What is the Full Form of HDFC
Full form of HDFC
A Full form of HDFC is “Housing Development Finance Corporation”. This financial institution provides housing loans to people falling into the lower-middle to the middle-class economy. It plays an essential role in increasing homeownership in India. This strategic financial institution has its headquarters in Mumbai. Due to its popularity and reliability, HDFC is regarded as the largest private sector lender in India. However, it is mainly known for commercial banks. HDFC is also involved in the investment bank.
History of HDFC
HDFC was founded in 1977. It was generally started as a limited public corporation by the Indian credit industry and investment association. The RBI, for the first time, has granted internal approval to the private sector bank. HDFC obtained its Business Certificate in 1994 from the Bank of India. In 1995, in addition to giving away about 70 shares to the subscribers of the Memorandum & Articles of Association, it also awarded 500,00,000 equity shares to promoters of HDFC.
The first HDFC branch was established in Churchgate, Mumbai, in the same year. One of the critical factors that add to its success is its modern software. It also has an amazing cooperation unit set up in 1996 to manage all operations in the Indian financial market. Of all the nine new generation private banks, HDFC is the one to set up ATMs across the country.
Chennai became the first branch as part of its expansion in South India. Over time, the HDFC has grown so much that it has partnered with about 10 strategies and banks overseas. This partnership will help in effective interest rates and faster currency swaps. In 1998, HDFC introduced its first bank debit card. The bank that abolished HDFC in 1998 was the Ahmedabad Stock Exchange. HFCS has also signed an alliance with stock institutions, such as the National Stock Exchange and the Bombay Stock Exchange.
Services Provided by HDFC Bank.
HDFC offers a variety of services. Here are some of the common ones provided below:
- HDFC offers three types of home loan services at a low-interest rate.
- With low processing costs, customers are allowed to get personal loans and other pre-authorized loans immediately.
- It also allows digital payment options from UPI payments and WhatsApp Banking.
- You can make deposits by using an HDFC account.
- Supply of other financial products required by retail banks.
- In supermarket banking, HDFC provides commercial and transactional banking services, including cash management funding, capital trade services, etc.
- Besides focusing on foreign exchange, and the local currency market, HDFC is involved in other treasury services.
- If you are trying to get a loan or are preparing for a bank exam and getting to know the full HDFC, it is essential to know some of its details.
FAQs on HDFC
Q1. Name the CEO of HDFC bank?
Ans . Sashidhar Jagdishan is the CEO of HDFC bank since October 2020. The Reserve Bank of India has approved his appointment in 2020. He is also the executive director of HDFC.
Q2. Who was the first customer of the HDFC bank?
Ans . The first customer of the HDFC bank was Siemens, and its first lender was someone from Thane, who borrowed about Rs.35,000 to build his house. As of March 21, 2021, HDFC has more than 6.18 million customers.
Q3. What are the requirements for an HDFC bank post?
Ans . HDFC delivery requirements include any professional degree with a minimum of 2 years of experience in the customer service field. Senior banking or financial officials are appointed for this role.
Q4. Write steps to apply for a job at HDFC?
Ans . To apply for a job at HDFC, one can upload a resume to their website after registration. The nominee will also be asked to submit additional information. By opening a profile, they will also be asked for OTP. After applying and tracking the status, the candidate can view it under “MyJobs” on the website.