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Posts Tagged ‘Housing Development Finance Corp’

The Housing Development Finance Corporation Limited (HDFC) was amongst the first to receive an ‘in principle’ approval from the Reserve Bank of India (RBI) to set up a bank in the private sector, as part of the RBI’s liberalisation of the Indian Banking Industry in 1994. The bank was incorporated in August 1994 in the name of ‘HDFC Bank Limited’, with its registered office in Mumbai, India. HDFC Bank commenced operations as a Scheduled Commercial Bank in January 1995.

HDFC Bank began operations in 1995 with a simple mission: to be a “World-class Indian Bank”. We realised that only a single-minded focus on product quality and service excellence would help us get there. Today, we are proud to say that we are well on our way towards that goal.


Major corporate events (Milestone)
Year Events

1977 Incorporated on 17 October
1980 International Finance Corporation [IFC(W)] under its Investment Agreement with HDFC disburses the first instalment of US$ 1m from the US$ 4m line of credit
1987 HDFC’s first equity rights issue
1990 HDFC is awarded the United Nations Scroll of Honour for “…innovations in public-private partnerships to mobilise household savings and to expand access to families to market oriented housing finance and services…”
1993 JV with General Electric Capital Corporation (GE Capital)
1995 Enters into a strategic alliance with NatWest Markets (UK) to establish HDFC Bank in a joint venture with IL&FS and Colliers Jardine Asia Pacific
1999 HDFC receives the IMC Ramkrishna Bajaj National Trophy for Business Excellence – the first company to receive this award in the services category
2000 HDFC Standard Life Insurance Company is the first private insurer in India to obtain Insurance Regulatory and Development Authority (IRDA) registration
2000 Acquires Hometrust Housing Finance Company Limited. GRUH becomes a subsidiary
2000 Enters into a JV with TCS to promote Intelenet Global Services for IT-enabled services
2002 Starts a joint venture with Chubb Corporation, US to promote HDFC-Chubb General Insurance Company Ltd for non-life insurance
2003 HDFC is awarded the ICSI award for Excellence in Corporate Governance
2005 HDFC wins the Economic Times Corporate Citizen of the year award for its longstanding commitment to community development
2005 HDFC and Barclays sign long-term BPO contract. Barclays holds a 50% stake in Intelenet, HDFC holds 50%
2006 HDFC crosses the Rs1,000bn in home loans