History of HDFC
- The Housing Development Finance Corporation (HDFC) was founded in 1977 with the intention of giving the people of India access to affordable house financing. With the help of the World Bank, the Industrial Credit and Investment Corporation of India (ICICI) promoted HDFC.
- HDFC first specialised solely in offering mortgage financing and created a number of cutting-edge products and services in this sector. Longer repayment terms for housing loans were offered, which made it simpler for people to purchase their own homes. It also popularised the idea of mortgage-backed securities, which enabled it to access capital markets for funding.
- HDFC developed its banking arm, in 1994. In 1995, HDFC Bank began conducting business as a scheduled commercial bank. Rapidly becoming a dominant force in the Indian banking sector, HDFC Bank is renowned for its customer-centric philosophy as well as for its cutting-edge goods and services.
- The variety of products offered by HDFC has expanded over time to include, among other things, banking, insurance, loans, credit cards, and investment services. It now has operations in a number of other nations, including Bahrain, Hong Kong, and Dubai, and it provides its clients with a variety of international banking services.
HDFC Full Form
The full form of HDFC is Housing Development Finance Corporation. It is a financial organisation in India that was founded in 1977 with the intention of giving the country’s citizens access to cheap house financing. The Industrial Credit and Investment Corporation of India (ICICI), which funded HDFC at the time of its establishment, helped the World Bank set up the organisation. One of the major private sector banks in India today, HDFC offers a variety of financial services and products, including banking, insurance, loans, credit cards, and investment services. The primary component of the HDFC Group, HDFC Bank, is widely recognised for its innovative and client-focused approach to banking.
With its headquarters in Mumbai, Maharashtra, India, HDFC Bank also maintains a significant online presence through its website and mobile app in addition to having a substantial nationwide network of branches and ATMs. One of the most valuable firms on the Indian stock market, HDFC Bank is listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
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