Professional Documents
Culture Documents
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 liberalisation 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.
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.
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 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.
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.
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.
HDFC Bank is headquartered in Mumbai. The Bank at present has an enviable network of
over 1412 branches spread over 528 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 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.
The Bank also has a network of about over 3295 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.
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.
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.
The Bank has made substantial efforts and investments in acquiring the best technology
available internationally, to build the infrastructure for a world class bank. The Bank's
business is supported by scalable and robust systems which ensure that our clients always get
the finest services we offer.
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.
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 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 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, NetBanking and Mobile
Banking.
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 Mastercard 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
liberalisation of the financial markets in India, corporates 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
government securities. The Treasury business is responsible for managing the returns
and market risk on this investment portfolio.
Credit Rating
The Bank has its deposit programs 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 "AAA ( 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"
The Bank also has its long term unsecured, subordinated (Tier II) Bonds rated by CARE
and Fitch Ratings India Private Limited and its Tier I perpetual Bonds and Upper Tier II
Bonds rated by CARE and CRISIL Ltd. CARE has assigned the rating of "CARE AAA"
for the subordinated Tier II Bonds while Fitch Ratings India Pvt. Ltd. has assigned the
rating "AAA (ind)" with the outlook on the rating as "stable". CARE has also assigned
"CARE AAA [Triple A]" for the Banks Perpetual bond and Upper Tier II bond issues.
CRISIL has assigned the rating "AAA / Stable" for the Bank's Perpetual Debt programme
and Upper Tier II Bond issue. In each of the cases referred to above, the ratings awarded
were the highest assigned by the rating agency for those instruments.
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.
Overview
Year 2007
Archives
Credit Rating
Corporate
Governance Rating
Be aware of
frauds
Security Tips
Security measures at
HDFC Bank
Shareholding pattern
History of Share
issues
Bonds Issue History
Phishing
Money Mules
Internet Banking
Online Shopping /
Payments
Computer security
Internet Browsing
Email Security
Awards and Achievements - Banking Services
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.
2009
Euromoney Awards 'Best Bank in India'
2009
Economic Times Most Trusted Brand - Runner Up
Brand Equity &
Nielsen Research
annual survey 2009
Asia Money 2009 'Best Domestic Bank in India'
Awards
IBA Banking 'Best IT Governance Award - Runner up'
Technology Awards
2009
Global Finance 'Best Trade Finance Bank in India for 2009
Award
IDRBT Banking 'Best IT Governance and Value Delivery'
Technology
Excellence Award
2008
Asian Banker 'Asian Banker Best Retail Bank in India Award 2009 '
Excellence in Retail
Financial Services
2008
Finance Asia 'Best Bank and Best Cash Management Bank'
Country Awards for
Achievement 2008
CNN-IBN 'Indian of the Year (Business)'
Nasscom IT User 'Best IT Adoption in the Banking Sector'
Award 2008
Business India 'Best Bank 2008'
Forbes Asia Fab 50 companies in Asia Pacific
Asian Banker Best Retail Bank 2008
Excellence in Retail
Financial Services
Asiamoney Best local Cash Management Bank Award voted by Corporates
Microsoft & Indian Security Strategist Award 2008
Express Group
World Trade Center For outstanding contribution to international trade services.
Award of honour
Business Today- One of India's "Most Innovative Companies"
Monitor Group
survey
Financial Express- Best Bank Award in the Private Sector category
Ernst & Young
Award
Global HR 'Employer Brand of the Year 2007 -2008' Award - First Runner
Excellence Awards - up, & many more
Asia Pacific HRM
Congress:
Business Today 'Best Bank' Award
2007
Dun & Bradstreet – 'Corporate Best Bank' Award
American Express
Corporate Best
Bank Award 2007
The Bombay Stock 'Best Corporate Social Responsibility Practice' Award
Exchange and
Nasscom
Foundation's
Business for Social
Responsibility
Awards 2007
Outlook Money & Best Bank Award in the Private sector category.
NDTV Profit
The Asian Banker Best Retail Bank in India
Excellence in Retail
Financial Services
Awards
Asian Banker Our Managing Director Aditya Puri wins the Leadership
Achievement Award for India
We are aware that all these awards are mere milestones in the continuing, never-ending
journey of providing excellent service to our customers. We are confident, however, that with
your feedback and support, we will be able to maintain and improve our services.
Financial Information
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
Our business philosophy is based on four core values - Customer Focus, Operational
Excellence, Product Leadership and People. We believe that the ultimate identity and
success of our bank will reside in the exceptional quality of our people and their
extraordinary efforts. For this reason, we are committed to hiring, developing, motivating and
retaining the best people in the industry.
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
ensuring the highest levels of ethical standards, professional integrity, corporate governance
and regulatory compliance.
Phishing Fraud
What is Phishing?
Phishing is an act undertaken by fraudsters to gain your private and sensitive information
whereby emails sent out appear to be sent by your bank. Such fake emails encourage you to
click on a link in the email which leads you to a fake website with a similar look and feel as
that of the bank's authentic website. It is designed so, to capture your personal confidential
account information such as Customer ID, IPIN, Credit/Debit Card number, Card expiry date,
CVV numbers, etc.
Customers email addresses are obtained/purchased by the fraudster through non-trusted sites
where the customer would have revealed his Email Id my means of casual browsing or shared
it on chat rooms, blogs or mailing lists etc. The Bank never shares its customers information
such as email addresses or other private information with any third party. Alternatively emails
ids can also be generated by software tools.
1. While it is easy to identify some fake emails, others become difficult as they appear to be
originating from the bank. The fraudster may use HDFC Bank's email address, domain
name, logo, etc to give an authentic look to the fake email.
2. Do not rely on the name and source email address information in the "From" field as it
may easily be manipulated by the fraudster to a valid email account of HDFC Bank or any
other email address.
3. Such fake emails will always address you by a generic salutation or addressing like "Dear
Customer" or "Dear Net Banking Customer" or "Dear HDFC Bank Customer". HDFC
Bank's authentic emails will always address you personally by your name e.g. "Dear Mr
Sameer Bedi"
4. Very often, such fake emails are poorly drafted and may have spelling or grammatical
mistakes.
5. Such fake emails will always encourage you to click on to a link to verify or update your
confidential account information. Please note that the Bank will never ask you for your
confidential account information as the same would be available on the bank's systems.
6. The links embedded in such fake emails sometimes may look authentic but when you
move the cursor/pointer over the link, there may be an underlying link to a fake website.
1. It is very difficult for an occasional internet user to identify a fake website as the fraudster
designs it to replicate the bank's original website by using the bank's logo and content.
2. Verify the URL of the webpage (web page address): Most of the counterfeit/fake
webpage addresses start with "http://" unlike HDFC Bank's transaction related webpages
that warrants customer confidential account information (e.g. internet banking, payment
gateway sites for online shopping) would start with "https://" and not http://. Verify the
end letter "s" that ensures the security of communication by means of encryption between
webpage and the visitor accessing it. HDFC Bank's home page address -
http://www.hdfcbank.com is not encryption enabled, as there is no customer confidential
account information flowing over it. URL / website address of the fake website would be
different from HDFC Bank's website address or URL.
E.g. HDFC Bank's internet banking site address is https://netbanking.hdfcbank.com. A
fake website address may be http://mysite.com, http://hfdc.com or
https://internetbanking.hfdcbank.net
3. Check the PAD LOCK symbol: Pad lock symbol depicts existence of a security
certificate, also called Digital Certificate for that website. Fake websites would either not
have a digital certificate to prove its authenticity or may have invalid digital certificate.
Establish the authenticity of the website by verifying its digital certificate. To do so go to
File => Properties => Certificates or double click on the PAD LOCK icon at the bottom
corner of your Browser window while you are at the webpage of fake website.
E.g. HDFC Bank's authentic Internet Banking website's digital certificate is depicted
below:
http://www.mediaworld.
http://mysite.com http://hdfcbankonline.
com/hdfc
/li/hdfc.htm com
/internetbanking.html
1. Bear in mind that HDFC Bank will never send emails to you asking for your confidential
information.
2. Do not respond to any phishing emails by clicking on the links given, opening any
attachments or replying to the sender of the email.
3. Whenever in doubt about authenticity of an email please write to us at
support@hdfcbank.com
4. If you are able to identify a phishing email, please forward it to
fake.email@hdfcbank.com. The bank shall shut down the corresponding fake site after
validation.
1. If you realise soon after revealing your confidential information such as customer ID,
IPIN, etc, immediately log on your NetBanking account by typing the URL in the address
bar of your web browser, change the IPIN and verify recent transactions in your account.
If no fraudulent transactions are observed, forward the phishing email to the bank.
2. If you discover any unauthorised transactions in your account please call up the phone
banking numbers or send an email to support@hdfcbank.com to disable internet banking
access to your account and visit your home branch immediately to report the matter at the
branch for further action. Forward the phishing email to your branch manager and mark a
copy (cc) to support@hdfcbank.com.
By phishing or other means of customer identity theft, the fraudster harvests customer
NetBanking credentials i.e. customer ID and IPIN with a motive to transfer money from
customer account to another account holder of the same or different bank. The beneficiary
account holder is referred as a "Money Mule". The beneficiary becomes accomplice
unknowingly by social engineering techniques employed by the fraudster.
1. The fraudster may cook different stories, however his motive will be to convince you
to share your bank account details, receive money and act as per his directions.
2. Do not respond to email from strangers asking you for your bank account details.
3. For any overseas job offer, confirm the identity and contact details of the company
offering the job to you. They may have hosted a company website to make it look
authentic, but there may not exist any company at all in reality.
4. Do not get carried away by attractive offers or prizes.
Hello !
My name is Morgan Smith Bryant, I am an artist with my wife Susan Morgan, We own
SUS Art World in London (United Kingdom), I live in United Kingdom with my two
kids, four cats, It is definitely a full house, I have been into art work since I was a little
child that gives me about 23 years of experience, I majored in art in high school and
took a few college art courses, Most of my work is done in either pencil or airbrush
mixed with color pencils.
I have recently added designing and creating artwork on the computer, I have been
selling my art for the last 3 years and have had my work featured on trading cards,
prints and in magazines. I have sold in galleries and to private collectors from all
around the world, I am always facing serious difficulties when it comes to selling my art
works to American and India, they are always offering to pay with credit cards only
which is difficult for me to cash here in London United Kingdom. Also, i'm setting a
large factory and estate in India.
I am looking for a representative in the India who will be working for me as a petite
worker and I will be willing to pay 10% for every transaction, which wouldn't affect
your present state of work. Someone who would help me receive payments from my
customers in the india mean someone that is responsible and reliable, because the cost of
coming to the state and getting payments is very expensive and time consuming, I am
working on setting up a branch in the India for now I need a representative in India
who will be handling the payment aspect for my company.
These payments will be made via bank transfer only and they would come to you in
your name if you are willing to assist as a representative, so all you need to is to open a
new account with ABC bank India where my customers in India and United States can
be transferring money to you. After deducting your 10% you will then wire the rest to
my contractor in India. If you are interested ,i want you to open an account with ABC
bank India and forward all the banking information to me including your international
passport first three page,birth certificate and election card to me.
The only problem which I have is trust, but I have my way of getting anyone that gets
away with my money mean the Federal Bureau of Investigation ( F.B.I) branch in
Washington gets involve. It will not cost you any amount, you are to receive payments
from customers for my company which will be sent to you into your ABC bank account.
Sincerely.
Morgan Smith
SUS ART WORLD.
NB: All charges will be deducted from the money, so you are rest assured that you
wouldn't spend a dime out of your personal money.
If you are interested, please get back to me as soon as possible via email with the
following listed information below:
HDFC Bank has been one of the pioneers in extending internet banking services to cater to
anytime, anywhere banking needs of its customers by leveraging on to its state-of-the-art
technology platforms. Internet Banking has also been exploited by hackers and fraudsters to
deceive the bank's customer and commit frauds. While the bank has best-of-the-breed
solutions, processes and people deployed to extend secure banking to its customers, it is
important for our customers to know that "SecUrity is incomplete without U". Customers
need to follow secure computing guidelines to avert any frauds or security breaches to their
accounts, as keys to the internet banking accounts are held by respective account owners in
the form of Customer IDs and Internet Banking passwords (IPIN).
1. Keep your Customer ID and IPIN confidential and do not disclose it to anybody.
2. Change your IPIN as soon as you receive it by logging into your NetBanking account.
Memorise your IPIN, do not write it down anywhere.
3. Refer "Protect your computer accounts with strong passwords" section under
computer security tips.
4. Avoid accessing internet banking from shared computer networks such as cyber cafes.
5. Do not click on links in the emails or sites other than www.hdfcbank.com to access
your NetBanking webpage.
6. Always visit the HDFC Bank's NetBanking site through HDFC Bank's home page by
typing the bank's website address (www.hdfcbank.com) on to the browser's address
bar. Users are encouraged to add the bank's URL to Favorites or Bookmark in the user
computer browser.
7. Always verify the authenticity of the Bank's NetBanking webpage by checking its
URL as "https://netbanking.hdfcbank.com" and the PAD Lock symbol at the bottom
corner of the browser before putting in your Customer ID and IPIN.
8. If your Customer ID and IPIN appear automatically on the login page of NetBanking
webpage, you should disable "Auto Complete" feature on your browser. To disable
auto complete feature:
a. Open Internet Explorer, Click on Tools=> Internet Options=> Content.
b. Click on "Auto Complete", under "Personal Information"
c. Uncheck "User names and passwords on forms", click on "Clear Passwords"
d. Click "OK"
9. Use virtual keyboard feature while logging into your internet banking account.
10. Do cross check your last login information available in NetBanking upon every login
to ascertain your last login and monitor any unauthorised logins.
11. Always type your confidential account information. Do not copy paste it.
12. Monitor your transactions regularly.
13. Use HDFC Bank's "InstaAlerts" service.
14. Always logout when you exit NetBanking. Do not directly close the browser.
15. In addition to the above stated points please refer Computer Security Tips.
1. Always shop or make payments through trusted / reputed websites and bookmark
those sites if you use them regularly.
2. Ensure that the URL of the website is correct by verifying it in the address bar of your
computer browser.
3. Do not click on links in emails or on referral websites to visit the online shopping site.
Always type the URL in the address bar of the browser to visit the website.
4. Do not enter your confidential account information such as Credit Card Numbers,
Expiry Date, CVV values, etc on any pop-up windows.
5. If you are a frequent online shopper, signup for Verify by Visa and Master Card secure
code program.
6. Check for PAD LOCK symbol on the webpage before furnishing your Credit Card
Numbers, Expiry Date, PIN and CVV values, etc to make payments.
7. Make note of the transaction IDs for future reference incase of disputes.
8. Check your account statements regularly and bring any fraudulent transaction to the
notice of Bank.
9. Do not respond to emails seeking your confidential account information that try to
lure you with offers, jobs or prizes etc.
"Demand Deposits " means a deposit received by the bank which is withdrawable on
demand;
"Savings Deposits" means a form of Demand Deposit which is subject to restrictions as to
the number of withdrawals as also the amounts of withdrawals permitted by the bank
during any specified period;
"Term Deposit" means a deposit received by the bank for a fixed period withdrawable only
after the expiry of the fixed period and includes deposits such as Recurring / Double
Benefit Deposits / Short Deposits / Fixed Deposits / Monthly Income Certificate / Quarterly
Income Certificate etc.
''Notice Deposit'' means Term Deposit for a specific period but withdrawable on giving at
least one complete banking day's notice;
"Current Account" means a form of Demand Deposit wherefrom withdrawals are allowed
any number of times depending upon the balance in the account or up to a particular agreed
amount and will also include other deposit accounts which are neither Savings Deposit nor
Term Deposit;
Before opening any Deposit Account, the bank will carry out due diligence as required
under "Know Your Customer" (KYC) guidelines issued by RBI and or such other norms or
procedures adopted by the bank. If the decision to open an account of a prospective
depositor requires clearance at a higher level, reasons for any delay in opening of the
account will be informed to him and the final decision of the bank will be conveyed at the
earliest to him.
The account opening forms and other material would be provided to the prospective
depositor by the bank. The same will contain details of information to be furnished and
documents to be submitted for verification and / or for record. It is expected of the bank
official to explain the procedural formalities and provide necessary clarifications sought by
the prospective depositor when he approaches the bank for opening a Deposit Account.
For deposit products like Savings Bank Account and Current Deposit Account, the bank
will normally stipulate certain minimum/average balances to be maintained as a part of the
terms and conditions governing operation of such accounts. Failure to maintain stipulated
minimum/ average balance in the account will attract levy of charges as specified by the
bank. For Savings Bank Account, the bank may also restrict the number of transactions,
cash withdrawals, etc., for a given period. Similarly, the bank may specify charges for issue
of cheque books, additional statement of accounts, duplicate pass book, folio charges, etc.
All such details, regarding terms and conditions for operation of the accounts and schedule
of charges for various services provided will be communicated to the prospective depositor
while opening the account.
Savings Bank Accounts can be opened for eligible person / persons and certain
organizations / agencies (as advised by Reserve Bank of India (RBI) from time to
time).These accounts are designed to help the individual (personal customers) to inculcate
the habit of saving money and to meet their future requirement of money. The amounts can
be deposited/withdrawn from these accounts by way of cheques/ATM. It helps customers to
keep minimum cash at home besides earning interest.
Current Accounts can be opened by Individuals / Partnership firms / Private and Public
Limited Companies / HUFs / Specified Associates / Societies / Trusts, etc.
Term Deposit Accounts can be opened by Individuals / Partnership firms / Private and
Public Limited Companies / HUFs/ Specified Associates / Societies / Trusts, etc. Bank has
tailored various deposit schemes to suit the needs and expectations of investing people in
every walk of life.
The due diligence process, while opening a Deposit Account will involve satisfying about
the identity of the person, verification of address, satisfying about his occupation and
source of income. Obtaining introduction of the prospective depositor from a person
acceptable to the bank and obtaining recent photographs of the person/s opening / operating
the account are part of the due diligence process.
In addition to the due diligence requirements, under KYC norms the bank is required by
law to obtain Permanent Account Number (PAN) or General Index Register (GIR) Number
or alternatively declaration in Form No. 60 or 61 as specified under the Income Tax Act /
Rules.
Deposit Accounts can be opened by an individual in his own name (status: known as
account in single name) or by more than one individual in their own names (status: known
as Joint Account). Savings Bank Account can also be opened by a minor jointly with
natural guardian or with mother as the guardian (Status: known as Minor's Account).
Minors above the age of 12 will also be allowed to open and operate Saving Bank Account
independently.
Operation of Joint Account: The Joint Account opened by more than one individual can be
operated by single individual or by more than one individual jointly. The mandate for
operating the account can be modified with the consent of all account holders. The Savings
Bank Account opened by minor jointly with natural guardian / guardian can be operated by
natural guardian only.
The joint account holders can give any of the following mandates for the disposal of
balance in the above accounts :
• Either or Survivor : If the account is held by two individuals say, A & B, the final
balance alongwith interest, if applicable, will be paid to survivor on death of any
one of the account holders.
• Anyone or Survivor/s : If the account is held by more than two individuals say, A, B
and C, the final balance alongwith interest, if applicable, will be paid to the survivor
on death of any two account holders.
The above mandates will be applicable to or become operational only on or after the date of
maturity of term deposits. This mandate can be modified by the consent of all the account
holders.
At the request of the depositor, the bank will register the mandate / power of attorney given
by him authorizing another person to operate the account on his behalf.
The term deposit account holders at the time of placing their deposits can give instructions
with regard to closure of deposit account or renewal of deposit for further period on the
date of maturity.
A statement of account will be provided by the bank to Savings Bank as well as Current
Deposit Account Holders periodically as per terms and conditions of opening of the
account.Passbook facility is avaliable to all savings account holders free of cost
Nomination Facility: Bank offers nomination facility in deposit accounts, safe deposit
lockers, articles in safe custody,etc. Nomination facility is available on all deposit accounts
opened by the individuals. Nomination is also available to a sole proprietory concern
account. Nomination can be made in favour of one individual only. Nomination so made
can be cancelled or changed by the account holder/s any time. While making nomination,
cancellation or change thereof, it is required to be witnessed by a third party. Nomination
can be modified by the consent of account holder/s. Nomination can be made in favour of a
minor also subject to other major individual being named appointee(s) during the minority
period.
The bank recommends that all depositors avail nomination facility. The nominee, in the
event of death of the depositor/s, would receive the balance outstanding in the account as a
trustee of legal heirs. The depositor will be informed of the advantages of the nomination
facility while opening a deposit account.
The Bank believes in adopting and adhering to best recognised corporate governance
practices and continuously benchmarking itself against each such practice. The Bank
understands and respects its fiduciary role and responsibility to shareholders and strives hard
to meet their expectations. The Bank believes that best board practices, transparent
disclosures and shareholder empowerment are necessary for creating shareholder value.
The Bank has infused the philosophy of corporate governance into all its activities. The
philosophy on corporate governance is an important tool for shareholder protection and
maximisation of their long term values. The cardinal principles such as independence,
accountability, responsibility, transparency, fair and timely disclosures, credibility etc. serve
as the means for implementing the philosophy of corporate governance in letter and spirit.
The bank was amongst 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 for the second consecutive year, 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.
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
at large.
Top
Mr. Aditya Puri
Mr. Aditya Puri holds a Bachelors degree in Commerce from Punjab University and is an
associate member of the Institute of Chartered Accountants of India. Mr. Aditya Puri has
been the Managing Director of the Bank since September 1994. He has about 35 years of
banking experience in India and abroad.
Prior to joining the Bank, Mr. Puri was the Chief Executive Officer of Citibank, Malaysia
from 1992 to 1994.
Mr. Puri holds 3, 37,953 equity shares in the Bank as on March 31, 2008.
Top
Mr. Keki M. Mistry
Mr. Keki Mistry holds a Bachelor of Commerce degree in Advanced Accountancy and
Auditing and is also a Chartered Accountant. He was actively involved in the setting up of
several HDFC group companies including HDFC Bank. Mr. Mistry has been deputed on
consultancy assignments for the Commonwealth Development Corporation (CDC) in
Thailand, Mauritius, Caribbean Islands and Jamaica. He has also worked as a consultant for
the Mauritius Housing Company and Asian Development Bank.
Mr. Mistry is Vice Chairman & Managing Director of Housing Development Finance
Corporation Limited and Chairman of GRUH Finance Limited. He is also a Director on the
Board of HDFC Developers Limited, HDFC Standard Life Insurance Co. Ltd, HDFC General
Insurance Company Limited, Infrastructure Leasing & Financial Services Limited, Sun
Pharmaceutical Industries Limited, The Great Eastern Shipping Company Limited, NexGen
Publishing Limited, India Value Fund Advisors Private Limited, HDFC Asset Management
Company Limited, Greatship (India) Limited, Griha Investments-Mauritius and Association
of Leasing & Financial Services Companies.
Mr. Mistry is the Chairman of the Audit Committee of HDFC General Insurance Company
Limited, Sun Pharmaceutical Industries Limited and The Great Eastern Shipping Company
Limited. He is member of Audit Committee of HDFC Standard Life Insurance Company
Limited, Gruh Finance Limited, Infrastructure Leasing & Financial Services Limited and
HDFC Asset Management Company Limited. He is also a member of Investors Grievance
Committee of Housing Development Finance Corporation Limited, Remuneration Committee
and Investment Committee of Gruh Finance Limited and Share Transfer Committee of
Infrastructure Leasing & Financial Services Limited.
Mr. Mistry is liable to retire by rotation and being eligible, offers himself for re-appointment
at the ensuing Annual General Meeting.
Mr. Mistry holds 58,001 equity shares in the Bank as on March 31, 2008.
Top
Mrs. Renu Karnad
Mrs. Renu Karnad is a Law graduate and also holds a Masters Degree in Economics from
Delhi University.
Top
Mr. Ashim Samanta
Mr. Ashim Samanta holds a Bachelor of Commerce degree from University of Bombay and
has wide and extensive experience in business for nearly 29 years. He has vast experience in
the field of bulk drugs and pharmaceutical formulations. He is a Director of Samanta
Organics Private Limited, Nautilus Trading & Leasing Private Limited, Ashish Rang Udyog
Private Limited, Samanta Movies Private Limited and Shakti Cine Studios Private Limited.
Mr. Samanta has also been engaged in setting up and running of film editing and dubbing
studio.
Mr. Samanta holds 600 equity shares in the Bank as on March 31, 2008.
Top
Mr.C M Vasudev
Mr. C. M. Vasudev holds a Masters Degree in Economics and Physics. He joined the Indian
Administrative Services in 1966. Mr. Vasudev has worked as Executive Director of World
Bank representing India, Bangladesh, Sri Lanka and Bhutan. Mr. Vasudev has extensive
experience of working at policy making levels in the financial sector and was responsible for
laying down policies and oversight of management. He chaired World Bank’s committee on
development effectiveness with responsibility of ensuring effectiveness of World Bank’s
operations. Mr. Vasudev has also worked as Secretary, Ministry of Finance and has
undertaken various assignments viz. Secretary, Department of Economic Affairs, Department
of Expenditure, Department of Banking and was Additional Secretary Budget with
responsibility for framing budget of Government and monitoring its implementation. He has
also worked as Joint Secretary of Ministry of Commerce with responsibility for state trading,
trade policy including interface with WTO.
Mr. Vasudev is Director on the Board of Directors of ICRA Management Consultancy
Services Limited, NOIDA Power Company Limited and Noesis Consultancy Services Private
Limited. He is a member of Audit Committee and the Chairman of Remuneration Committee
of ICRA Management Consultancy Services Limited and member of Audit Committee of
NOIDA Power Company Limited.
Mr. Vasudev does not hold any equity shares in the Bank as on March 31, 2008.
Top
Mr. Gautam Divan holds a Bachelors degree in Commerce and is a Fellow Member of the
Institute of Chartered Accountants of India. Mr. Divan is a partner in Rahul Gautam Divan &
Associates, Chartered Accountants. Mr. Divan has wide experience in financial and taxation
planning of individuals and limited companies and auditing accounts of large public limited
companies and nationalised Banks. Mr. Divan enjoys substantial experience in structuring
overseas investments to and from India.
Mr. Divan is on the Board of HDFC Standard Life Insurance Company Limited, Baltic
Consultancy & Services Private Limited, Bell Ceramics Limited, Brady & Morris
Engineering Company Limited, Chandanbhoy and Jassoobhoy Consultants Private Limited,
Serendib Investments Private Limited and Ascent Hotels Private Limited. He is Chairman of
Audit Committee and Remuneration Committee of Bell Ceramics Limited. He is the
Chairman of Audit Committee of HDFC Life Insurance Company Limited. He is a partner of
M/s Rahul Gautam Divan & Associates.
Mr. Divan does not hold any equity shares in the Bank as on March 31, 2008.
Top
Dr. Pandit Palande has a Ph.D. degree in Business Administration and has completed an
Advance Course in Management from Oxford University and the Warwick University in UK.
Dr. Palande has worked as a Director of School of Commerce and Management for 15 years
in Yashwantrao Chavan Maharashtra Open University (YCMOU). At present, Dr. Palande is
Pro-Vice Chancellor of YCMOU.
Dr. Palande has extensive experience of working in the fields of business administration,
management and agriculture. Under the guidance of Dr. Palande, YCMOU has become one of
the green universities in India. As a project Director of Indian Space Research Organisation
(ISRO) GAP-3 of YCMOU, Dr. Palande has been serving the agriculture community on a
large scale through satellite.
Dr. Palande is neither a director on the Board of any other company nor a member and
chairman of any committee(s) of the Board of Directors of any other company.
Dr. Palande does not hold any equity shares in the Bank on March 31, 2008 as well as on the
date of his appointment.
Top
Mr. Paresh Sukthankar has been appointed as Executive Director of the Bank for a period of
three years with effect from 12th October 2007.
He has done Masters in Management Studies from Jamnalal Bajaj Institute of Management
Studies, Mumbai. Mr. Sukthankar has been associated with the Bank since 1994 in various
senior capacities and has direct or supervisory responsibilities for the Credit & Market Risk
and Human Resources functions and for various strategic initiatives of the bank. He has over
22 years of experience in the fields of finance and banking. Prior to joining the Bank, he
worked with Citibank for 9 years in various areas including corporate banking, risk
management, financial control and credit administration.
Mr. Sukthankar is neither a director on the Board of any other company nor a member and
chairman of any committee of the Board of Directors.
He holds 1,59,656 equity shares in the Bank as on March 31, 2008.
Top
Mr. Harish Engineer has been appointed as Executive Director of the Bank for a period of
three years with effect from 12th October 2007.
He holds a Diploma in Business Management from Hazarimal Somani College, Mumbai. Mr.
Engineer has been associated with the Bank since 1994 in various capacities and is
responsible for Wholesale Banking at present. He has over 38 years experience in the fields
of finance and banking. Prior to joining the Bank, he worked with Bank of America for 26
years in various areas including operations and corporate credit management.
Mr. Engineer is neither a director on the Board of any other company nor a member and
chairman of any committee of the Board of Directors. He is member of the Board of Boston
Analytics, Boston (USA).
He holds 64,000 equity shares in the Bank as on March 31, 2008.
The Board has constituted committees of Directors to take informed decisions in the best
interest of the Bank. These committees monitor the activities falling within their terms of
reference. Various committees of the Board were reconstituted during the year due to
induction of additional Director namely; Mr. Pandit Palande. The Board's Committees are as
follows:
The Audit and Compliance Committee of the Bank is chaired by Mr. Arvind Pande. The other
members of the Committee are Mr. Ashim Samanta, Mr. C. M. Vasudev, Mr. Gautam Divan
and Dr. Pandit Palande. Dr. Pandit Palande was inducted as member of the Committee w.e.f.
May 17, 2007. All the members of the Committee are independent directors and Mr. Gautam
Divan is a financial expert.
The terms of reference of the Audit Committee are in accordance with Clause 49 of the
Listing Agreement entered into with the Stock Exchanges in India, and inter alia include the
following:
Overseeing the Bank's financial reporting process and ensuring correct, adequate and
credible disclosure of financial information.
Recommending appointment and removal of external auditors and fixing of their fees.
Reviewing with management the annual financial statements before submission to the
Board with special emphasis on accounting policies and practices, compliance with
accounting standards and other legal requirements concerning financial statements.
Reviewing the adequacy of the Audit and Compliance functions, including their policies,
procedures, techniques and other regulatory requirements, and
Any other terms of reference as may be included from time to time in clause 49 of the
listing agreement.
The Board has also adopted a charter for the audit committee in connection with certain
United States regulatory standards as the Bank's securities are also listed on New York
Stock Exchange.
Top
Compensation Committee
The Compensation Committee reviews the overall compensation structure and policies of the
Bank with a view to attract, retain and motivate employees, consider grant of stock options to
employees, reviewing compensation levels of the Bank's employees vis-à-vis other banks and
industry in general.
The Bank's compensation policy is to provide a fair and consistent basis for motivating and
rewarding employees appropriately according to their job / role size, performance,
contribution, skill and competence.
Mr. Jagdish Capoor, Mr. Ashim Samanta, Mr. Gautam Divan and Dr. Pandit Palande are the
members of the Committee. Dr. Pandit Palande was inducted as member of the Committee
w.e.f. May 17, 2007. The Committee is chaired by Mr. Jagdish Capoor. All members of the
Committee other than Mr. Capoor are independent directors.
Top
Investors' Grievance (SHARE) Committee
The Committee approves and monitors transfer, transmission, splitting and consolidation of
shares and bonds and allotment of shares to the employees pursuant to Employees Stock
Option Scheme. The Committee also monitors redressal of complaints from shareholders
relating to transfer of shares, non-receipt of Annual Report, dividends etc.
The Committee consists of Mr. Jagdish Capoor, Mr. Aditya Puri and Mr. Gautam Divan. The
Committee is chaired by Mr. Capoor. The Committee met 11 times during the year. The
powers to approve share transfers and dematerialisation requests have been delegated to
executives of the Bank to avoid delays that may arise due to non-availability of the members
of the Committee.
As on March 31, 2008, 43 instruments of transfer representing 3871 shares were pending and
since then the same have been processed. The details of the transfers are reported to the
Board of Directors from time to time.
During the year, the Bank received 142 complaints from shareholders, which have been
attended to.
Top
Risk Monitoring Committee
The committee has been formed as per the guidelines of Reserve Bank of India on the Asset
Liability Management / Risk Management Systems. The Committee develops Bank's credit
and market risk policies and procedures, verify adherence to various risk parameters and
prudential limits for treasury operations and reviews its risk monitoring system. The
committee also ensures that the Bank's credit exposure to any one group or industry does not
exceed the internally set limits and that the risk is prudentially diversified.
The Committee consists of Mrs. Renu Karnad, Mr. Aditya Puri and Mr. C. M. Vasudev and is
chaired by Mrs. Renu Karnad.
The Committee met 5 (five) times during the year.
Top
Credit Approval Committee
The Credit Approval Committee approves credit exposures, which are beyond the powers
delegated to executives of the Bank. This facilitates quick response to the needs of the
customers and speedy disbursement of loans.
The Committee consists of Mr. Jagdish Capoor, Mr. Aditya Puri, Mr. Keki Mistry and Mr.
Gautam Divan. The Committee is chaired by Mr. Capoor.
Top
The Premises Committee approves purchases and leasing of premises for the use of Bank's
branches, back offices, ATMs and residence of executives in accordance with the guidelines
laid down by the Board. The committee consists of Mr. Aditya Puri, Mr. Ashim Samanta,
Mrs. Renu Karnad and Dr. Pandit Palande. Dr. Pandit Palande was inducted as member of the
Committee w.e.f. May 17, 2007. The Committee is chaired by Mrs. Renu Karnad.
Top
Nomination Committee
The Bank has constituted a Nomination Committee for recommending the appointment of
independent / non-executive directors on the Board of the Bank. The Nomination Committee
scrutinises the nominations for independent / non-executive directors with reference to their
qualifications and experience. For identifying ‘fit and proper' persons, the Committee adopts
the following criteria to assess competency of the persons nominated:
The members of the Committee are Mr. Arvind Pande, Mr. Ashim Samanta and Dr. Pandit
Palande. Dr. Pandit Palande was inducted as member of the Committee w.e.f. May 17, 2007.
The Committee is chaired by Mr. Arvind Pande. All the members of the Committee are
independent directors.
Top
Fraud Monitoring Committee
Pursuant to the directions of the Reserve Bank of India, the Bank has constituted a Fraud
Monitoring Committee, exclusively dedicated to the monitoring and following up of cases of
fraud amounting to Rs.1 crore and above. The objective of this Committee is the effective
detection of frauds and immediate reporting thereof to regulatory and enforcement agencies
and actions taken against the perpetrators of frauds.
Identify the systemic lacunae, if any, that facilitated perpetration of the fraud and put in
place measures to plug the same.
Identify the reasons for delay in detection, if any, reporting to top management of the Bank
and RBI.
Monitor progress of CBI / police investigation and recovery position.
Ensure that staff accountability is examined at all levels in all the cases of frauds and staff
side action, if required, is completed quickly without loss of time.
Review the efficacy of the remedial action taken to prevent recurrence of frauds, such as
strengthening of internal controls.
Put in place other measures as may be considered relevant to strengthen preventive
measures against frauds.
The members of the Committee are Mr. Jagdish Capoor, Mr. Aditya Puri, Mr. Keki Mistry
and Mr. Arvind Pande. The Committee is chaired by Mr. Jagdish Capoor. The Committee met
4 (four) times during the year.
Top
Customer Service Committee
The Committee monitors the quality of services rendered to the customers and also ensures
implementation of directives received from RBI in this regard. The terms of reference of the
Committee are to formulate comprehensive deposit policy incorporating the issues arising out
of death of a depositor for operations of his account, the product approval process, the annual
survey of depositor satisfaction and the triennial audit of such services.
The members of the Committee are Mr. Keki Mistry, Mr. Arvind Pande and Dr. Pandit
Palande. Dr. Pandit Palande was inducted as member of the Committee w.e.f. May 17, 2007.
The rights mentioned above are prescribed in the Companies Act, 1956 and Banking
Regulation Act, 1949, whereever applicable, and should be followed only after careful
reading of the relevant sections. These rights are not necessarily absolute.
The Memorandum and Articles of Association of the Bank provides the following rights to
HDFC Limited, promoter of the Bank:
The Board shall appoint non-retiring Directors from amongst the Directors nominated by
HDFC Limited with the approval of shareholders, so long as HDFC Limited and its
subsidiaries, singly or jointly hold not less than 20% of the paid-up share capital of the Bank.
HDFC Limited shall nominate either a part-time Chairman and the Managing Director or a
full time Chairman, with the approval of the Board and the shareholders so long as HDFC
Limited and its subsidiaries, singly or jointly hold not less than 20% of the paid-up share
capital of the Bank.
Under the terms of Bank’s organisational documents, HDFC Limited has a right to nominate
two directors who are not required to retire by rotation, so long as HDFC Limited, its
susbsidiaries or any other company promoted by HDFC Limited either singly or in the
aggregate holds not less than 20% of paid up equity share capital of the Bank. At present, the
two directors so nominated by HDFC Limited are the Chairman and the Managing Director
of the Bank.
For detailed provisions, kindly refer to the Memorandum and Articles of Association of the
Bank, which are available on the web-site of the Bank at www.hdfcbank.com.
HDFC Limited, Bennett, Coleman & Co. Ltd. and its group companies (the promoters of
erstwhile Times Bank Limited) and Chase Funds had entered into a tripartite agreement dated
November 26, 1999 for effecting amalgamation of Times Bank Limited with the Bank. Under
this Agreement, Bennett Coleman Group has a right to nominate one Director on the Board of
the Bank as long as its holding exceeds 5% of the share capital of the Bank. Currently, as on
March 31, 2008, the Bennett Coleman Group holds 4.57% of the share capital of the Bank
and Mr. Vineet Jain who represented the Bennett Coleman Group on the Board has since
resigned as a Director of the Bank.
Indian Listing
The equity shares of the Bank are listed at the following Stock Exchanges in india :
International Listing
The American Depository Shares (ADS) of the Bank are listed on:
The New York Stock Exchange (Ticker – HDB)
11, Wall Street, New York, N.Y. 11005
The bank's shares which are in compulsory dematerialised (demat) list are transferable
through the depository system. Shares in physical form are processed by the Registrars and
Share Transfer Agents, Datamatics Financial Services Ltd and approved by the Investors’
Grievance (Share) Committee of the Bank or authorised officials of the Bank. The share
transfers are processed within a period of 15 days from the date of receipt of the transfer
documents by Datamatics Financial Services Ltd.
Investor Helpdesk
Share transfers, dividend payments and all other investor related activities are attended to and
processed at the office of Registrars and Transfer Agents.
For lodgement of transfer deeds and any other documents or for any grievances / complaints,
shareholders / investors may contact at the following address:
Queries related to the Bank’s operational and financial performance may be addressed to:
investor.helpdesk@hdfcbank.com
Compliance Officer
For redressing grievances of Shareholders
2007-2008 85%
2006-2007 70%
2005 - 2006 55%
2004 - 2005 45%
2003 - 2004 35%
2002 - 2003 30%
2001 - 2002 25%
2000 - 2001 20%
1999 - 2000 16%
1998 - 1999 13%
1997 - 1998 10%
1996 - 1997 8%
Board Meetings
During the year under review, ten Board Meetings were held on April 24, 2007, May 17,
2007, June 16, 2007, July 10, 2007, October 12, 2007, January 21, 2008, February 23, 2008,
February 25, 2008, February 28, 2008 and March 27, 2008.
Details of attendance at the Bank’s Board Meetings held during the year under review,
directorship, membership and chairmanship in other companies for each director of the Bank
are as follows:
** Appointed as Additional Directors and Executive Director w.e.f. October 12, 2007.
*** Appointed as Additional Directors and Executive Director w.e.f. October 12, 2007.
The bank would have loan application forms for retail advances and credit cards. These
would include information about the fees/charges, if any, payable for processing, the
amount of such fees refundable in the case of non acceptance of application, pre-payment
options and any other matter which affects the interest of the borrower, so that a meaningful
comparison with that of other banks can be made and an informed decision can be taken by
the borrower.
As part of the wholesale banking business, the bank has various segments to which credit
facilities are provided for their business requirements. These include a wide range of
customers and range from small & medium enterprises to large corporate borrowers. The
bank has a process for identification of target customers to whom facilities can be provided
based on customer selection and risk assessment for that segment. Thus, the focus is on
contacting prospective customers and encouraging them to avail of banking services from
HDFC Bank based on the incremental value we can add to a customer's business, rather
than customers making applications to the Bank for facilities / services. Thus, for the
wholesale banking segment, we do not have any standardized application forms to be
submitted by prospective customers.
The bank would give an acknowledgement for receipt of all retail loan applications. Time-
frame within which loan applications will be processed would be indicated in the
acknowledgement of such applications.
The bank would verify the loan applications within a reasonable period of time. If
additional details / documents are required, it would intimate the borrowers immediately.
In the case of all borrowers seeking loans, the bank would convey in writing, the main
reason/reasons which, in the opinion of the bank after due consideration, have led to
rejection of the loan applications. In case the proposal does not meet the internal risk
parameters of the bank, the borrower would be intimated accordingly.
The bank would ensure that there is proper assessment of credit application made by
borrowers. The assessment would be in line with the bank's credit policies & procedures
and relevant regulatory guidelines.
The bank would convey to the borrower the credit limit along with the terms and conditions
thereof and obtain the borrower's acceptance of these terms and conditions, given with his
full knowledge on record.
In respect of approved credit proposals, terms and conditions and other caveats governing
credit facilities given by the bank would be reduced in writing and duly certified by a bank
official. A copy of the loan agreement along with a copy each of all enclosures quoted in
the loan agreement may be furnished to the borrower if asked for.
The sanction letter or the loan agreement would stipulate if the credit facilities are solely at
the discretion of the bank. The bank may disallow facilities that involve drawings beyond
the sanctioned limits, honouring cheques issued for the purpose other than specifically
agreed to in the credit sanction, and drawing on a borrowal account on its classification as a
non-performing asset or on account of non-compliance with the terms of sanction. Further
the bank does not have an obligation to meet additional requirements of the borrowers on
account of growth in business etc. without proper review of credit limits. Any
increase/additional limits/changes in facilities requested by the customer would be
considered by the Bank based on its internal policies and assessment and the Bank is not
under any obligation to accede to the specific request of the borrower.
In the case of lending under consortium arrangement, the bank would endeavour to evolve
procedures to complete appraisal of proposals in a time bound manner to the extent
feasible, and communicate its decisions on financing or otherwise within a reasonable time,
in co-ordination with other members of the consortium.
The bank would ensure timely disbursement of loans sanctioned in conformity with the
terms and conditions governing such sanction. It would give notice of any change in the
terms and conditions including interest rates, service charges etc.
Revisions to the Bank's PLR are notified through the Bank's website. They are also covered
in leading financial newspapers. Any revisions in this are applicable to all PLR linked
facilities from the date of PLR revision. For facilities linked to other benchmark rates, these
are revised as per prior agreement with the customer, the process for which is covered in
the sanction letter duly accepted by the customer on the loan agreement. For all other
facilities, any change in interest rates is with prior intimation to the customer. All revisions
in other fees and charges are also informed to the customer in advance.
The bank would carry out post-disbursement supervision in accordance with normal
banking practice, the terms of sanction, and the guidelines issued by the Reserve Bank of
India from time to time.
Before taking a decision to recall / accelerate payment or performance under the agreement
or seeking additional securities, the bank would give notice to borrowers, as specified in the
loan agreement or a reasonable period, if no such condition exits in the loan agreement.
The bank would release all securities on receiving payment of loan or realisation of loan
subject to any legitimate right or lien for any other claim that it may have against
borrowers. If such right of set off is to be exercised, borrowers shall be given notice about
the same with full particulars about the remaining claims and the provisions under which
the bank is entitled to retain the securities till the relevant claim is settled/paid.
General
The bank would refrain from interference in the day-to-day affairs of the borrowers except
for what is provided in the terms and conditions of the loan sanction documents (unless
new information, not earlier disclosed by the borrower, has come to the notice of the bank).
This however does not imply that the bank's right of recovery and enforcement of security
under law as well as appointment of nominee directors, where required, is affected by this
commitment.
The bank would not discriminate on grounds of sex, caste and religion in the matter of
lending. However, this does not preclude the bank from participating in credit-linked
schemes framed for weaker sections of society.
In the matter of recovery of loans, the bank would not resort to undue harassment or use of
force.
In case of receipt of request for transfer of borrowal account, either from the borrower or
from a bank/financial institution, which proposes to take- over the account, the consent or
otherwise i.e., objection of the bank, if any, would be conveyed within 21 days from the
date of receipt of request.
Email: customer_service@hdfcbank.com
The Bank will acknowledge receipt of such complaint within 3 days, and will ensure that a
response is provided within a period of 15 days.
Disputes arising out of decisions of the bank's functionaries would be disposed of at the
next higher level within the Department concerned or at a central level in the bank.
In order to enhance value and relevance to the borrowers this code would be under review
from time to time. The Bank would, therefore, greatly value any suggestions for
improvement.
Introduction
This Code of Ethics / Conduct intends to ensure adherence to highest business and ethical
standards while conducting the business of the Bank and compliance with the legal and
regulatory requirements, including compliance of Section 406 of the Sarbanes-Oxley Act of
2002 and the rules and regulations framed thereunder by the Securities and Exchange
Commission of USA and other statutory and regulatory authorities in India and USA. The
Bank values the ethical business standards very highly and intends adherence thereto in every
segment of its business.
Applicability
This Code of Ethics/Conduct is applicable to the following persons.
Conflict of Interest
The Board members / Officials shall avoid conflict of interest and disclose to the Board any
material transaction or relationship that reasonably could be expected to give rise to such a
conflict.
Confidentiality of Information
The Board members / Officials shall ensure and take all reasonable measures to protect the
confidentiality of non-public information about the Bank, its business, customers and other
materially significant information obtained or created in connection with any activities with
the Bank and to prevent the unauthorised disclosure of such information unless required by
applicable laws or regulations or legal or regulatory process.
Disclosure of Information
The Board members / Officials shall endeavor to produce full, fair, accurate, timely and
understandable disclosures in reports and documents that the Bank files with or submits to the
Securities and Exchange Commission and other regulators and in other public
communications made by the Bank.
Corporate governance rules for Indian listed companies are set forth in the Clause 49 of the
Listing Agreement entered into by the companies with the Indian Stock Exchanges as
amended from time to time by the Securities and Exchange Board of India (SEBI).
Companies listed on the New York Stock Exchange (NYSE) must comply with certain
standards of corporate governance as mentioned in Section 303A of the NYSE's Listed
Company Manual. Listed companies that are foreign private issuers (as the term is defined in
Rule 3b-4 under the Exchange Act) are permitted to follow home country practices in lieu of
the provisions of this Section 303A, except that such companies are required to comply with
the requirements of Sections 303A.06, 303A.11 and 303A.12(b) and (c). As per these
requirements, a company (i.e. foreign private issuer) must:
At few instances, the Indian Corporate Governance under Clause 49 differs from those stated
under NYSE's Listed Company Manual. Following is a summary of the comparison between
both the regulations:
NYSE Corporate Governance Standards Corporate Governance Rules as per
applicable to NYSE Listed Companies Listing Agreement with the Indian Stock
Exchange(s)
Board of Directors (Board)
Companies need to have a majority of The Board of a company needs to have an
independent directors. [NYSE Corporate optimum combination of executive and non-
Governance Standard 303A.01] executive directors with not less than 50%
of the directors being non-executive
directors.
HDFC Bank Limited or its subsidiaries or associate entities do not guarantee that the
information accessible here is accurate, complete or timely. Nor do we make any warranties
to you regarding the information or any results from using the information.
HDFC Bank Limited (NYSE : HDB) filed its Form 20-F for the year ended March 31, 2008
on September 29, 2008. Filings made by HDFC Bank Limited with SEC are available from
the SEC's EDGAR database via the direct link to its website located under "About Us/SEC
Filings" on HDFC Bank's website, or via www.sec.gov. Shareholders/Members of the Bank
may also write to Mr. Sanjay Dongre, Executive Vice President (Legal) & Company
Secretary, HDFC Bank Limited, 2nd Floor, Process House, Kamla Mills Compound, Lower
Parel (West), Mumbai 400 013. sanjay.dongre@hdfcbank.com, requesting a hard copy of the
completed audited financial statements free of charge.
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AQB Calculation
Sr. Time Period Calculation Amount(Rs)
No.
1 EOD Balance from 01-Jan-07 to 9-Jan-07 4,000 x 9 36,000
2 EOD Balance from 10-Jan-07 to 15-Jan-07 14,000 x 6 84,000
3 EOD Balance from 16-Jan-07 to 24-Jan-07 12,000 x 9 1,08,000
4 EOD Balance from 25-Jan-07 to 04-Feb-07 25,000 x 11 2,75,000
5 EOD Balance from 05-Feb-07 to 18-Feb-07 24,000 x 14 3,36,000
6 EOD Balance from 19-Feb-07 to 25-Feb-07 33,000 x 7 2,31,000
7 EOD Balance from 26-Feb-07 to 01-Mar-07 4,000 x 4 16,000
8 EOD Balance from 02-Mar-07 to 14-Mar-07 2,500 x 13 32,500
9 EOD Balance from 15-Mar-07 to 30-Mar-07 27,500 x 16 4,40,000
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