What is the Full Form of HDFC?
HDFC stands for Housing Development Finance Corporation. HDFC is a Mumbai-based Indian financial services firm. It is a major housing financial institution that provides housing loans to individuals and businesses for the purchase and construction of residential properties. HDFC serves its customers through a network of 396 branches in approximately 2,400 towns and cities across India. To serve NRI customers, HDFC has offices in London, Singapore, and Dubai, as well as associates in Middle Eastern countries.
In this article, we are going to discuss HDFC bank long form, HDFC long form and HDFC full name.
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HDFC Bank Full Form
HDFC full form in English is Housing Development Finance Corporation, headquartered in the city of Mumbai, Maharashtra, is an Indian banking and financial services company. In terms of assets and market capitalization, HDFC Bank is India's largest private sector bank as of April 2021. It is the third-largest company on the Indian stock exchanges in terms of market capitalization. With nearly 120,000 employees, it is also India's thirteenth largest employer. Incorporated in 1994, HDFC is a well-known housing finance corporation in India that primarily provides housing loans to low and middle-income people in order for them to purchase a home and builders for residential projects.
HDFC Bank Limited, HDFC ERGO General Insurance Company Limited, HDFC Standard Life Insurance Company Limited, HDFC CRED, GRUH Finance, as well as Credila Finance Services Private Limited are some of the company's key associates and subsidiaries.
With 5,485 branches and 14,533 ATMs spread across 2,866 cities and towns, HDFC Bank is one of India's leading private sector banks. The bank offers a variety of retail and wholesale banking services.
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Products and Services Offered by HDFC
We have already discussed HDFC bank long form, HDFC long form and HDFC full name. Now, let’s discuss the products and services offered by HDFC.
1. Mutual Funds
These services are provided by HDFC Asset Management Company Ltd, one of HDFC Ltd's subsidiaries.
2. General Liability Insurance
Some of the general insurance products offered by the corporation include motor, accident, vehicle, property, travel, home, health, and liability.
3. Life Insurance
HDFC Standard Life Insurance Company Limited, a subsidiary of HDFC Ltd., offers life insurance services and customised products to meet the needs of individual customers.
4. Mortgage
The corporation lends money to individuals and businesses who want to buy or build a home.
5. Student Loans
The corporation provides educational loans to post-graduate and under-graduate students in India and abroad through HDFC Credila, a Non-Banking Financial Company.
The shares are traded on both the Bombay and National Stock Exchanges.
The company's network spans approximately 2400 towns and cities in India, with 396 offices. It also has branches in London, Dubai, Singapore, and other Middle Eastern countries to help Non-Resident Indians with their transactions.
Core Values of the Bank
The core values are as follows:
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Trust
Professional Service
Integrity and
Transparency
The corporation's goal is to provide housing finance and ownership in a professional and systematic manner.
This Corporation's goal is to increase the flow of resources to the housing sector by connecting domestic financial markets to the housing finance sector.
The corporation's strategies are as follows:
Maintaining a low level of Gross Non-Performing Assets (NPAs)
Maintaining a low cost-to-income ratio while continuously improving operational efficiency.
Increasing shareholder value year after year by increasing the return on equity.
In a nutshell, HDFC is an Indian financial services corporation with operations in insurance, pension, educational loans, personal loans, real estate and infrastructure development, general insurance, housing finance, mutual funds, and customised investment products and services. It has also established a Sec 8 company (previously a Sec 25 company), with a non-profit motive. It has numerous subsidiaries and associate companies, as well as joint ventures with some foreign companies.
Despite the fact that the company is based in India and has operations across the country, the company's major shareholders are foreign institutional investors (FIIs).
List of Subsidiaries, Joint Ventures, and Associates
The subsidiaries are as follows:
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1 – HDFC Standard Life Insurance Co. Ltd
It is a long-term life insurance company based in Mumbai.
It provides both individual and group insurance. It is a collaboration between HDFC and Standard Life Aberdeen PLC, a UK-based provider of investment services.
2 – HDFC Asset Management Company
On July 3, 2000, the SEBI approved the HDFC Asset Management Company to act as the Asset Management Company for the Housing Development Finance Corporation Mutual Funds.
3 – HDFC Ergo General Insurance Company
It is a joint venture between HDFC and ERGO International AG, a German insurance company, with HDFC owning 51% of the company and offering a wide range of products such as vehicles, health, and travel insurance.
4 – GRUH Finance
HDFC owns approximately 59 percent of housing finance companies. It makes loans for the acquisition, construction, major repairs, and renovation of residential real estate.
It is also known for lending to those who do not have a formal source of income, such as self-employed individuals.
5 – HDFC Property Fund
Housing Development Finance Corporation entered the private equity business with the assistance of the HDFC property fund in order to assist investors in growing alongside the expanding Indian real estate sector.
6 – HDFC RED
HDFC RED is an HDFC Ltd wholly-owned subsidiary. It is a real estate listing platform that operates online. HDFC Developers are in charge of HDFC RED's operations.
7 – HDFC Credila Financial Services
It is the first dedicated company to provide education loans, and it is the one that has launched the education loan facilities.
8 – HDFC Pension
It was initiated in order to diversify the investment portfolio across a variety of good return-seeking assets, thereby increasing the long-term potential to generate income.
9 – HDFC Sales
It was founded in 2004 and has its headquarters in Mumbai. It caters to both retail and high-net-worth individuals. The investment strategies and products are customised to meet the needs of each individual investor.
10 – HT Parekh
Hasmukh Thakordas Parekh Foundation- A non-profit and non-governmental organisation founded in the founder's name. HDFC established a company in the year 2012.
FAQs on HDFC Full Form
1. What is the Full Form of HDFC Bank?
Answer. The Housing Development Finance Corporation Limited (HDFC) was among the first to receive 'in principle' approval to establish a bank in the private sector as part of the Reserve Bank of India's (RBI) liberalisation of the Indian Banking Industry in 1994.
2. Who is the Founder of HDFC Bank?
Answer. The Industrial Credit and Investment Corporation of India promoted HDFC (ICICI). Hasmukhbhai Parekh was instrumental in the establishment of this company, which began with the primary goal of addressing India's housing shortage and has since grown steadily.
