HDFC Full Form: Know All About HDFC Here!

By Amrit Gouda|Updated : September 14th, 2021

HDFC Full Form: The full form of HDFC is Housing Development Finance Corporation. This financial corporation plays a role in providing housing loans to people who fall under the economic category of low to middle-class. It plays a vital role in increasing the homeownership rate in India. This strategic financing corporation has its headquarters located in Mumbai. Because of its popularity and trustworthiness, HDFC is considered the largest private sector lender in India. Although it is primarily known for commercial banking. HDFC also is involved in investment banking.

Table of Content

History Of HDFC

HDFC was established in 1977. It was initially started as a public limited company by the industrial credit and investment corporation of India. RBI, for the first time, provided an in-principle approval when it became a private sector bank. HDFC received its Certificate of Business in 1994 from the Reserve Bank of India. In 1995, along with providing about 70 No. of shares to the Memorandum & Articles of Association subscribers, it also offered 500,00,000 equity shares to HDFC promoters.

 The first branch of HDFC was established at Churchgate, Mumbai in the same year. One of the primary features adding to its success is its state-of-art software. It also has an amazing dealing room which was started in 1996 to handle all transactions in the Indian financial market. Among all the nine new generation private banks, HDFC is one to set up ATMs across the country.

 Chennai was the first branch as a part of its South India expansion. Over time, HDFC has grown so much that it has partnered strategically with about 10 banks overseas. This partnership will help in the effective interest rates and faster currency swaps. In 1998, HDFC launched its first bank debit card. The clearing bank of HDFC in 1998 was the Ahmedabad Stock Exchange. HFCS has also signed an alliance with other stock institutions, like the National Stock Exchange and Bombay Stock Exchange.

Services By HDFC

HDFC provides a variety of services. We have listed the most common ones below.

  • HDFC provides three types of home loan services with interest rates that are not too high.
  • With low processing fees, customers are allowed to get a personal loan and other pre-approved loans faster.
  • It also allows digital payment options from UPI payment and Whatsapp Banking.
  • Using an HDFC account, you can make deposits.
  • Supply of other financial products that are required in retail banking.
  • In wholesale banking, HDFC offers transactional and commercial banking services. They include the financing of capital trade services, cash management, etc.
  • Along with paying attention to foreign exchange, local currency money market, HDFC is involved in other treasury services.

 If you are trying to get a loan or are preparing for a banking examination, along with knowing the full form of HDFC, it is important to know about its other details.

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FAQs

  • The CEO of HDFC bank since October 2020 is Sashidhar Jagdishan. The Reserve Bank of India approved his appointment in 2020. He is also the managing director of HDFC. 

  • The first customer of HDFC bank was Siemens and its first individual borrower was someone from Thane, who borrowed about Rs.35,000 to build a house. As of March 21, 2021, HDFC has over 6.18 crore customers.

  • The requirements for an HDFC post include any professional degree with a minimum experience of 2 years in the field of customer service. Senior executives in banking or financial services are preferred for this role.

  • To apply for a job at HDFC, one can upload the resume on their website after signing up. The candidate will also be asked to enter other details. For activating the profile, they will also be asked to enter the OTP. After applying, to track the status, the candidate can view it under “MyJobs” on the website.

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