 20 April 2026 . ↑ "HDFC Bank prices ADS at $13.83: Reuters" . Rediff.com . Retrieved 8 May 2024 . ↑ "HDFC Bank buys Centurion in India's biggest financial sector buyout" . The New York Times . 4 December 2008 . Retrieved 8 May 2024 . ↑ "Kotak Mahindra Bank, HDFC Bank To Acquire 9.99% Each In Ferbine" . Moneycontrol . 26 February 2021. Archived from the original on 14 April 2021 . Retrieved 4 March 2021 . ↑ "HDFC HDFC Bank Merger: HDFC to merge with HDFC Bank in India's biggest-ever M&A | " . The Times of India . 5 April 2022. ↑ Singh, Preeti; Patil, Divya (30 June 2023). "Bank Giant Bigger Than Morgan Stanley Arises From India Merger" . Bloomberg.com . ↑ Kulkarni, Sneha (3 July 2023). "What is the HDFC Bank-HDFC merger date" . The Economic Times . ISSN 0013-0389 . Retrieved 4 July 2023 . ↑ "HDFC Bank completes merger with HDFC after final board approval" . The Economic Times. 1 July 2023 . Retrieved 27 December 2023 . ↑ Mishra, Lalatendu (1 July 2023). "HDFC Bank completes merger formalities, rebrands HDFC Ltd. offices, branches" . The Hindu . Retrieved 27 December 2023 . ↑ "HDFC Ltd-HDFC Bank merger: Behind Sashi Jagdishan's big plans for HDFC Bank" . Business Today. 20 July 2023 . Retrieved 27 December 2023 . ↑ Mascarenhas, Rajesh (18 July 2023). "HDFC Bank becomes world's 7th largest lender post merger" . The Economic Times . Retrieved 27 December 2023 . ↑ "Bank giant bigger than Morgan Stanley arises from HDFC Bank, HDFC Ltd merger" . The Times of India . 30 June 2023 . Retrieved 27 December 2023 . ↑ "Spotlight on HDFC Ltd and HDFC Bank Merger !" . CNBCTV18. 3 July 2023 . Retrieved 27 December 2023 . ↑ "HDFC Ltd and HDFC Bank complete their merger today: Take a look at what's happened so far" . Zee Business. 1 July 2023 . Retrieved 27 December 2023 . ↑ "HDFC-HDFC Bank merger likely to be effective July 1, HDFC to be delisted on July 13: Deepak Parekh" . Business Today. 27 June 2023 . Retrieved 27 December 2023 . ↑ Jacob, Charmaine; Tan, Joanna (3 July 2023). "India's HDFC Bank completes $40 billion takeover of the country's largest mortgage lender. Here's what it means" . CNBC . Retrieved 15 August 2026 . ↑ "HDFC Bank confident of growing advances on par with industry in 2025-26 fiscal year" . upstox.com . Retrieved 14 July 2026 . ↑ "HDFC Bank confident of growing advances on par with industry in 2025-26 fiscal year" . upstox.com . Retrieved 14 July 2026 . ↑ "HDFC Bank confident of growing advances on par with industry in 2025-26 fiscal year" . upstox.com . Retrieved 14 July 2026 . ↑ "HDFC Bank confident of growing advances on par with industry in 2025-26 fiscal year" . upstox.com . Retrieved 14 July 2026 . 1 2 "Who We Are – Overview of Our Mission & Values" . HDFC Bank . Retrieved 15 August 2026 . ↑ "Sole Private Bank Operator in UT Lakshdweep" . The Indian Express . 10 April 2024 . Retrieved 12 April 2024 . ↑ Goel, Sheetal (13 July 2026). "HDFC Bank trims workforce by over 3,300 in FY26, says tech will elevate, not replace people | Company Business News" . mint . Retrieved 14 July 2026 . ↑ Goel, Sheetal (13 July 2026). "HDFC Bank trims workforce by over 3,300 in FY26, says tech will elevate, not replace people | Company Business News" . mint . Retrieved 14 July 2026 . ↑ www.ETBFSI.com. "HDFC Bank cuts non supervisory workforce by over 8,000 in FY26, ramps up management hiring" . ETBFSI.com . Retrieved 14 July 2026 . ↑ Goel, Sheetal (13 July 2026). "HDFC Bank trims workforce by over 3,300 in FY26, says tech will elevate, not replace people | Company Business News" . mint . Retrieved 14 July 2026 . ↑ www.ETBFSI.com. "HDFC Bank cuts non supervisory workforce by over 8,000 in FY26, ramps up management hiring" . ETBFSI.com . Retrieved 14 July 2026 . ↑ "HDFC Life Insurance Company Limited" . ICRA . Retrieved 8 May 2024 . ↑ "HDFC ERGO General Insurance Company Limited" (PDF) . CARE Ratings . Retrieved 8 May 2024 . ↑ "HDFC Asset Management Company Limited" . MarketScreener . Retrieved 8 May 2024 . ↑ "HDFC Securities Limited" (PDF) . CARE Ratings . Retrieved 8 May 2024 . ↑ "HDB Financial Services Limited" . CRISIL . Retrieved 8 May 2024 . ↑ "HDFC divests 10% stake in HDFC Capital Advisors to ADIA for Rs 184 cr" . Business Standard . Retrieved 8 May 2024 . ↑ "HDFC Bank completes Rs 9,553 cr stake sale in education unit HDFC Credila" . Business Standard . Retrieved 8 May 2024 . ↑ "HDFC bank: Information about American Depository Receipt" . hdfc bank . Archived from the original on 22 October 2021 . Retrieved 22 October 2021 . ↑ "HDFC Bank's Global Expansion" . Bru Times News . ↑ Written at New Delhi. "HDFC Bank terminates, de-lists GDRs from Luxembourg Stock Exchange" . The hindu Business line . New delhi. 16 July 2019. Archived from the original on 22 October 2021 . Retrieved 22 October 2021 . ↑ "HDFC Bank shareholdings: Find HDFC Bank Shareholding Pattern and Ownership" . www.livemint.com . Retrieved 14 July 2026 . ↑ "RBI asks HDFC Bank to halt issue of new credit cards, planned activities under Digital 2.0" . Moneycontrol . 3 December 2020. Archived from the original on 7 December 2020 . Retrieved 11 February 2022 . ↑ "Explained: Why RBI has asked HDFC Bank to stop digital launches, new credit card sourcing" . The Indian Express . 8 December 2020. Archived from the original on 8 December 2020 . Retrieved 8 December 2020 . ↑ "RBI imposes penalty on HDFC bank" . rbi.org.in . Archived from the original on 30 January 2020 . Retrieved 29 January 2020 . ↑ "A HDFC bank manager arrested for Rs 59.41 lakh fraud in Odisha" . The New Indian Express . Archived from the original on 5 October 2019 . Retrieved 16 August 2019 . ↑ Das, Saikat. "Altico and Mashreq approach RBI against HDFC Bank" . The Economic Times . Archived from the original on 12 October 2019 . Retrieved 13 October 2019 . ↑ "Reserve Bank of India imposes Rs 10 crore penalty on HDFC Bank" . The indian express . Archived from the original on 23 October 2021 . Retrieved 23 October 2021 . ↑ "HDB Financial Services flags data breach at service provider" . The Economic Times . 7 March 2023. ISSN 0013-0389 . Retrieved 27 June 2023 . ↑ Mishra, Lalatendu (7 June 2025). "HDFC Bank denies allegations against MD & CEO Jagdishan, says recalcitrant defaulters at work to thwart recovery" . The Hindu . ISSN 0971-751X . Retrieved 9 June 2025 . ↑ "HDFC Bank rubbishes Lilavati Trust's allegations against MD & CEO Sashidhar Jagdishan - know charges here" . ET Now . 9 June 2025 . Retrieved 9 June 2025 . ↑ "Who is Sasidhar Jagdishan, MD and CEO of HDFC Bank named in Lilavti Trust FIR?" . The Economic Times . 9 June 2025. ISSN 0013-0389 . Retrieved 9 June 2025 . ↑ "NRIs accuse HDFC Bank officials of fraud, allege misuse of Rs 25-30 crore funds to pay for AT-1 bonds: Report" . The Financial Express . 12 July 2025 . Retrieved 18 April 2026 . ↑ "HDFC Bank barred from onboarding new clients in Dubai branch by local regulator" . The Hindu . 27 September 2025. ISSN 0971-751X . Retrieved 18 April 2026 . ↑ Raghavan, Ranjani (20 March 2026). "HDFC Bank: What exactly was it? Atanu Chakrabarty's shock exit baffles global investors" . The Economic Times . ISSN 0013-0389 . Retrieved 18 April 2026 . ↑ "Why Is HDFC Bank Facing A US Lawsuit? The ₹45 Cr MSRDC Payment Row Explained" . Outlook Business . 27 August 2026 . Retrieved 8 September 2026 . Further reading Bandyopadhyay, Tamal (2013). A Bank for the Buck . Jaico Publishing House. p. 344. ISBN 978-81-8495-396-1 . Bandyopadhyay, Tamal (2019). HDFC Bank 2.0: From Dawn to Digital . Jaico Publishing House. ISBN 978-93-88423-35-9 . Agarwal, Shilpa; Malik, Priyanka; Gautam, Shalini (9 February 2024). "Analysis of financial performance with regard to digital payment: a case of HDFC bank" . International Journal of System Assurance Engineering and Management . 15 (6). Springer Nature : 2085– 2096. doi : 10.1007/s13198-023-02201-x . Devi, Pooja; Chauhan, Riya; Jain, Ruchi (14 February 2025). "An Application of Fintech is Revolutionary in Indian Banking Sector: W.R.T. To HDFC Bank". 2025 International Conference on Intelligent Control, Computing and Communications (IC3) . pp. 59– 62. doi : 10.1109/IC363308.2025.10957709 . ISBN 979-8-3315-2749-5 – via IEEE . 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