Largest Bank in India by market capitalisation 2023-24: HDFC Bank
The Housing Development Finance Corporation Limited, HDFC Ltd, was among the pioneering financial institutions in India to receive preliminary approval from the Reserve Bank of India (RBI) for establishing a private sector bank. This step was taken in line with RBI's policy to liberalize the Indian banking sector in 1994.
HDFC Bank was officially incorporated in August 1994 under the name HDFC Bank Limited, with its registered headquarters situated in Mumbai, India. It initiated its operations as a Scheduled Commercial Bank in January 1995.
On April 4, 2022, an announcement was made regarding the merger of HDFC Limited, India's largest Housing Finance Company, with HDFC Bank, the largest private sector bank in India. Over the past 45 years, HDFC Ltd has curated an exceptional range of products, establishing itself as a leader in the housing finance industry. HDFC Bank seamlessly integrates the provision of home loans into its extensive product portfolio, catering to urban, semi-urban, and rural India.
As of September 30, 2023, the Bank's vast distribution network encompasses 7,945 branches and 20,596 ATMs/Cash Recycler Machines for cash deposit and withdrawal, serving 3,836 cities and towns. Additionally, HDFC Ltd.'s distribution network, which includes 737 outlets, including 214 offices of HDFC Sales Private Limited, has been amalgamated into the Bank's network. Furthermore, the Bank extends its international presence with branches in four countries and three representative offices in Dubai, London, and Singapore, where it offers Home Loan products to Non-Resident Indians and Persons of Indian Origin.
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