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. It is India's largest private sector bank by assets and market capitalisation. In 2025, HDFC became the 10th largest bank in the world by market capitalisation.
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”.
As of April 2026, HDFC Bank has a market capitalization of $137.15 billion. 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. 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.
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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. Aditya Puri was appointed as its first managing director to lead the newly formed institution. The bank commenced operations in January 1995, with its registered office in Mumbai. Its first corporate office and a full-service branch at Sandoz House, Worli, was inaugurated by the then Union Finance Minister, Manmohan Singh.
In July 2001, HDFC Bank's ADS listed on the New York Stock Exchange after an IPO.
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 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.
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. 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.
On 1 July 2023, the merger of HDFC Ltd with HDFC Bank was completed. 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.
The combined entity had a customer base of 12 crore (120 million), surpassing the population of Germany in size. 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. The number of branches increased to 8,300.
Shares of HDFC Ltd were delisted and shareholders were allotted 42 shares of HDFC Bank for every 25 shares of HDFC Ltd held, leading to an increase in the equity capital of HDFC Bank.
In August 2026, HDFC Bank announced that Managing Director and Chief Executive Officer Sashidhar Jagdishan would retire on October 26, 2026, after deciding not to seek reappointment for a third term. Jagdishan, who had led the bank since 2020 and oversaw its merger with parent company HDFC Ltd in 2023, conveyed his decision to the board on August 29, 2026.
Operations
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.
HDFC Bank is the sole private bank operating in the union territory of Lakshadweep after opening a branch in Kavaratti island.
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.
Employees
The total workforce of the bank was 211,178 in March 2026, a decline of over 3,300 from the previous year, including a reduction of 8,800 non-supervisory employees.
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.
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.
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.
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.
A HDFC Bank manager was arrested on charges of fraud, involving a sum of ₹59,41,000 in Odisha.
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.
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.
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.
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.