project report of gursaran singh
TRANSCRIPT
PREFACEPREFACE
A project report is the very important part of any management programme. It is a
Launch Pad for introducing students to a real-life scenario, which cannot be
simulated in the classroom. It not only enables the student to apply the theoretical
knowledge in a practical scenario but also enables them to learn things beyond
books. This is a period where the students add value to them self and learn
management skills as well as the corporate culture.
Only academic knowledge is not enough for the students, it is also necessary for
them to have a slice of the practical corporate world wherein they can apply their
knowledge and put their skills to a test. This is a first step towards corporate world.
A project report provides an opportunity for students, to satisfy their
inquisitiveness to know more details, exposes them to technical skills, and helps
them to acquire social skills by drawing them into communication with outside
professionals for continuous interaction.
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ACKNOWLEDGEMENTS
It is essential to acknowledge the help received from the people of
various quarters. I find myself at a loss as to how to thank them. These words
are not a formality but a sincere voice of my heart & I owe gratitude to all of
them.
At the onset I would like to thank Mr. Ashish Lahuria. for providing
me a wonderful opportunity to work on this project. Their valuable time and
guidance went a long way in helping to make a quality work out of this
project. I also owe my regards to my Faculty Members, who has helped me in
every possible way to make this project a success.
Last but not the least, I would like to thank all the Faculty members
and Staff members who all helped me in completing my Project successfully.
Gursaran Singh
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INTRODUCTION
COMPANY PROFILE
PRODUCT AND SERVICES
PERFORMANCE APPRAISAL
OBJECTIVE
RESEARCH METHODOLOGY OF THE STUDY
ANALYSIS OF DATA
ANALYSIS AND INTERPRETATION
FINDINGS
CONCLUSION
RECOMMENDATIONS AND SUGGESTIONS
LIMITATIONS OF THE STUDY
BIBLIOGRAPHY
INTRODUCTION
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HDFC started its there operation way back in year 1977 with an aim to provide houses to
individuals. The era between the independence to 1977 no financial institution is providing
detailed house loan. ‘Mr. Ketan Parekh’ formerly founder of HDFC started the company with a
public issue of Rs 7 perunit share. Campaigning the share prices of Rs 570 even in this period of
twenty-seven years can assess the growth of the group. Thrice the market crash only few
companies are able to maintain there growth vis-à-vis. Customer satisfaction, roughly around
twenty one lakhs houses are into the process of repayment of their housing loan to HDFC. HDFC
as a group has diversified themselves into various finance related business including Banking &
Depository Services, Portfolio Management, Credit Information Bureau, Life and General
Insurance, not only making the ship wider but to run it properly and profitability. The aim of this
study is not to understand the working but the inside core of their processes and culture. Now we
will discuss all there core business separately and at last but not the least we go through to
understand there newly ventured Life Insurance business.
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 liberalization 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.
Promoted in 1995 by Housing Development Finance Corporation (HDFC), India'sleading
housing finance company, HDFC Bank is one of India's premier banks providing a wide range
of financial products and services to its over 15 million customers across hundreds of Indian
cities using multiple distribution channels including a pan-India network of branches, ATMs,
phone banking, net banking and mobile banking. Within a relatively short span of time, the
bank has emerged as a leading player in retail banking, wholesale banking, and treasury
operations, its three principal business segments.
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The bank’s competitive strength clearly lies in the use of technology and the ability to
deliver world-class service with rapid response time. Over the last 13 years, the bank has
successfully gained market share in its target customer franchises while maintaining healthy
profitability and asset quality.
As of March 31, 2009, the Bank had a distribution network with 1,412 branches and 3,295
ATMs in 528 cities.
For the quarter ended March 31, 2009, the Bank earned total income of INR 53.65 billion
(Rs.5,365.5crore) as against INR 35.05 billion (Rs.3,505.5crore) in the corresponding period
of the previous year. Net revenues (net interest income plus other income) for the quarter
ended March 31, 2009 were INR 29.66 billion (Rs.2,966.7crore), up by 35.4% over INR 21.91
billion (Rs.2191.4crore) for the quarter ended March 31, 2008. Net Profit for the quarter
ended March 31, 2009 was INR 6.30 billion (Rs.630.9crore), up by 33.9% over the
corresponding quarter ended March 31, 2008.
The Bank’s total balance sheet size increased by 37.6% from INR 1331.77 billion (Rs.
133,177 crore) as of March 31, 2008 to INR 1832.71 billion (Rs.183,271crore) as of March
31, 2009. Total deposits were INR 1428.12 billion (Rs.142,812crore), an increase of 41.7%
from March 31, 2008.
Total income for the year ended March 31, 2009 grew by 58.2% to INR 196.22 billion
(Rs19622.9crore) over the corresponding year ended March 31, 2008. Leading Indian and
international publications have recognized the bank for its performance and quality Helping
Indians experience the joy of home ownership. The road to success is a tough and
challenging journey in the dark where only obstacles light the path. However, success on a
terrain like this is not without a solution.
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As we found out nearly three decades ago, in 1977, the solution for success is customer
satisfaction. All you need is the courage to innovate, the skill to understand your clientele
and the desire to give them your best.
Today, nearly three million satisfied customers whose dream we helped realise, stand
testimony to our success.
Our objective, from the beginning, has been to enhance residential housing stock and
promote home ownership.
Now, our offerings range from hassle-free home loans and deposit products, to property
related services and a training facility.
We also offer specialised financial services to our customer base through partnerships with
some of the best financial institutions worldwide.
COMPANY PROFILEBoard of Directors
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The Composition of the Board of Directors of the Bank is governed by the Companies Act,
1956, the Banking Regulation Act, 1949 and the listing requirements of the Indian Stock
Exchanges where securities issued by the Bank are listed. The Board has strength of 12
Directors as on March 31, 2008. All Directors other than Mr. Aditya Puri, Mr. Harish Engineer
and Mr. Paresh Sukthankar are non-executive directors. The Bank has five independent
directors and six non-independent directors. The Board consists of eminent persons with
considerable professional expertise and experience in banking, finance, agriculture, small
scale industries and other related fields.
None of the Directors on the Board is a member of more than 10 Committees
and Chairman of more than 5 Committees across all the companies in which
he/she is a Director. All the Directors have made necessary disclosures
regarding Committee positions occupied by them in other companies.
- Mr. Jagdish Capoor, Mr. Keki Mistry, Mrs. Renu Karnad, Mr. Aditya Puri, Mr. Harish
Engineer and Mr. Paresh Sukthankar are non-independent Directors on the Board.
- Mr. Arvind Pande, Mr. Ashim Samanta, Mr. Gautam Divan, Mr. C. M. Vasudev and Dr.
Pandit Palande are independent directors on the Board.
- Mr. Keki Mistry and Mrs. Renu Karnad represent HDFC Limited on the Board of the Bank.
- The Bank has not entered into any materially significant transactions during the year,
which could have a potential conflict of interest between the Bank and its promoters,
directors, management and/or their relatives, etc. other than the transactions entered
into in the normal course of business. The Senior Management have made disclosures to
the Board confirming that there are no material, financial and/or commercial transactions
between them and the Bank which could have potential conflict of interest with the Bank
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at large.
Details of the Board of Directors in terms of their directorships/memberships in committees of public companies (excluding HDFC) as on November 20, 2009 are as under.
Dr. J. J. Irani has been appointed as a special director under Articles 125 and 126 of the
Articles of Association of the Corporation w.e.f. January 18, 2008.
* Independent directors have confirmed having met the criteria laid under Clause 49(I)(A)
(iii) of the listing agreements.
** Directorships do not include alternate directorships, directorships of private limited
companies and of companies incorporated outside India.
*** In terms of Clause 49 (I)(C)(ii) of the Listing Agreements, a director shall not become a
member in more than 10 committees or act as Chairman of more than 5 committees across
all public companies in which he is a director. For this purpose only Audit Committee and
Investors' Grievance Committee have been considered.
+ Categorised as an independent director w.e.f. November 14, 2008 pursuant to his
retirement as the Managing Director & Chief Executive Officer of HDFC Standard Life
Insurance Company Limited, a subsidiary of the Corporation.
Excluding the directorships mentioned above, Mr. Deepak S. Parekh is an alternate director
in 4 companies.
Mr. D S Parekh - Chairman Mr. Keshub Mahindra - Vice Chairman Ms. Renu S. Karnad - Executive Director Mr. R V S Rao - Executive Director Mr. K M Mistry - Managing Director
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Mr. D M Sukthankar Mr. D N Ghosh Mr. S Venkitaramanan Dr. Ram S Tarneja Mr. N M Munjee Mr. D M Satwalekar Mr. Shirish B Patel Mr. Bansi S Mehta Dr. S A Dave
HDFC has a staff strength of 1029, which includes professionals from the fields of finance, law, accountancy, engineering and marketing.
HDFC FOUNDER
MAN WITH A MISSION
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Hasmukh bhai Parekh
If ever there was a man with a mission it was Hasmukh bhai Parekh, our Founder and
Chairman-Emeritus, who left this earthly abode on November 18, 1994.
Born in a traditional banking family in Surat, Gujarat, Mr. Parekh started his financial career
at Harkisan dass Lukhmi dass - a leading stock broking firm. The firm closed down in the late
seventies, but, long before that, he went on to become a towering figure on the Indian
financial scene.
In 1956 he began his lifelong financial affair with the economic world, as General Manager of
the newly-formed Industrial Credit and Investment Corporation of India (HDFC). He rose to
become Chairman and continued so till his retirement in 1972.
At the ripe age of 60, Hasmukh bhai started his second dynamic life, even more illustrious
than his first. His vision for mortgage finance for housing, gave birth to the Housing
Development Finance Corporation - it was a trend-setter for housing finance in the whole
Asian continent.
He was a true development banker. His building up HDFC without any government
assistance, is itself a brilliant chapter in financial history. His wisdom and warmth drew
people from all walks of life to him, for advice, guidance and inspiration.
A soft spoken man of few words, Mr. Parekh nevertheless held strong and definite views with
a quiet conviction. He was always concerned with building bridges, improving and
encouraging communication between people.
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He was also a writer in his own right. There are over 200 published articles by him, full of
incisive comments on finance and economics. In 1953 he brought out a volume called: The
Bombay Money Market. It detailed the intricate working of the Indian money market. His
works in Gujarati - Hirane Patro, Hirane Vadhu Patro - occupy pride of place in Gujarati
literature. In 1992, the Government of India honoured him with the Padma Bhushan Award.
The London School of Economics & Political Science conferred on him an Honorary
Fellowship.
But there was much more to the man than his financial genius. In his own unassuming way,
Hasmukhbhai devoted all his life to raising resources for philanthropic causes. He took
active interest in the Bombay Community Public Trust, designed specifically to serve the
needs of the city's underprivileged citizens.
When Mr. Deepak Parekh took over as Chairman from Hasmukhbhai, he said: "Taking over
from H.T. Parekh is a formidable task; his vision. brought about not only an institution, but
an entire concept which has proved itself to be of lasting importance."
In his last years, developments in the financial sector brought him some measure of
satisfaction. Says HDFC Chairman, N. Vaghul: "The most gratifying aspect about his life is
that values he cherished all his life, cameinto reality in the last years. opening up the
financial sector, and deregulation of lending rates were issues he stood for all his life, and
this happened before he passed away."Farewell dear Hasmukhbhai! All of us will miss not
only H.T. Parekh the financial wizard, but much more so, the man. The only and best tribute
we can pay to such an individual is to try and follow in his footsteps, keeping in mind his
high ideals and philanthropic outlook.
HISTORY OF THE ORGANIZATION
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HDFC stands for Housing Development Financial Corporation. It was
incorporate in year 1977 as a public limited company under company’s act
1956 as to commence its business in housing finance, i.e. to provide the
financial services such as loans, etc to the general public in respect to their
requirements. It has grown to be a leader in housing finance. It was the
pioneer in housing finance as well as the first private Sector Company in the
field of housing finance. It is the first private sector retail housing finance
company. It is India’s largest housing finance institution with an asset base
of over Rs.15,000 crore. It has helped finance over 17 lakhs homes through
its 84 branches across India, as well as it has 3 overseas Service Associates
and one International Office. HDFC is listed in both BSE and NSE with a good
price in the market. CRISIL and ICRA have awarded the ‘AAA’ rating, which is
known as the best rating in the business, to HDFC Limited,
for the last six years consecutively. HDFC Limited has over 11 lakh
depositors and over 46,000 deposit agents. Over the years it has won many
awards and accolades, and has promoted several group companies to meet
investors and customers needs.
HDFC currently holds 24.4% of equity in HDFC Bank. Its stock also listed on NYSE in the form
of American Depository Shares. In India HDFC has a network of over 231 branches in 122
cities and over 750 ATMs all over the country. HDFC also provides the various facilities like
phone banking, mobile and internet banking to its is precious customers. It has a customer
base of over 3.2 million accounts. HDFC Bank has its three key business areas i.e. Wholesale
banking, Retail banking, and Treasury operations.
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HDFC hikes stake in HDFC Bank through warrant conversion India’s
largest mortgage financier Housing Development Finance Corporation
(HDFC) has converted warrants issued by HDFC Bank into shares just two
days before these expired. In a notice to the stock exchanges, HDFC Bank on
Monday announced that it had allotted 2,62,00,220 shares to its parent at Rs
1,530.13 per share. The warrants were to expire on December 2.
As of September 30, HDFC held a 19.29 per cent stake in HDFC Bank, the
country’s second-largest private sector lender. The mortgage lender’s stake
in HDFC Bank will now rise to 23.8 per cent.
The warrants were issued to HDFC in June last year during the merger of
HDFC Bank with Centurion Bank of Punjab, to allow the mortgage lender to
maintain its shareholding in the merged entity.
HDFC received 26.2 million warrants at Rs 1,530.13 per warrant on a
preferential basis, adding up to Rs 4,000 crore. Of this, HDFC had to pay 10
per cent of the total amount or Rs 400.9 crore upfront, in line with guidelines
on preferential allotment.
HDFC Bank’s capital adequacy ratio (CAR), or capital as a percentage of total
risk-weighted assets, was 15.7 per cent at the end of the September quarter,
with Tier-I CAR at 10.9 per cent. The bank’s CAR will now rise above 17 per
cent.
On June 3, 2008, the date on which the warrants were issued, HDFC Bank’s
stock price was Rs 1,282.55 per share on the Bombay Stock Exchange.
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During the stock market bear run, the stock hit a low of Rs 774 on March 6,
2009, but regained when the markets bounced back.
HDFC Bank’s stock was trading at Rs 1,756.25 at the end of trading on the
Bombay Stock Exchange on Monday, up 0.49 per cent over the previous
close.
HDFC Bank was incorporated in August 1994, and, currently has an nationwide network of
1,506 Branches and 3,573 ATM's in
635 Indian towns and cities.
Mumbai Country's second largest private sector lender HDFC Bank is planning to open 300
branches this fiscal, taking its total number of branches to over 1,700.
The bank has necessary regulatory approval for opening 300 branches this year, according
to a senior official of HDFC Bank.
With the addition, the total number of branches would go up to 1712.
Currently, the bank has a nationwide network of 1412 branches and 3295 ATM's in 528 cities
in the country.
HDFC Bank posted a 30.5 per cent increase in its net profit at Rs 606.1 crore for the first
quarter ended June 2009, driven by a robust rise in income from fees and commissions.
The private sector lender had a net profit of Rs 464.35 crore in the first quarter of FY'09.
The bank's earnings from fees and commissions was Rs 649.3 crore in the same quarter, up
27 per cent over the year-ago period.
Income from other sources, too, registered a strong growth rate of 75.9 per cent from Rs
593.4 crore in Q1 of FY'09 to Rs 1,043.7 crore.
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The total income of the bank rose 22 per cent to Rs 5,136.75 crore during the first quarter of
FY'10 from Rs 4,215.15 crore in the corresponding period a year-ago.
HDFC stands for Housing Development Financial Corporation. It was
incorporate in year 1977 as a public limited company under company’s act
1956 as to commence its business in housing finance, i.e. to provide the
financial services such as loans, etc to the general public in respect to their
requirements. It has grown to be a leader in housing finance. It was the
pioneer in housing finance as well as the first private Sector Company in the
field of housing finance.
On analyzing the balance sheets and annual report of the company we came
out with the conclusion that during the financial year ending 2000-2001 the
quantum of loans approved were Rs. 68.80 billion as compared to its loan
disbursed comes out to be Rs. 58.03 billion. In the financial year 2001-2002
both the loans approved and loan disbursed drastically changed and the
figure comes out be Rs. 90.41 billion and Rs. 76.17 billion loans approved as
well as loan disbursed respectively. The last year annual report and balance
sheet clearly indicates the growth in terms of loan approved and loan
disbursed the figure itself speaks the success story of HDFC as the graph of
loan approved touches the benchmark of Rs.117.32 billion as compared to
loan disbursed which comes out to be Rs.99.51 billion.
On scrutinizing the financial year health of the last three years of the
company, we find out that the conversion ratio is very high i.e. almost all the
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loans approved are converted in to the final approval resulting in to the
disbursement of finance amount.
The brief knowledge of the Performance indicator of the group can be
briefly understood through its loan approval and its disbursements, which
can be seen through ‘Bar Graph’, which is as follows.
HDFC’s GEOGRAPHICAL SPREADS: -
HDFC geographical spreads extents through out India except the state of
Jammu and Kashmir, Himachal Pradesh, and North-East states of the country.
It has wide network of regional offices and branch offices covering almost
each and every territory, part, and state region of the country. It current
strength of regional offices and branch offices covers almost 2400 towns and
cities.
If we see the HDFC geographic spread in the last decade we would find out
that it has increased from 26 number to 145 numbers, with the advent of
LPG (Liberalization, Privatization, and Globalization). HDFC came out with
offices with a geographical spread of 26 in numbers. In the year 1997 the
numbers comes out to be 32, in 1998 it becomes 48, in 1999 it has 49, in the
year 2000 the number comes to be 67, in 2001 it was 87 and now in the
current year it has a network of 145 offices (Including Regional and Branch
Offices) excluding branch counters in township branches.
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If we analysis the growth rate and geographical spread of HDFC in the last
decade we would came out with the conclusion that the growth of HDFC only
in terms of geographical spreads is more then five times. It is a sure sign of
success. As a company, bank, institution can only survive when it has got a
large network spread in throughout the country. It has out reach program out
90 locations in the upcoming future.
Talking about the present scenario it has deposits and loan production
offered to individuals in over 2000 towns and cities. During the last financial
year 2002-2003 it has open 24 offices in the different parts of the country. To
sum up we can conclude that HDFC’s regional offices and branch offices are
evenly spread throughout the country and 145 in numbers. The geographical
spread of the HDFC’s can be seen through the following map. It shows that
how the group is spreading its network throughout the nation. It also shows
the number of Regional and Branch offices of the group from the 1992 to the
year 2008.
MARKET SCENARIO: -
The market scenario gives us the information that how HDFC group is
moving steadily in the housing development industry. The current market
scenario of HDFC groups can be understood from the following points and
discussions: -
Improved affordability and huge shortage: -
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Mortgages contribute 1% of India’s GDP as compared to 51% in USA. On
analyzing the report/survey done by agency SSB, it is clear that in India
there is greater opportunities as regard to housing finance because in
India people are not worried about their cars, club membership or any
material pertaining to luxury, but they are searching for ‘ROTI, KAPDA and
MAKAN’. HDFC started its there operation way back in year 1977 with an
aim to provide houses to individuals. The total mortgage in India
contributes 1% of GDP (Gross Domestic Product) as compared to USA the
amount of mortgage comes out to be 51% of the GDP. Thus there are
much more opportunities for a housing finance companies in India, as the
total mortgage in India contributes only 1% of GDP (Gross Domestic
Product).
Growth in demand is driven by improved affordability: -
Falling property prices: Another factor of market scenario for a housing
finance company like HDFC is falling property prices. The prices of the
properties are falling drastically both in Urban and Rural areas. This has
become possible only after the advent of new avenues of investments.
Thus if the prices of the property falls there are greater chances of
housing finance.
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Lowest interest rates since inception: Another factor for a better market
scenario for a housing finance company like HDFC is its lowest interest
rate. It provides most affordable, competitive, and best deals in the whole
of the housing finance industry.
Rising income levels: Another factor for a better market scenario is the
rising income level of the Indian residents. After the advent of LPG
(Liberalization, Privatization, and Globalization) the income level of an
individual has increased drastically, resulting into increasing saving and
purchasing power of the individual. This factor also acts as a catalyst to
the market scenario of housing finance industry.
Fiscal incentives on both interest and principal repayments: Another
factor for a better market scenario for a housing finance company like
HDFC is fiscal incentives on both interest and principal repayments. This
has become possible due to finance bill 2002-2003 i.e. the Budget of
India. It provides tax concession and tax relief on both interest and
principal repayments of housing finance.
Increasing urbanization: -
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One of the major factors of increasing market scenario of housing finance
companies is increasing urbanization. People are rushing from rural areas to
urban areas in the search of employment, in the urban areas they need
separate house to live in, thus the need of housing finance arises and this
can be fulfilled by means of housing finance companies and HDFC is
amongst them satisfying their needs.
Increased network of outlets: -
Another factor of market scenario for a housing finance company like HDFC
is increased network of outlets. It has increased its outlets since 1992 to
2003 from 26 (nos.) to 145 (nos.). During the last financial year it has
opened 24 new offices and now its deposit and loans products offered to
individuals in over 2400 towns and cities countrywide.
Housing shortage of 19.4 million units: -
12.7 m units in rural areas.
6.7 m units in urban areas.
Centurion Bank of Punjab has a nationwide reach through its network of 240 branches and
extension counters and 388 ATMs. The bank aims to serve all the banking and financial
needs of its customers through multiple delivery channels, each of which is supported by
state-of-the-art technology architecture.
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Centurion Bank of Punjab was formed by the merger of Centurion Bank and Bank of Punjab.
Incorporated in August 1994 as HDFC Bank Limited, the bank now has a wide network of
over 531 branches across 228 cities in India, and over a thousand networked ATM's.
HDFC Bank is India's second-largest bank with total assets of about Rs. 1 trillion and a
network of about 540 branches and offices and over 1,000 ATMs
Currently, the bank has a nationwide network of 1412 branches and 3295 ATM's in 528 cities
in the country.
HDFC Bank posted a 30.5 per cent increase in its net profit at Rs 606.1 crore for the first
quarter ended June 2009, driven by a robust rise in income from fees and commissions.
The private sector lender had a net profit of Rs 464.35 crore in the first quarter of FY'09.
The bank's earnings from fees and commissions was Rs 649.3 crore in the same quarter, up
27 per cent over the year-ago period.
Mumbai Country's second largest private sector lender HDFC Bank is planning to open 300
branches this fiscal, taking its total number of branches to over 1,700.
The bank has necessary regulatory approval for opening 300 branches this year, according
to a senior official of HDFC Bank.
With the addition, the total number of branches would go up to 1712.
Currently, the bank has a nationwide network of 1412 branches and 3295 ATM's in 528 cities
in the country.
HDFC Bank posted a 30.5 per cent increase in its net profit at Rs 606.1 crore for the first
quarter ended June 2009, driven by a robust rise in income from fees and commissions.
The private sector lender had a net profit of Rs 464.35 crore in the first quarter of FY'09.
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The bank's earnings from fees and commissions was Rs 649.3 crore in the same quarter, up
27 per cent over the year-ago period.
Income from other sources, too, registered a strong growth rate of 75.9 per cent from Rs
593.4 crore in Q1 of FY'09 to Rs 1,043.7 crore.
The total income of the bank rose 22 per cent to Rs 5,136.75 crore during the first quarter of
FY'10 from Rs 4,215.15 crore in the corresponding period a year-ago.
The Asian Banker declares HDFC Bank the Best Retail
Bank
• HDFC Bank makes it 3rd time in a row.
• Chosen as the best retail bank amongst 120 banks and financial
institutions from 22 countries across the Asia Pacific, Gulf and Central
Asian regions.
Mumbai,April 28, 2009 : HDFC Bank, one of India’s premier banks, has won The Asian
Banker's ’Best Retail Bank in India’ award for year 2009. Beating a host of other competitors
in Asia Pacific, Gulf Cooperation Council (GCC) and Central Asia on a range of parameters,
the Bank won for the third year in a row.
HDFC Bank won the Best Retail Bank in India award ”based on robust core funding, superior
financial performance, sustainability and effective distribution channels amidst a highly
challenging environment,” in the words of The Asian Banker magazine. For retail financial
services, HDFC Bank was able to manage its retail operations better than any of its
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competitors. HDFC Bank was not only able to increase its retail asset market share without
sacrificing margins but also maintained profitability. “With the merger of Centurion Bank of
Punjab”, the magazine adds “HDFC Bank transformed into a sizeable financial powerhouse,
having the largest branch network among all private sector banks in the country.”
The impact on the branch network was the most significant as HDFC Bank not only doubled
its branch network but also its sales. HDFC bank’s strong integration capability is believed to
bear further fruits in 2009. The bank was successful in enhancing product cross-sell
capabilities by starting to engage customers earlier in the lifecycle. The magazine noted,
”The bank was able to capture large volume of core retail deposits with a relatively lower
cost of fund than its private sector peers.” Announcing the Asian Banker Excellence awards
2009, the magazine reiterates,”HDFC Bank firmed up its market share with a more rational
pricing compared to other traditional players in the banking system.”
The Asian Banker Excellence in Retail Financial Services Programme was instituted in 2001
on the premise that an outstanding player in the retail financial services industry should
build business franchises that are sustainable, competitive and profitable over a period of
time.
The break up of the assets of HDFC Group is as follows: -
86% of the assets consists of loans including preference shares, Equity
shares, Debentures and corporate deposits for real estate projects.
09% of assets profile consists of Investments.
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03% of assets profile consists of Net Current assets.
02% of assets profile consists of Fixed Assets.
CORE BUSINESS: -(Attach page no. 7 as it is)
CORPORATE STENGTHS: -
Strong Brand: - HDFC has got its own brand value since 1977. Since
then HDFC has grown up as a leader in housing finance. Since then it is
enjoying brand loyalty and strong brand image in the industry.
Customer base of over 2 million: - Another corporate strength of HDFC
is that it has a customer base of over 2 million peoples. This is only
possible because the company is consistently involved in the housing
finance activities since 1977 through its various offices spread through
out the country.
Stable and experienced management: - One of the major corporate
strength of HDFC is its stable and experienced management. Though on
the management desk there is a provision of directors retiring by rotation,
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but maximum number of directors of HDFC are non-retiring one and those
who are liable to retire by rotation are re appointed by the board itself.
This provides stable and strong management.
As HDFC is a finance and Banking institution so its requires those
directors who are professionally and technically sound in all the economic
and financial aspects. Most of the directors on the board of HDFC are well
equipped in handling financial problems as well as handling day to day
affairs.
Provision for contingencies: - Another corporate strength of HDFC is
high quality of loan and greater provision for contingencies. On analyzing
the balance sheet of last three financial years i.e. 2000-2001, 2001-2002,
2002-2003 we find out that the ratio of non-performing assets/loans is
much lower then provision for contingencies. The detailed break up of
non-performing assets/loans and provision for contingencies are depicted
through the Bar-Graph from the following page.
Constant technological upgradation of system: - as the time passes
many organisation are not resist change, but here in HDFC all the
operational work is done through computers. Company is using latest
technology i.e. all the computer systems are pentium (P4) systems,
besides this company is providing various electronic services like Net-
Banking, On line services as well as ATM cards etc.
25
Capital adequacy ratio: - Last but not the least corporate strength of
HDFC is that its capital adequacy ratio, it is purely and entirely depends
upon tier-1, which is considered to be the best capital adequacy ratio for
finance company’s. On analysing and scrutinizing of balance-sheet we
find out that the total capital of HDFC group consist of Rs. 2.44 billion and
its reserves and surplus amount to Rs. 28 billion and the rest amount of
liabilities attributes borrowings in the form of deposit, domestic term loan,
bonds & debentures, and international borrowings. The total quantum of
borrowings is of Rs. 232.52 billions.
Let us consider the liabilities in the form of percentage, for the purpose of
capital adequacy ratio – Tier 1.Its comes out to be 1% for Capital, 11% for
Reserve and Surplus and 88% for borrowings. This could be easily
understood by ahead given pie-chart.
RECENT DEVELOPMENTS: -
As we all know that HDFC has started its business from housing finance,
many developments were made by HDFC. Presently HDFC is doing its
operation in many business sectors. The recent developments, which the
HDFC has made, are as follows: -
Strong retail growth continues.
Expansion of spreads
26
Growth in portfolio.
Reduction in funding cost.
FRN issue / Syndicated Yen Loan.
Securitization.
Packaged home loan product with special offers from group companies.
Cross-selling through HDFC Bank.ARRANGEMENT WITH HDFC BANK: -
Arrangement to leverage on the strengths of the two organizations.
HDFC’s expertise in credit, legal, technical appraisal and cost structure.
HDFC Bank’s network and customer base
HDFC Bank to source home loans for a fee.
Loans to be originated in the books of HDFC.
HDFC to offer 70% of the fully disbursed loans for sale to HDFC Bank
through issue of ‘AAA’ rated Mortgage Pass Through Certificates.
HDFC to retain a fee of 1.5% per annum towards administration and
servicing of the loans.
ORGANISATION STRUCTURE: -
27
HDFC is a professionally managed organisation with a board of directors
consisting of eminent persons who represent various fields including finance,
taxation, construction and urban policy & development. The board primarily
focuses on strategy formulation, policy and control, designed to deliver
increasing value to shareholders.
PRODUCT AND SERVICES
Personal Banking
Savings Accounts Salary Accounts Current Accounts Fixed Deposits Demat Account Safe Deposit Lockers Loans Credit Cards Debit Cards Prepaid Cards Investments & Insurance Forex Services Payment Services NetBanking InstaAlerts MobileBanking InstaQuery ATM PhoneBanking
28
NRI Banking
Rupee Savings Accounts Rupee Current Accounts Rupee Fixed Deposits Foreign Currency Deposits Accounts for Returning Indians Quickremit (North America, UK, Europe, Southeast Asia) IndiaLink (Middle East, Africa) Cheque LockBox Telegraphic / Wire Transfer Funds Transfer through Cheques / DDs / TCs Mutual Funds Private Banking Portfolio Investment Schemes Loans Payment Services NetBanking InstaAlerts MobileBanking InstaQuery ATM PhoneBanking.
HDFC Bank
29
Over the years, HDFC has helped to promote institutions in the field of
housing finance, and in the financial sector in general. Notable amongst
these has been HDFC Bank. This was initially promoted in a strategic alliance
with Natwest Markets-UK. HDFC Bank commenced its operations in February
1995.
HDFC Bank currently has strategic business collaboration with The Chase
Manhattan Bank. HDFC Bank is presently the largest private sector bank
following the merger with Times Bank Limited. The merger has provided
HDFC Bank a strong presence in the retail-banking segment.
HDFC currently holds 24.4 % of equity in HDFC Bank, Stock also listed on
NYSE in the form of American Depository Shares. During the years of its
operations HDFC has increased its network presently HDFC having a network
of over 250 branches spread over 135 cities and having over 800 ATMs
nation wide. Beside this HDFC is providing various facilities to its customers
like phone banking, mobile and internet banking as a result it has a customer
base of over 3.1 million accounts.
Key business areas
30
Wholesale banking.
Retail banking.
Treasury operations.
HDFC BANK AT GLANCE: -
HDFC Bank Limited, India
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 liberalization
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.
Promoter
31
HDFC is India's premier housing finance company and enjoys an impeccable
track record in India as well as in international markets. Since its inception in
1977, the Corporation has maintained a consistent and healthy growth in its
operations to remain a market leader in mortgages. Its outstanding loan
portfolio covers well over a million dwelling units. HDFC has developed
significant expertise in retail mortgage loans to different market segments
and also has a large corporate client base for its housing related credit
facilities. With its experience in the financial markets, a strong market
reputation, large shareholder base and unique consumer franchise, HDFC
was ideally positioned to promote a bank in the Indian environment.
Business Focus
HDFC Bank's mission is to be a World-Class Indian Bank. The Bank's aim is to
build sound customer franchises across distinct businesses so as to be the
preferred provider of banking services in the segments that the bank
operates in and to achieve healthy growth in profitability, consistent with the
bank's risk appetite. The bank is committed to maintain the highest level of
ethical standards, professional integrity and regulatory compliance. HDFC
Bank's business philosophy is based on four core values: Operational
Excellence, Customer Focus, Product Leadership and People.
32
Capital Structure
The authorised capital of HDFC Bank is Rs.450 crore (Rs.45 billion). The paid-
up capital is Rs.282 crore (Rs.28.2 billion). The HDFC Group holds 24.4% of
the bank's equity while about 13.2% of the equity is held by the depository in
respect of the bank's issue of American Depository Shares (ADS/ADR Issue).
The Indian Private Equity Fund, Mauritius (IPEF) and Indocean Financial
Holdings Ltd., Mauritius (IFHL) (both funds advised by J P Morgan Partners,
formerly Chase Capital Partners) together hold about 5.5% of the bank's
equity. Roughly 23% of the equity is held by FIIs, NRIs/OCBs while the
balance is widely held by about 2,50,000 shareholders. The shares are listed
on The Stock Exchange, Mumbai and the National Stock Exchange. The
bank's American Depository Shares are listed on the New York Stock
Exchange (NYSE) under the symbol "HDB".
Times Bank Amalgamation
In a milestone transaction in the Indian banking industry, TimesBank Limited
(another new private sector bank promoted by Bennett, Coleman &
33
Co./Times Group) was merged with HDFC Bank Ltd., effective February 26,
2000. As per the scheme of amalgamation approved by the shareholders of
both banks and the Reserve Bank of India, shareholders of TimesBank
received 1 share of HDFC Bank for every 5.75 shares of TimesBank. The
amalgamation added significant value to HDFC Bank in terms of increased
branch network, expanded geographic reach, enhanced customer base,
skilled manpower and the opportunity to cross-sell and leverage alternative
delivery channels.
Distribution Network
HDFC Bank is headquartered in Mumbai. The Bank at present has an
enviable network of over 250 branches spread over 135 cities across the
country. All branches are linked on an online real-time basis. Customers in 80
locations are also serviced through Phone Banking. The Bank's expansion
plans take into account the need to have a presence in all major industrial
and commercial centres where its corporate customers are located as well as
the need to build a strong retail customer base for both deposits and loan
products. Being a clearing/settlement bank to various leading stock
exchanges, the Bank has branches in the centres where the NSE/BSE have a
strong and active member base.
34
The Bank also has a network of over 800 networked ATMs across these
cities. Moreover, HDFC Bank's ATM network can be accessed by all domestic
and international Visa/MasterCard, Visa Electron/Maestro, Plus/Cirrus and
American Express Credit/Charge cardholders.
Management
Mr. Jagdish Capoor took over as the bank's Chairman in July 2001. Prior to
this, Mr.Capoor was a Deputy Governor of the Reserve Bank of India.
The Managing Director, Mr. Aditya Puri, has been a professional banker for
over 25 years, and before joining HDFC Bank in 1994 was heading Citibank's
operations in Malaysia.
The Bank's Board of Directors is composed of eminent individuals with a
wealth of experience in public policy, administration, industry and
commercial banking. Senior executives representing HDFC are also on the
Board.
Senior banking professionals with substantial experience in India and abroad
head various businesses and functions and report to the Managing Director.
Given the professional expertise of the management team and the overall
35
focus on recruiting and retaining the best talent in the industry, the bank
believes that its people are a significant competitive strength.
Technology
HDFC Bank operates in a highly automated environment in terms of
information technology and communication systems. The entire bank's
branches have connectivity, which enables the bank to offer speedy funds
transfer facilities to its customers. Multi-branch access is also provided to
retail customers through the branch network and Automated Teller Machines
(ATMs).
The Bank has made substantial efforts and investments in acquiring the best
technology available internationally to build the infrastructure for a world-
class bank. In terms of software, the Corporate Banking business is
supported by Flexcube, while the Retail Banking business by Finware, both
from i-flex Solutions Ltd. The systems are open, scaleable and web-enabled.
The Bank has prioritised its engagement in technology and the internet as
one of its key goals and has already made significant progress in web-
enabling its core businesses. In each of its businesses, the Bank has
succeeded in leveraging its market position, expertise and technology to
create a competitive advantage and build market share.
36
Business Profile
HDFC Bank caters to a wide range of banking services covering both
commercial and investment banking on the wholesale side and
transactional / branch banking on the retail side. The bank has three key
business areas:
a) Wholesale Banking Services
The Bank's target market is primarily large, blue-chip manufacturing
companies in the Indian corporate sector and to a lesser extent, emerging
mid-sized corporates. For these corporates, the Bank provides a wide range
of commercial and transactional banking services, including working capital
finance, trade services, transactional services, cash management, etc. The
bank is also a leading provider of structured solutions which combine cash
management services with vendor and distributor finance for facilitating
superior supply chain management for its corporate customers. Based on its
superior product delivery / service levels and strong customer orientation,
the Bank has made significant inroads into the banking consortia of a
number of leading Indian corporates including multinationals, companies
from the domestic business houses and prime Public Sector companies. It is
recognised as a leading provider of cash management and transactional
37
banking solutions to corporate customers, mutual funds, stock exchange
members and banks.
b) Retail Banking Services
The objective of the Retail Bank is to provide its target market customers a
full range of financial products and banking services, giving the customer a
one-stop window for all his/her banking requirements. The products are
backed by world-class service and delivered to the customers through the
growing branch network, as well as through alternative delivery channels like
ATMs, Phone Banking, NetBanking and MobileBanking.
The HDFC Bank Preferred program for high net worth individuals, the HDFC
Bank Plus and the Investment Advisory Services programs have been
designed keeping in mind needs of customers who seek distinct financial
solutions, information and advice on various investment avenues. The Bank
also has a wide array of retail loan products including Auto Loans, Loans
against marketable securities, Personal Loans and Loans for Two-wheelers. It
is also a leading provider of Depository Services to retail customers, offering
customers the facility to hold their investments in electronic form.
38
HDFC Bank was the first bank in India to launch an International Debit Card
in association with VISA (VISA Electron) and issues the Master card Master
debit card as well. The debit card allows the user to directly debit his account
at the point of purchase at a merchant establishment, in India and overseas.
The Bank launched its credit card in association with VISA in November 2001.
The Bank is also one of the leading players in the “merchant acquiring”
business with over 25,000 Point-of-sale (POS) terminals for debit / credit
cards acceptance at merchant establishments. The Bank is well positioned as
a leader in various net-based B2C opportunities including a wide range of
internet banking services for Fixed Deposits, Loans, Bill Payments, etc.
c) Treasury Operations
Within this business, the bank has three main product areas - Foreign
Exchange and Derivatives, Local Currency Money Market & Debt Securities,
and Equities. With the liberalization of the financial markets in India,
corporate need more sophisticated risk management information, advice and
product structures. These and fine pricing on various treasury products are
provided through the bank's Treasury team. To comply with statutory
reserve requirements, the bank is required to hold 25% of its deposits in
39
government securities. The Treasury business is responsible for managing
the returns and market risk on this investment portfolio.
Rating
HDFC Bank has its deposit programmes rated by two rating agencies - Credit
Analysis & Research Limited (CARE) and Fitch Ratings India Private Limited.
The Bank’s Fixed Deposit programme has been rated ‘CARE AAA (FD)’ [Triple
A] by CARE, which represents instruments
considered to be “of the best quality, carrying negligible investment risk”.
CARE has also rated the Bank’s Certificate of Deposit (CD) programme “PR
1+” which represents “superior capacity for repayment of short-term
promissory obligations”. Fitch Ratings India Pvt. Ltd. (100% subsidiary of
Fitch Inc.) has assigned the “tAAA (ind)” rating to the Bank’s deposit
programme, with the outlook on the rating as “stable”. This rating indicates
“highest credit quality” where “protection factors are very high”. In each
case referred to above, the ratings awarded were the highest assigned by
the rating agency for those instruments.
Corporate Governance Rating
40
The bank was one of the first four companies which subjected itself to a
Corporate Governance and Value Creation (GVC) rating by the rating agency,
The Credit Rating Information Services of India Limited (CRISIL). The rating
provides an independent assessment of an entity’s current performance and
an expectation on its “balanced value creation and corporate governance
practices” in future. The bank has been assigned a ‘CRISIL GVC Level 1’
rating which indicates that the bank’s capability with respect to wealth
creation for all its stakeholders while adopting sound corporate governance
practices is the highest.
OBJECTIVES & BACKGROUND
Against the milieu of rapid urbanization and a changing socio-economic scenario, the
demand for housing has grown explosively. The importance of the housing sector in the
economy can be illustrated by a few key statistics. According to the National Building
Organization (NBO), the total demand for housing is estimated at 2 million units per year
and the total housing shortfall is estimated to be 19.4 million units, of which 12.76 million
units is from rural areas and 6.64 million units from urban areas. The housing industry is the
second largest employment generator in the country. It is estimated that the budgeted 2
million units would lead to the creation of an additional 10 million man-years of direct
employment and another 15 million man-years of indirect employment.
Having identified housing as a priority area in the Ninth Five Year Plan (1997-2002), the
National Housing Policy has envisaged an investment target of Rs. 1,500 billion for this
41
sector. In order to achieve this investment target, the Government needs to make low cost
funds easily available and enforce legal and regulatory reforms.
Background
HDFC was incorporated in 1977 with the primary objective of meeting a social need - that of
promoting home ownership by providing long-term finance to households for their housing
needs. HDFC was promoted with an initial share capital of Rs. 100 million.
Business Objectives
The primary objective of HDFC is to enhance residential housing stock in the country
through the provision of housing finance in a systematic and professional manner, and to
promote home ownership. Another objective is to increase the flow of resources to the
housing sector by integrating the housing finance sector with the overall domestic financial
markets..
Organizational Goals
HDFC's main goals are to a) develop close relationships with individual households, b)
maintain its position as the premier housing finance institution in the country, c) transform
ideas into viable and creative solutions, d) provide consistently high returns to shareholders,
and e) to grow through diversification by leveraging off the existing client base.
Organization & Management
HDFC is a professionally managed organisation with a board of directors consisting of
eminent persons who represent various fields including finance, taxation, construction and
urban policy & development. The board primarily focuses on strategy formulation, policy and
control, designed to deliver increasing value to shareholders.
HDFC Bank issues shares worth Rs 3,600 cr to HDFC
42
Infosys BPO chief quits; to join HDFC Standard Life
Vishal Retail admitted for CDR, details to be worked on
HDFC Standard Life lowers capital infusion by Rs 100 crore
Bank rates go down in spite of RBI signal
Gap-down opening for Nifty seen
Awards
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.
It is extremely gratifying that our efforts towards providing customer convenience have
been appreciated both nationally and internationally.
FINANCIAL INFORMATION
Mar '04 Mar '05 Mar '06 Mar '07 Mar '08
Sales Turnover 2,548.93 3,093.49 4,475.34 6,889.02 10,115.00Other Income 480.03 651.34 1,123.98 1,516.23 2,283.15Total Income 3,028.96 3,744.83 5,599.32 8,405.25 12,398.15Total Expenses 1,098.95 1,450.33 2,416.31 3,587.05 5,230.40Operating Profit 1,449.98 1,643.16 2,059.03 3,301.97 4,884.60Gross Profit 1,930.01 2,294.50 3,183.01 4,818.20 7,167.75
43
Interest 1,211.05 1,315.56 1,929.50 3,179.45 4,887.12PBDT 718.96 978.94 1,253.51 1,638.75 2,280.63PBT 718.96 978.94 1,253.51 1,638.75 2,280.63Tax 209.46 313.38 382.73 497.30 690.45Net Profit 509.50 665.56 870.78 1,141.45 1,590.18Earnings Per Share 17.89 21.48 27.81 35.74 44.87Equity 284.79 309.88 313.14 319.39 354.43Reserves 2,407.09 -- 4,986.39 6,113.76 1,142.80Face Value 10.00 10.00 10.00 10.00 10.00
The last twelve years have been very fulfilling. We can of course wax
eloquent about it in so many ways, but they say, figures don't lie, so we will
let the figures do all the talking. They will give you a fair idea of how we have
grown in the past few years .
Financial Results
RBI Order of Amalgamation - CBOP
Scheme of Amalgamation - CBOP (as approved by RBI)
Annual Reports
Mission and Business Strategy
Our mission is to be "a World Class Indian Bank", benchmarking ourselves against
international standards and best practices in terms of product offerings, technology, service
levels, risk management and audit & compliance. The objective is to build sound customer
franchises across distinct businesses so as to be a preferred provider of banking services for
target retail and wholesale customer segments, and to achieve a healthy growth in
profitability, consistent with the Bank's risk appetite. We are committed to do this while
44
ensuring the highest levels of ethical standards, professional integrity, corporate governance
and regulatory compliance.
OUR BUSINESS STRATEGY EMPHASIZES THE FOLLOWING :
Increase our market share in India’s expanding banking and financial services industry by
following a disciplined growth strategy focusing on quality and not on quantity and
delivering high quality customer service.
Leverage our technology platform and open scaleable systems to deliver more products to
more customers and to control operating costs.
Maintain our current high standards for asset quality through disciplined credit risk
management.
Develop innovative products and services that attract our targeted customers and address
inefficiencies in the Indian financial sector.
Continue to develop products and services that reduce our cost of funds.
Focus on high earnings growth with low volatility
TERMS AND CONDITIONS
This document lays out the Terms and Conditions which shall be applicable to all the
accounts which are existing or may be opened anytime in future with HDFC Bank. The
words, I, me, my and Customer refer to the person(s) who open the account and shall
include both singular and plural. Reference to masculine shall include the feminine and
neuter gender. The Bank refers to HDFC Bank Ltd., a banking company incorporated in India
under the Companies Act 1956 and having its registered office at HDFC Bank House,
Senapati Bapat Marg, Lower Parel, Mumbai-400013.
1. GENERAL - APPLICABLE TO ALL SERVICES 2. SAVINGS ACCOUNTS
45
3. CURRENT ACCOUNTS 4. FIXED DEPOSITS5. SUPERSAVER ACCOUNTS / FACILITY
6. SWEEP IN INSTRUCTIONS
7. RECURRING DEPOSITS 8. ATM USABLE CARDS9. PHONEBANKING 10. BILL PAY FACILITY11. INSTAQUERY 12. INSTAALERT13. NET BANKING 14. VISA MONEY
TRANSFER15. INTERNATIONAL DEBIT CARD 16. EMAIL STATEMENTS
17. PASSBOOK 18. INVESTMENT SERVICES ACCOUNT
19. AVERAGE QUARTERLY BALANCE
20. DOORSTEP BANKING SERVICES
21. ADD-ON CARD ON MOBILE
PROMOTER
HDFC is India's premier housing finance company and enjoys an impeccable track record in
India as well as in international markets. Since its inception in 1977, the Corporation has
maintained a consistent and healthy growth in its operations to remain the market leader in
mortgages. Its outstanding loan portfolio covers well over a million dwelling units. HDFC has
developed significant expertise in retail mortgage loans to different market segments and
also has a large corporate client base for its housing related credit facilities. With its
experience in the financial markets, a strong market reputation, large shareholder base and
unique consumer franchise, HDFC was ideally positioned to promote a bank in the Indian
environment.
BUSINESS FOCUS
HDFC Bank's mission is to be a World-Class Indian Bank. The objective is to build sound
customer franchises across distinct businesses so as to be the preferred provider of banking
services for target retail and wholesale customer segments, and to achieve healthy growth
in profitability, consistent with the bank's risk appetite. The bank is committed to maintain
the highest level of ethical standards, professional integrity, corporate governance and
46
regulatory compliance. HDFC Bank's business philosophy is based on four core values -
Operational Excellence, Customer Focus, Product Leadership and People.
CAPITAL STRUCTURE
As on 31st March, 2009 the authorised share capital of HDFC Bank is Rs. 550 crore. The
paid-up capital as on the said date is Rs. 425,38,41,090/- ( 42,53,84,109 equity shares of Rs
10/- each). The HDFC Group holds 19.38% of the Bank's equity and about 17.70 % of the
equity is held by the ADS Depository (in respect of the bank's American Depository Shares
(ADS) Issue). 27.69 % of the equity is held by Foreign Institutional Investors (FIIs) and the
Bank has about 5,48,774 shareholders. The shares are listed on the Bombay Stock Exchange
Limited and The National Stock Exchange of India Limited. The Bank's American Depository
Shares ( ADS ) are listed on the New York Stock Exchange (NYSE) under the symbol 'HDB'
and the Bank's Global Depository Receipts (GDRs) are listed on Luxembourg Stock Exchange
under ISIN No US40415F2002.
CENTURION BANK OF PUNJAB & TIMES BANK
AMALGAMATION
On May 23, 2008, the amalgamation of Centurion Bank of Punjab with HDFC
Bank was formally approved by Reserve Bank of India to complete the
statutory and regulatory approval process. As per the scheme of
amalgamation, shareholders of CBOP received 1 share of HDFC Bank for
every 29 shares of CBOP.
47
The merged entity will have a strong deposit base of around Rs. 1,22,000
crore and net advances of around Rs. 89,000 crore. The balance sheet size of
the combined entity would be over Rs. 1,63,000 crore. The amalgamation
added significant value to HDFC Bank in terms of increased branch network,
geographic reach, and customer base, and a bigger pool of skilled
manpower.
In a milestone transaction in the Indian banking industry, Times Bank Limited (another new
private sector bank promoted by Bennett, Coleman & Co. / Times Group) was merged with
HDFC Bank Ltd., effective February 26, 2000. This was the first merger of two private banks
in the New Generation Private Sector Banks. As per the scheme of amalgamation approved
by the shareholders of both banks and the Reserve Bank of India, shareholders of Times
Bank received 1 share of HDFC Bank for every 5.75 shares of Times Bank.
DISTRIBUTION NETWORK
HDFC Bank is headquartered in Mumbai. The Bank at present has an enviable network of
1,506 branches spread in 635 cities across India. All branches are linked on an online real-
time basis. Customers in over 500 locations are also serviced through Telephone Banking.
The Bank's expansion plans take into account the need to have a presence in all major
industrial and commercial centers where its corporate customers are located as well as the
need to build a strong retail customer base for both deposits and loan products. Being a
clearing/settlement bank to various leading stock exchanges, the Bank has branches in the
centers where the NSE/BSE have a strong and active member base. The Bank also has
3,573 networked ATMs across these cities. Moreover, HDFC Bank's ATM network can be
accessed by all domestic and international Visa/MasterCard, Visa Electron/Maestro,
Plus/Cirrus and American Express Credit/Charge cardholders.
Management
48
Mr. Jagdish Capoor took over as the bank's Chairman in July 2001. Prior to this, Mr. Capoor
was a Deputy Governor of the Reserve Bank of India. The Managing Director, Mr. Aditya Puri,
has been a professional banker for over 25 years, and before joining HDFC Bank in 1994 was
heading Citibank's operations in Malaysia. The Bank's Board of Directors is composed of
eminent individuals with a wealth of experience in public policy, administration, industry and
commercial banking. Senior executives representing HDFC are also on the Board.
Senior banking professionals with substantial experience in India and abroad head various
businesses and functions and report to the Managing Director. Given the professional
expertise of the management team and the overall focus on recruiting and retaining the
best talent in the industry, the bank believes that its people are a significant competitive
strength.
BUSINESSES
HDFC Bank offers a wide range of commercial and transactional banking
services and treasury products to wholesale and retail customers. The bank
has three key business segments:
Wholesale Banking Services
The Bank's target market ranges from large, blue-chip manufacturing
companies in the Indian corporate to small & mid-sized corporates and
agri-based businesses. For these customers, the Bank provides a wide
range of commercial and transactional banking services, including
49
working capital finance, trade services, transactional services, cash
management, etc. The bank is also a leading provider of structured
solutions, which combine cash management services with vendor and
distributor finance for facilitating superior supply chain management
for its corporate customers. Based on its superior product delivery /
service levels and strong customer orientation, the Bank has made
significant inroads into the banking consortia of a number of leading
Indian corporates including multinationals, companies from the
domestic business houses and prime public sector companies. It is
recognized as a leading provider of cash management and
transactional banking solutions to corporate customers, mutual funds,
stock exchange members and banks.
Retail Banking Services
The objective of the Retail Bank is to provide its target market customers a
full range of financial products and banking services, giving the customer a
one-stop window for all his/her banking requirements. The products are
backed by world-class service and delivered to customers through the
growing branch network, as well as through alternative delivery channels like
ATMs, Phone Banking, Net Banking and Mobile Banking.
50
The HDFC Bank Preferred program for high net worth individuals, the HDFC
Bank Plus and the Investment Advisory Services programs have been
designed keeping in mind needs of customers who seek distinct financial
solutions, information and advice on various investment avenues. The Bank
also has a wide array of retail loan products including Auto Loans, Loans
against marketable securities, Personal Loans and Loans for Two-wheelers. It
is also a leading provider of Depository Participant (DP) services for retail
customers, providing customers the facility to hold their investments in
electronic form.
HDFC Bank was the first bank in India to launch an International Debit Card in
association with VISA (VISA Electron) and issues the Master card Maestro
debit card as well. The Bank launched its credit card business in late 2001. By
March 2009, the bank had a total card base (debit and credit cards) of over
13 million. The Bank is also one of the leading players in the “merchant
acquiring” business with over 70,000 Point-of-sale (POS) terminals for debit /
credit cards acceptance at merchant establishments. The Bank is well
positioned as a leader in various net based B2C opportunities including a
wide range of internet banking services for Fixed Deposits, Loans, Bill
Payments, etc.
TREASURY
Within this business, the bank has three main product areas - Foreign
Exchange and Derivatives, Local Currency Money Market & Debt
Securities, and Equities. With the liberalization of the financial markets in
India, corporate need more sophisticated risk management information,
advice and product structures. These and fine pricing on various treasury
51
products are provided through the bank's Treasury team. To comply with
statutory reserve requirements, the bank is required to hold 25% of its
deposits in government securities. The Treasury business is responsible
for managing the returns and market risk on this investment portfolio.
Corporate Governance Rating
The bank was one of the first four companies, which subjected itself to a
Corporate Governance and Value Creation (GVC) rating by the rating
agency, The Credit Rating Information Services of India Limited (CRISIL).
The rating provides an independent assessment of an entity's current
performance and an expectation on its "balanced value creation and
corporate governance practices" in future. The bank has been assigned a
'CRISIL GVC Level 1' rating which indicates that the bank's capability with
respect to wealth creation for all its stakeholders while adopting sound
corporate governance practices is the highest.
52
ANALYSIS
Dividend History
Period % Dividend Dividend
Mar 1999 13 1.3
Mar 2000 16 1.6
Mar 2001 20 2
Mar 2002 25 2.5
Mar 2003 30 3
Mar 2004 35 3.5
Mar 2005 45 4.5
Mar 2006 55 5.5
Mar 2007 70 7
Mar 2008 85 8.5
53
HDFC Bank share
S. N.
Fin. Yr.
Face
Val.
Equity Share
Shares PAT EPS Adjust. Factor
Adj. EPS
Rs. Rs. Crore
No.s Rs. Lacs Rs. Crore
1 1998-99
10 200 200000000
82,40 4.12 0.589428766
2.428446515
2 1999-00
10 243.27 243278261
120,04 5.93 0.716976026
4.251667833
3 2000-01
10 243.59 243596261
210,12 8.64 0.716976026
6.194672862
4 2001-02
10 281.37 281374613
297,04 11.01 0.828168917
9.118139781
5 2002-03
10 282.04 282045713
387,60 13.75 0.828168917
11.38732262
6 2003-04
10 284.79 284791713
509,50 17.95 0.828168917
14.86563207
7 2004-05
10 309.88 309875308
665,56 22.92 0.901130602
20.6539134
8 2005- 10 313.14 31314240 870,78 27.92 0.90113060 25.15956641
54
06 8 2
9 2006-07
10 319.39 319389608
1,141,45 36.29 0.901130602
32.70202954
10
2007-08
10 354.43 354432096
1,590,18 46.22 1 46.22
Seven yr Average 22.8716949
Avg/Beginning 2.5083729
Growth rate 29.80%
Fair P/E 20
Fair value 457.4338979
This Fair Value indicates the Long-Run Stable price of HDFC Bank share. If the current market Price is less than this fair value one should purchase the share.
PURPOSE OF STUDY
Training and development can be initiated for a variety of reasons for an
employee or group of employees, (e.g.)
When a performance appraisal indicates performance improvement is needed.
To "benchmark" the status of improvement so far in a performance improvement effort.
As part of an overall professional development program.
As part of succession planning to help an employee be eligible for a planned change in role
in the organization
To "pilot", or test, the operation of a new performance management system.
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To train about a specific topic.
The benefits that accrue to the organization from training &
development are-
Increased job satisfaction and morale among employees
Increased employee motivation
Increased efficiencies in processes, resulting in financial gain a
Increased capacity to adopt new technologies and methods
Increased innovation in strategies and products
Reduced employee turnover
Enhanced company image, employee or group conducting ethics training
Risk management, employee or group training about sexual harassment, diversity training ,
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INTRODUCTION PERFORMANCE APPRAISALWhat is Performance Appraisal?
A “Performance Appraisal” is a process of evaluating an employee’s
performance on jobs in terms of its requirements or we may call it a
postmortem of a subordinate's performance by his superior during a
predetermined period of time, often the proceeding year.
It is systematic evaluation of the individual with respect to his or her
performance on the job and his or her potential for development for growth.
According to Hegel-
“ It is the process of evaluating the performance and qualification of the employee’s
in terms of the requirements of the job for which he is employed, for the purpose of
administration including placement, selection for promotion, providing financial
reward and other actions which requires differential treatment among the member of
a groups as distinguished from action all members equally.”
ADVANTAGES OF PERFORMANCE APPRAISAL
Performance Appraisal replaces casual expert with formal, systematic procedures.
Employees know they are being evaluated and are told the criteria that will be used in the
course of arrival. It offers competitive advantage to a firm by improving performance, help
making correct decisions, ensuring legal compliance, minimizing job dissatisfaction &
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employee's turnover and ensuring consistency between organizational strategy and
behavior.
In BARS method, employee’s behavior is measured. This method aims at specific
dimensions of job performance. It is said to be behaviorally anchored as the scale represent
a range of descriptive statements of behavior varying from the least to the most effective.
MULTIPLE USES OF PERFORMANCE ASSESSMENT
GENERAL APPLICATIONS SPECIFIC PURPOSES
Developmental Uses: 1. Identification of individual needs.
2. Performance feedback.
3. Fixing transfers and job assignments.
4. Identification of strength and Weakness.
Administrative Uses: 1. Salaries.
2. Promotion.
3. Retention, Termination.
4. Layoffs.
Organizational 1. HR Planning
Maintenance 2. Determining training needs.
Objectives: 3.Evaluation of organizational goal achievement.
4. Evaluation of HR systems.
Documentation: 1. Help meeting legal requirement.
1. Useful for future research.
IMPORTANCE AND PURPOSE
Performance Appraisal has been considered as a most significant and indispensable
tools for an organization. It is highly useful in making decisions regarding various personal
aspects such as promotion and incentives to be given.
Accurate information plays a vital role in organization as a whole. They help to
pinpoint weak areas in the primary system (e.g. Marketing, Finance and Production).
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It is easy for manager to see which employee's need for training or counseling because jobs
are grouped by categories.
If valid performance data are available; timely, accurate, objectives, standardization,
and relevant management can maintain consistent promotion and compensation policies
throughout the total system.
To effect promotions based on compensation & performance.
To confirm the services of probationary employees upon whether they are
completing the probationary period satisfactorily.
Access the training and development needs of employees.
To decide upon a pay rise.
To let the employees know, where they stand so far, as their performance is
concerned and to assess them with constructive criticism and guidance for the
purpose of their development.
To improve communication.
To evaluate whether HR programs such as selection, training, transfers are being
effective or not.
APPRAISAL PROCESS IN HDFC
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Establish job expectation
Design an Appraisal Program
Objective of Performance Appraisal
Appraise Performance
Performance Interview
Use Appraisal data for appropriate purpose
WHAI IT ACHIEVES?
Performance Appraisal system aims at achieving the following objectives of
employee’s development:
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1. Training and Development of individuals.
2. Improving efficiency and effectiveness.
3. Involvement of the review in his self-development.
4. To lay basis for maximum objective advancement/promotion.
5. To lay basis for career planning.
6. To identify exceptional talents for special assignment.
7. To understand the strengths and weaknesses of the subordinates and help them to
realize this.
8. To understand the difficulties of their subordinates and try to remove them.
9. To encourage subordinates to accept more responsibilities.
10. To help the subordinates to become aware of the prevailing conditions.
11. To help subordinates to acquire new capability.
Performance Appraisal is common in government as well as in private sector in the
form of “Annual Confidential Reports”. However in private industries more systematic
performance appraisal also called “Merit Rating or Employees Rating” has been
developed .
These appraisals are often needed as a basis of selecting candidates for
promotion for better jobs; hence, sometime it may also be called “Potential
Appraisal”. There are also so many methods of performance appraisal and out of them
three are major namely;
The free report
➢ The checklist
➢ The analysis of critical incidents
An appraisal might ask from the assigning officer to consider the following attributes
and characteristics:
(a) Knowledge of skills/formal qualifications, utilized during the review period.
(b) Abilities to delegate/plan supervision.
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(c) Personal qualities; appearance, personality, deposition, enthusiasm, compatibility
with colleagues, physical makeup, health.
(d) Establish priorities, assume responsibilities, cope with stress, exercise/leadership.
(e) Critical analysis like creativity, judgmental, problem solving and decision taking
abilities.
TECHNIQUES OF PERFORMANCE APPRAISAL
Broadly there are some following appraisal techniques :-
RATING BY SUPERVISOR:-
a) This can be done by several methods like graphic rating scale, under it;
each person is rated with the help of printed form. The rater can mark at any
point on the scale according to his evaluation.
b) In forced distribution system, the employees are rated only on two
characteristics i.e. job performance and profitability.
c) In ranking, it involves arranging individual in order of the merit for particular
characteristics.
d) In free written rating, the supervisor describes the subordinate's performance
and feels how good it is. This method is simple but time consuming.
e) In forced choice appraisal, there are some choice and superior are asked to
give one choice which best suits the subordinate.
f) In critical method, the appraiser makes rates of the positive instances on the
job performance as well as indicates instances soon after the event had
occurred.
RATING BY SELF OR GROUP:-
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In self-appraisal a person appraises himself on a form provided and in group
appraisal; a group of persons appraises an individual.
THE FIELD REVIEW TECHNIQUE:-
In this method, a personnel man goes to the field to obtain information about
the work of the individual employee. He asks questions and informally converse with
appraiser of the persons who are being evaluated. Replies or answers are noted by
the personnel man. It does not include any paper work and is linked to the appraiser
APPRAISAL USING PERFORMANCE STATISTICS:-
In recent times quantitative methods are being supported for rating. Here standards
of performance are used for appraisal, subordinates may be made profit centers and their
performance is appraised as per their achievements. Standards are prepared for each
activity.
FORCED CHOICE METHOD:-
It contains a series of group of statements and the rater checks out effectively the
statement describing each individual being evaluated. Contents of both the statements may
be positive or negative. Though both of them describe the feature of an employee, the rater
is forced to mark only one, which appears to be more descriptive.
MANAGEMENT BY OBJECTIVE (MBO):-
MBO has become a popular method of planning, setting standards, motivating and
appraising performance. MBO makes comparative assessment of multiple personnel
rather difficult while in traditional methods all persons are rated on common factors.
In MBO each person will have different set of goals of non-comparable complexity
and difficulty of accomplishment. Management may make various decisions on a
comparative basis.
360-DEGREE FEEDBACK:-
360-Degree method provides a wider perspective about an employee’s
performance. In such a method, employee is evaluated by himself, his peers, his
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superiors and his subordinates too. This brings with it a circular assessment of
the individual.
BEHAVIORALLY ANCHORED RATING SCALE:-
These are rating scales whose scale points are fixed by statement of
effective and ineffective behavior. They represent a range of descriptive statements
of behavior varying from least to most effective. Scales are anchored by description
of actual job behavior.
ASSESSMENT CENTRES:-
It is a central location where manager come together to have participation in
job related exercises evaluated by trained observer.
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PERFORMANCE APPRAISAL IN HDFC
65
OBJECTIVES OF PERFORMANCE APPRAISAL➢ The aim of performance appraisal is to encourage employees to set his objectives for
the next time period following his past performance in order to improve his
performance on the job.
➢ These objectives should be mutually agreed, for twelve months, as far as every
employee should be aware of transaction objectives, since they provide a basis for
individual’s performance objectives.
➢ The other basis is the appraisal on the wish of employee himself, in order to set
worthwhile objectives, it is necessary.
➢ Objectives of Appraisal includes effective promotions and transfers, assess training
needs etc.
➢ These objectives are appropriate as long as the approach in individual. Appraisal in
future would assume system orientation.
➢ In system's approach, appraisal aims at improving the performance instead of merely
assessing it.
➢ Emphasis is not on individual assessment, rewards or punishment, but it is on how
the work system affects the individual performance.
RESEARCH METHODOLOGY OF THE STUDY66
The research instrument or the tool used by us for collecting data is QUESTIONNAIRE.
Questionnaires like a sample form consisting of several forms. Officers are asked to fill these
questionnaire and answer the questions. The questions easy to understand and in such a
way that the answer can be given in the form of YES or NO or in the simple queries or in the
multiple choice. We offered our respondents a no. of specific alternatives from which they
were asked to choose one or more through specific information. All these served us a
helping hand in the exploratory stages our research .
In our study various tables & pie diagrams are drawn, these diagrams help us to calculate
the percentage of responses .Thus it is easier to know officers opinion about the E-PMS.
HYPOTHESIS
PROBLEM IDENTIFIED:- “The employees in HDFC are satisfied with the existing programs or
not.”
NULL HYPOTHESIS:- “The employees are satisfied”.
ALTERNATIVE HYPOTHESIS:- “The employees are not satisfied”.
TOOLS AND TECHNIQUES USED:
Tools and techniques mean the methods and ways that how the data for the research is
collected and analyzed in order to fulfill the objective of the research work..
DATA COLLECTION:
Primary Data :- 1) Through questionnaire
Secondary Data :- 1) Through weekly journal- Duran
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2) Through monthly journal- Grahpatrika
3) www.hdfcbank.com
Literature survey :- Administration staff .
ANALYSIS OF DATAThe data after collection, has to be processed and analyzed in accordance with the
objective laid down for the purpose of the research work. This is essential for ensuring that
we have all relevant data for making analysis. The term analysis refers to the computation
of certain measures like editing, coding, classification and tabulation of collected data so
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that they are amendable to analysis along with searching for patterns of relationships that
exists among data- groups.
There are various methods of analyzing the data. But in this project work, I used Pie charts
and Bar charts for analyzing the collected data, which is using Excel Sheet. In this project
work, Pie charts & Bar charts are prepared with the help of collected with the help of
Questionnaire. The graphical presentation of the data is helpful in understanding each &
every aspect of the collected data very easily.
ANALYSIS AND INTERPRETATION
1. Awareness of the performance appraisal system:
YES (1) NO (2)
95% 5%
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Graph 1:awareness of performance appraisal system
YES (1), 95%
NO(2), 5%
YES (1)NO(2)
INTERPRETATION:
The result clearly shows that overall officers are aware about the performance appraisal
system, only 5% are not aware.
2. Degree of transparency in the performance appraisal system:
low (1) moderate (2) high (3)
10% 55% 35%
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graph 2 : degree of transparecy in perfomance appraisal system
low (1), 10%
moderate (2) , 55%
high (3) , 35%
low (1)moderate (2)
high (3)
INTERPRETATION:
According to the collected data mare than 50% officers opined that the transparency in the
performance appraisal system is moderate, but 35% officers viewed that the transparency is
high and 10% officers opined that transparency is low.
3. Clarity in the appraisal system:
YES (1) NO (2)
80% 20%
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graph 3: clarity in appraisal system
YES (1), 80%
NO (2), 20%
YES (1)NO (2)
INTERPRETATION:
The result clearly shows that overall officers are opined that there is clarity in performance
appraisal system, only 20% viewed that there is no clarity in the system.
4. Drawbacks associated with the appraisal system:
YES (1) NO (2)
40% 60%
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Graph 4:Drawback associated with the appraisal system
YES (1), 40%
NO (2), 60%YES (1)NO (2)
INTERPRETATION:
The result shows that more than 50% officers opined that there does not have any
limitations in the appraisal system. Less than 50% opined that there are drawbacks
associated with appraisal system.
5. Feedback:
YES (1) NO (2)
70% 30%
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Graph 5: Feedback
YES (1), 70%
NO (2), 30%
YES (1)
NO (2)
INTERPRETATION:
The results shows that 70% officers are getting feedback by their immediate supervisors.
30% are not getting feedback by their bosses.
6. E-PMS for non officers:
YES (1) NO (2)
95% 5%
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Graph 6: E-pms for non officer
YES (1), 95%
NO (2), 5%
YES (1)
NO (2)
INTERPRETATION:
The data clearly shows that mostly officers opined that computerization of performance
appraisal system for non officers will improve the efficiency and transparency in the system.
7. Training to appraise after appraisal
YES (1) NO (2)
100% NIL
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Graph 7: Training to appraisee after appraisal
YES (1), 100%
NO(2), 0%
YES (1)
NO(2)
INTERPRETATION:
According to the collected data , all the officers opined that training should be provided to
appraise after every appraisal.
8. Training to appraiser
YES (1) NO (2)
90% 10%
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Graph 8:Training to appraiser
YES (1), 90%
NO (2), 10%
YES (1)
NO (2)
INTERPRETATION:
According to the above data 90% officers opined that training should be provided to
appraiser, but according to 10% officers there is no need of training for appraiser.
9. Monetary linkage of appraisal system as a bonus
YES (1) NO (2)
60% 40%
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Graph 9 : Monetary linkage of a appraisal system as a bonus
YES (1), 60%
NO (2), 40%
YES (1)
NO (2)
INTERPRETATION:
The result shows that 60% officers are satisfied with the monetary linkage of appraisal
system as a bonus, BUT 40% are not satisfied.
10. Appraisal system on a 5-point rating scale
Unsatisfactory(1) below satisfactory above outstanding(5)
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satisfactory(2) (3) satisfactory
(4)
10% 10% 20% 30% 30%
Graph10:Appraisal system on 5 point rating scale
Unsatisfactory(1), 10%Below satisfactory
?(2), 10%
satisfactory(3), 20%
Above satisfactory (4), 30%
Outstanding(5), 30% Unsatisfactory(1)
Below satisfactory ?(2)
satisfactory(3)Above satisfactory (4)
Outstanding(5)
`
INTERPRETATION:
According to the collected data 60% officers are above satisfactory,20% are satisfied and
20% are below satisfactory with the appraisal system in the HDFC BANK.
11. Periodicity of performance appraisal
Quarterly (1)
half-yearly (2) annually (3)
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25% 25% 50%
Graph 12:periodicity of performance appraisal
quaterly(1), 25%
halfyearly(2)), 25%
annualy(3), 50% quaterly(1)halfyearly(2))
annualy(3)
INTERPRETATION:
According to the above data mostly officers opined that performance appraisal should be
annually, but some of them are not satisfied. Performance appraisal according to them
should be half-yearly and quarterly.
FINDINGS FINDINGS:-
According to our study most of the officers want that performance appraisal should be done
annually.
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Training should be given to the appraiser
Appraise get the feedback from their appraiser.
Officers are well aware about the performance management system.
Officers are satisfied with the appraisal system used in HDFC BANK.
Computerized PMS increases the efficiency of the employees.
CONCLUSION
According to the research, he employees are not very much aware about to deal the HDFC
BANK. So the superiors should give the proper training to the employees to fill the form
available on the HDFC BANK system.
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There should be clarity in appraisal system. The feedback should be provided by the
appraiser to the appraise. Performance
Appraisal should be results oriented. Performance meets to corporation goal.
RECOMMENDATIONS AND SUGGESTIONS
Performance Appraisal methods should be result oriented and HDFC BANK should
move away from the present practice of assessing performance appraisal through
personality traits.
Career plans should be made known to employees.
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Performance appraisal should be written in the presence of employees after
discussion with them. The employees may be agreeable to the appraisal
made ,but it should be in his knowledge with sufficiently explained to him .
Any weakness and strength should be informed to the officers and areas of
improvement also be indicated by the immediate supervisor.
The officer should be given whether performance is satisfactory/good/outstanding
and why?
For individual whose performance adverse should be informed so can be made in
successive year.
LIMITATIONS OF THE STUDY:-
There are many shortcomings in the study due to various reasons .The main limitations of
the study are as follows:-
The size of sample is small due time and resources.
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Some respondents are not ready to fill the questionnaire.
The study found a great deal of hesitation among the respondents while giving
information
Due to shortage of time availability the possibility of having suggestion to exactly
be true is quite less.
BIBLIOGRAPHY Organizational Behaviour- Stephen P. Robbins
Personnel Management- C.B Mamoria &S.V. Gankar
Journals like Human Capital, Business Today & Indian Journal of Training &
Development.
Internet sites- google.com and other corporate sites
Studies
Notes
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Questionnaire
Web site
www.google.com
www.hdfc.com
www.hdfcbank.com
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