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Tag: HDFC Bank

  • HDFC Bank Q4 net profit grows to ₹17,622 crore

    HDFC Bank Q4 net profit grows to ₹17,622 crore

    HDFC Bank on Saturday reported a 2.11 per cent growth in consolidated net profit to ₹17,622.38 crore for the March 2024 quarter against ₹17,257.87 crore in the preceding December quarter.

    On a standalone basis, the country’s largest private sector lender reported a net profit of ₹16,511.85 crore compared to ₹16,372.54 crore in the December quarter.

    In July 2023, the bank merged its home loan-focused parent HDFC into itself.

    Its core net interest income grew to ₹29,080 crore for the reporting quarter, while the other income grew to ₹18,170 crore.

    The lender has reported its core net interest margin of 3.44 per cent on total assets.

    The gross non-performing assets ratio came at 1.24 per cent.

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  • HDFC Bank’s board approves appointment of Bhanwala as Additional Independent Director

    HDFC Bank’s board approves appointment of Bhanwala as Additional Independent Director

    The Board of Directors of HDFC Bank has approved the appointment of Harsh Kumar Bhanwala as an Additional Independent Director of the Bank for 3 years from January 25, 2024.

    Further, the Board also approved the appointment of V Srinivasa Rangan as Executive Director (that is Whole-time Director) of the Bank for 3 years with effect from November 23, 2023.

    “The above appointments shall be placed before the shareholders of the Bank for their approval in due course,” the private sector bank said in a regulatory filing.

    Bhanwala was the Executive Chairman of Capital India Finance, an NBFC. Prior to that, he was the Chairman of the National Bank for Agriculture and Rural Development (NABARD) from 2013 to 2020.

    “…Prior to leading NABARD, he was the Chairman & Managing Director of the India Infrastructure Finance Company, Senior Vice President at IL&FS Water, and the Managing Director of the Delhi State Cooperative Bank,” HDFC Bank said.

    Rangan was the Executive Director and Chief Financial Officer of erstwhile Housing Development Finance Corporation Ltd. He holds a Bachelor’s degree in Commerce from University of Delhi and is an Associate of The Institute of Chartered Accountants of India (ICAI).

    He has been a member of various committees related to financial services such as RBI’s Committee on Asset Securitisation and Mortgage Backed Securitisation, Technical Group formed by National Housing Bank (NHB) for setting up of a Secondary Mortgage market Institution in India, NHB’s Working Group on Covered Bonds and NHB’s Working Group on Credit Enhancement Mechanism.

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  • Post-merger balance sheet to enable HDFC Bank to invest more in infra

    Post-merger balance sheet to enable HDFC Bank to invest more in infra

    The merger of parent HDFC with HDFC Bank will allow the larger merged entity invest more in infrastructure and mortgage projects, MD and CEO Sashidhar Jagdishan said in the bank’s annual report for FY23.

    He said, “A bigger balance sheet post-merger will enable HDFC Bank to take a larger exposure in infrastructure projects. This means we can participate more meaningfully in India’s growth story and contribute to nation-building. In light of all this, the pace at which we aim to grow – we could be creating a new HDFC Bank every 4 years”.

    Lifelong bond

    Saying that the merger perhaps could not have been timed better, Jagdishan said that the emotion linked to home buying gets transferred to the home loan service provider and helps build lifelong bonds with customers. Further, only 2 per cent of HDFC Bank’s customers currently source their loans from the bank while 5 per cent take it from other institutions, which in “itself is a huge opportunity”.

    HDFC Bank will build these customer relationships by offering a bouquet of the bank’s and subsidiaries’ products and services across saving and current accounts, personal loans, insurance, investments and home loans.

    “A compelling value proposition to the customer, that probably does not exist in the market at the scale at which this is envisaged. Going forward this is clearly going to be a game changer,” he said.

    Growth engines for the bank will be corporate banking, commercial (MSME) and rural banking, government and institutional business, wealth management, and retail assets and payments, Jagdishan said, adding that the bank is currently the largest SME bank in the country.

    Digital transformation

    Focus will be on digital transformation through new platforms and customer experiences, and more efficiency by reinforcing core technologies with enhanced performance and resilience at scale.

    While the bank has seen a significant improvement in resilience and uptime (basis both internal and external public sources) metrics, it is “not perfect”, Jagdishan said, adding that the bank will continue to strengthen its core IT infrastructure.

    In the last few years, HDFC Bank has often faced flak for it customer-servicing technology issues and frequent tech outages, prompting RBI to temporarily bar the bank from issuing new credit cards and launching digital products in FY21. The curbs on credit cards were lifted eight months later and those on new digital launches over a year later.

    “This journey has to be accelerated every year. More remains to be done and I am fully committed to improving our customer centricity further,” he said.

    The bank will look to add 1,500-2,000 branches in FY24, of which 675 will be in semi-urban and rural (SURU) locations. In FY23, the bank added a record 1,479 branches, a majority of which were SURU branches.

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  • Massive portfolio rejigs underway at HDFC Bank

    Massive portfolio rejigs underway at HDFC Bank

    With the mega-merger of HDFC Limited and HDFC Bank taking shape from July 1, the top management is in a huddle to reshuffle some of the key portfolios at the bank. Simultaneously, work is on with respect to board appointments at the subsidiaries which have recently been brought under HDFC Bank’s fold due to the merger.

    Rejig in retail businesses

    Sources in the know indicate that Aravind Kapil — the group head of retail assets at the bank — may take over the retail mortgages business of HDFC Limited; while the wholesale or the infrastructure portfolio of the erstwhile mortgager may come under Deputy Managing Director Kaizad Bharucha’s watch. “The teams which were reporting to the respective business head and ultimately to Keki Mistry, CEO of HDFC Limited, will report to the new heads at HDFC Bank,” said a person familiar with the development.

    The official communication regarding the rejig in portfolios is expected to be announced in a week or so. Email sent to HDFC Bank remained unanswered till press time.

    With over ₹5-lakh crore of retail mortgages getting added to the bank, it is gathered there could be more portfolio reallocations especially in the retail business of the bank.

    Board nominations for subsidiaries

    As for appointing directors as representatives of at the bank across various subsidiaries, with the critical ones identified as HDFC Life Insurance Company, HDFC Asset Management Company and HDFC ERGO, internal discussions are currently underway.

    According to sources, Bharucha, the bank’s CFO S Vaidyanathan, and a few other business heads including Rakesh Singh, Group Head-investment banking and private banking, are being considered for inclusion in the boards. Bharucha is expected to join the board of HDFC Life, while Kapil or Singh may be considered for nomination at HDFC ERGO. As for HDFC AMC, Vaidyanathan and Bharucha are seen as the critical contenders.

    Clarity on board appointments is expected to emerge in a few weeks once the internal portfolio rejigs at HDFC Bank concludes.

    Also given that board positions at the subsidiaries of HDFC Bank have to be filled in post the merger, nominations for that are also underway.

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  • BankEdge Academy aims to place 30,000 students in 3 years

    BankEdge Academy aims to place 30,000 students in 3 years

    BankEdge Academy, a specialised banking and finance training company, targets to find placement for 30,000 graduates in three years on back of huge demand in the banking and allied financial sectors.

    Over the last nine years, the academy has effectively trained and placed over 30,000 young graduates in entry-level positions in the Retail Branch Banking and backend operations divisions of private sector banks and other financial institutions.

    The company has partnered with various NBFCs to provide student loans with 0 per cent interest rates and with extended repayment periods, ensuring convenient fee payment options for students.

    Courses offered

    BankEdge provides a range of courses, which include Professional Certificate Program in Banking and Finance focusing mainly on commercial banking jobs at entry-level positions, a Post Graduate Program in Banking & Finance with Investment Banking Operations, and MBA – Retail Banking Operations + Advanced Certification Program in Banking and Finance.

    The duration of these courses are four months, eight months, and two years respectively. For the 2-year programs, BankEdge has established partnerships with All India Management Association and Jain Online University.

    All courses are delivered through Online Learning platform and doubt-solving sessions are provided additionally to the candidates in case needed.

    The academy not only trains the candidates on banking domain skills but also imparts soft skills and interview preparation in order to secure banking jobs.

    Company’s partners

    The company has partnered with over 100 placement partners and is the preferred partner for HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, Yes Bank, and IndusInd Bank.

    It has also established relationships with newer banks such as AU Bank, Ujjivan Bank, Suryoday Bank, Bandhan Bank, Catholic Syrian Bank and IDFC Bank for placement.

    Santosh Joshi, CEO, BankEdge said the company empowers young graduates and helps them become accomplished professionals in the banking and financial field.

    The current surge in BFSI hiring has brought much-needed relief to the fresh young graduates, particularly in light of job cuts occurring in the IT sector, he added.

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  • RBI asks HDFC Bank to comply with CRR, SLR, LCR post HDFC merger

    RBI asks HDFC Bank to comply with CRR, SLR, LCR post HDFC merger

    The Reserve Bank of India (RBI) has asked HDFC Bank to continue to comply with regulatory requirements for cash reserve ratio (CRR), statutory liquidity ratio (SLR) and liquidity coverage ratio (LCR), without exceptions, post the merger of HDFC Limited.

    Post the merger, asset classification of loans will also continue to be as per applicable norms for banks. Investments, including subsidiaries and associates of HDFC, will continue as investments of HDFC Bank, the private sector lender said in an exchange filing. HDFC Bank had requested RBI to make certain dispensations in view of the merger, to which the regulator responded on April 20, granting certain forbearances and clarifications.

    The RBI has allowed HDFC Bank to calculate adjusted net bank credit for the purpose of priority sector lending (PSL) targets, considering one-third of HDFC’s outstanding loans as on the merger date for the first year. The remaining portfolio will need to be equally considered over the next two years.

    Shareholding

    The regulator also allowed HDFC Bank or HDFC to increase their shareholding in HDFC Life Insurance and HDFC ERGO General Insurance to over 50 per cent, prior to the effective date. HDFC Bank can also continue holding HDFC’s stake in HDFC Education and Development Services for two years. The stake in HDFC Credila Financial Services will need to be brought down to 10 per cent within two years without onboarding new customers. HDFC’s loan against shares for promoter contribution, or in excess of ₹20 lakh to individuals, will be allowed to continue till maturity.

    Also read: HDFC Bank’s Q4 PAT up 20% on strong growth in NII

    The bank said it will need to undertake a one-time mapping of HDFC’s borrowers for benchmark and spreads, wherein all retail, MSME and other floating rate loans of HDFC will be linked to appropriate benchmarks within six months from the merger.

    HDFC Bank may engage with the RBI for certain clarifications in respect of this letter and will also approach the regulator with the crystalised amounts of the liabilities as of the effective date, it said.

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  • HDFC Bank’s Q4 PAT up 20% on strong growth in NII

    HDFC Bank’s Q4 PAT up 20% on strong growth in NII

    HDFC Bank posted a net profit of ₹12,048 crore for Q4 FY23 — up 20 per cent YoY led by strong growth in net interest income (NII) and lower provisions, and despite a 33 per cent rise in operating expenses to ₹13,462 crore.

    The board recommended a dividend of ₹19 per equity share for FY23, which is higher than ₹15.5 for FY22, and the highest ever since the stock listed on the bourses. The record date has been set as May 16.

    NII for the quarter grew 24 per cent to ₹23,352 crore on the back of healthy loan growth. Core net interest margin (NIM) was at 4.1 per cent on total assets and 4.3 per cent on interest earning assets. The cost-to-income ratio was 42 per cent.

    Other income was up 14.3 per cent at ₹8,731 crore accounting for 27 per cent of net revenue. The bank reported a net trading and mark to market loss of ₹38 crore for the quarter against a gain of ₹48 crore in the previous year.

    Advances & Deposits

    HDFC Bank’s advances grew 17 per cent on year to ₹16-lakh crore led by 21 per cent growth in domestic retail loans, 30 per cent in commercial and rural banking loans, and 13 per cent in other wholesale loans. Overseas advances constituted 2.6 per cent of total advances.

    Provisions and contingencies for the quarter were ₹2,685 crore, 23 per cent lower YoY. Total credit cost ratio was at 0.67 per cent compared with 0.96 per cent a year ago.

    Gross non-performing assets (NPA) ratio was at 1.12 per cent as on March 31, better than both 1.23 per cent a quarter ago and 1.17 per cent a year ago. Net NPA ratio was at 0.27 per cent.

    Deposits of the bank grew 21 per cent YoY to ₹18.8-lakh crore as of March 31. Low cost current and saving account (CASA) deposits were 11 per cent higher at ₹8.4-lakh crore, accounting for 44.4 per cent of total deposits.

    Capital Adequacy Ratio (CAR) of the bank stood at 19.3 per cent at the end of March, higher than 18.9 per cent a year ago. However, tier-1 capital was at 17.1 per cent, lower than 17.9 per cent in the previous year.

    On a consolidated basis, HDFC Bank’s profit after tax rose 20.6 per cent YoY to ₹12,595 crore in Q4 FY23, and by 20.9 per cent to ₹45,997 crore in FY23.

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  • NCLT approves merger of HDFC with HDFC Bank

    NCLT approves merger of HDFC with HDFC Bank

    The National Company Law Tribunal (NCLT) approved the merger of Housing Development Finance Corporation (HDFC), HDFC Investments and HDFC Holdings with HDFC Bank on Friday.

    The board of the two companies had approved the merger in April 2022, following which it has received the approval of the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Pension Fund Regulatory and Development Authority (PFRDA), Competition Commission of India (CCI) and stock exchanges.

    NCLT also approved holding a shareholders’ meeting for obtaining approval for the proposed merger, which is expected to be completed by Q3FY24.

    Under the scheme of amalgamation, HDFC’s shareholders will receive 42 shares of HDFC Bank for 25 shares of HDFC. Post the merger, HDFC Bank will be wholly-owned by public shareholders, with HDFC shareholders owing 41 per cent stake.

    Further, HDFC Bank on Friday, allotted 7.9 lakh shares to its employees under the Employees Stock Options Scheme. The share capital of the bank now stands at Rs 558 crore.

    Meanwhile, the board of HDFC said it will meet on March 27 to consider raising up to Rs 57,000 crore, through the issue of unsecured redeemable nonconvertible debentures, in various tranches.

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  • Use of technology in banking, its obstacles explained by top Indian bank CEOs

    Use of technology in banking, its obstacles explained by top Indian bank CEOs

    Sanjiv Chadha, MD & CEO of Bank of Baroda, says the usual link between growing the business and growing the physical footprint has broken for all times to come. “The mobile channel is pretty much the bank for sourcing, distribution, and servicing,” says Chadha.

    Chadha gave the example that the public sector bank has grown its business by 35-40 per cent in the last three years, but the number of branches has come down by 15 per cent and staff has not grown at all. “That means enormous operating leverage can be created through technology if you get your act together,” he adds.

    V Vaidyanathan, CEO of IDFC First Bank, says growing credit is easy, but the role of technology is to enable a seamless experience, reach out to underserved people, and help build a quality portfolio.

    Dinesh Khara, Chairman of SBI, says, ”what we see on the face is the customer’s convenience, but there are other elements like the risk and payback period.” Khara was amongst the panellist in an IBA seminar on banking technology here today.

    AK Goel, MD & CEO of Punjab National Bank, touched upon the issue of technology creating ’affordability’ for the masses. IDFC First’s Vaidyanathan pointed out that one of the biggest paradoxes of banking is that the poorer you are, the higher the interest rate you end up paying. “The big role technology should and can play is by reducing the cost of operations at the bottom of the pyramid,” says Vaidyanathan.

    PD Singh, CEO of JP Morgan Chase Bank, says that the foreign bank spent over US $12 billion last year, which is more than the size of many tech companies. “That’s how important it (technology) has become,” says Singh.

    In terms of IT skills and talent, the largest bank has created a new cadre within the bank.

    “We are also hiring IT talent from the market,” says Khara. In fact, the SBI made a senior lateral hire in Nitin Chugh, the deputy MD and Head of Digital Banking. Chugh previously served as the CEO of Ujjivan Small Finance Bank and as the digital head of the private-sector HDFC Bank.

    Chadha says that the technology partner could help you bring a change to the organisation, but embedding the change doesn’t come easily. “That’s where bringing in lateral talent and allowing it to grow is fundamental to that change,” believes Chadha.

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  • HDFC Bank appoints Bhavesh Zaveri as Executive Director, Kaizad Bharucha as Deputy MD

    HDFC Bank appoints Bhavesh Zaveri as Executive Director, Kaizad Bharucha as Deputy MD

    HDFC Bank, on Friday, announced the appointment of Bhavesh Zaveri as Executive Director and the re-designation of Executive Director Kaizad Bharucha as the Deputy Managing Director of the company for a period of three years. The appointments were based on the recommendations of the board in its meeting held on Thursday. 

    The company said that the appointments will be subject to the approval of the RBI and the shareholders of the bank. 

    Bhavesh Zaveri worked with the Oman International Bank and Barclays Bank before this, while Kaizad Bharucha had worked with SBI Commercial and International Bank in various areas including trade finance and corporate banking.  

    Zaveri, the Group Head of Operations, Cash Management and ATM Product of HDFC Bank is responsible for the business and operations across the country and for creating and delivering a flawless operations execution capability across the diversified product suits of the bank to corporate, MSME and retail verticals. 

    He has an overall experience of over 36 years, and joined the bank in 1998 in the operations function. Zaveri was appointed Business Head of Wholesale Banking Operations in 2000, Group Head of Operations in 2009 and was given additional responsibilities of the Information Technology function in 2015. The company said that Zaveri contributed to the digital transformation of the bank.

    Zaveri holds a Master’s Degree in Commerce from Mumbai University and is a Certified Associate of the Indian Institute of Bankers. 

    Like Zaveri, career banker Kaizad Bharucha also has more than 35 years of experience. He joined the company in 1995.

    Bharucha is responsible for Wholesale Banking, covering areas of corporate banking, PSUs, capital & commodities markets, financial institutions, custody, mutual funds, global capability centre & financial sponsors coverage, and banks coverage.

    As an Executive Director, he was responsible for corporate banking, business banking, healthcare finance, agri-lending, tractor financing, commercial vehicle finance, commercial equipment finance, infrastructure finance etc. He is also the Designated Director for Financial Intelligence Unit (FIU) and the Internal Ombudsmen Committee.

    Bharucha has extensive experience in risk management, credit management, banking and business management.

    Also read: HDFC Bank vs ICICI Bank vs Kotak Bank: Bernstein picks the first one. Here’s why

    Also read: Fixed deposit rates: HDFC Bank, Bank of Maharashtra hike FD rates again for plans under Rs 2 crore

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  • Photoshop-maker Adobe has a third of its global innovations happening out of India   

    Photoshop-maker Adobe has a third of its global innovations happening out of India   

    A third of Adobe’s global innovations, including those on key products such as Acrobat and Illustrator, are happening out of India as the country has grown as a critical strategic focus area for the Photoshop-maker, according to Adobe India MD Prativa Mohapatra.  

    “In terms of innovation, Adobe India contributes about a third to Adobe. So, our engineering and product development teams become very relevant for the global strategy. Most of them are based out of Bangalore and Noida,” Mohapatra told Business Today recently. Besides, the India team is the second largest globally after the US, with around 7,000 employees. Adobe has more than 26,000 employees worldwide. The firm reported $15.79 billion in revenue as of the fiscal year ended December 3, 2021.  

    Apart from its Creative Cloud, which includes softwares such as Photoshop and Illustrator, Adobe India is also going big on providing customer journey management, data analytics, content personalization, commerce, and marketing workflows to businesses under its Adobe Experience Cloud as enterprises are digitising, especially post-pandemic.  

    The firm counts among its clients’ well-known brands across verticals such as travel & hospitality (Vistara, SpiceJet, Indigo, Taj Hotels), Telecom (Airtel, Vodafone-Idea), e-commerce and retail (Flipkart, ABFRL, Myntra-Jabong, MakeMyTrip, Yatra, Tata CLiQ, Nykaa), BFSI (HDFC Bank, BFL, Tata Capital, HDFC Life, IDFC Bank, Reliance General Insurance). 

    But apart from consumer-driven sectors such as airlines, hospitality, banks, and retail chains, traditional B2B is the new category going in for digitisation, Mohapatra said. “Companies manufacturing steel and cement never thought they would need digital portals. But the trend now is to have marketplaces. For instance, a steel company maybe making steel rods and sheets, but they are selling the house design and not just their product to the end customer. Cement firms are using the experience of building a house as the experience strategy rather than selling cement,” she said, adding that B2B firms are also targeting the end customer rather than the godown.  

    Also read: Economic instability, inflation a major concern for Indian workforce, Adobe warns

    Also read: Adobe to buy Figma for $20 bn; leads to drop in $30 bn market value of Photoshop maker

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  • PM Modi launches 75 digital banking units. Here’s how they will work

    PM Modi launches 75 digital banking units. Here’s how they will work

    Prime Minister Narendra Modi on Sunday dedicated 75 digital banking units to the nation, taking forward a promise that Finance Minister Nirmala Sitharaman had made during the 2022-23 Union Budget. The project is in line with the Centre’s ambitious goal of financial inclusion. 

    In a virtual address which was attended by Sitharaman and Reserve Bank of India (RBI) Governor Shaktikanta Das, PM Modi said: “As our country witnesses the success of another digital milestone today, I congratulate the collective efforts of our countrymen. These Digital Banking Units will empower digital services and provide a robust digital banking infrastructure for the country.”

    These banking units will improve banking and financial management, promote transparency and also promote financial inclusion, he said.

    Also read: No charges on RuPay credit card use for transactions up to Rs 2,000

    The Prime Minister inaugurated two such units in Jammu and Kashmir Bank – one is the SSI branch at Lal Chowk in Srinagar and the other is the Channi Rama branch in Jammu.

    FM Sitharaman in her Union budget speech for 2022-23 had said the government would set up 75 DBUs in 75 districts of the country to commemorate the 75 years of independence of our country.

    Today, PM Modi said fintech will revolutionise financial inclusion in the country. He said that even the World Bank has lauded India’s efforts in ensuring social security through digitisation. “World Bank says that India has become a leader in ensuring social security through digitisation. Even the most successful people in the field of technology, the experts of the tech world are appreciating this system in India. They too are amazed by its success,” he said.

    What are Digital Banking Units?

    Digital Banking Units are specialised fixed point business units that will provide a variety of digital banking facilities to people such as opening a savings account, account balance check, printing passbook, funds transfer, fixed deposit investments, loan applications, application for credit or debit cards, and bill and tax payments, among others.

    Eleven banks in the public sector, 12 in the private sector, and one Small Finance Bank are participating in the endeavour. 

    Also read: PhonePe moves its businesses, subsidiaries from Singapore to India

    Private sector lender ICICI Bank today announced the launch of four DBUs in Dehradun city of Uttarakhand, Karur in Tamil Nadu, Kohima in Nagaland, and Puducherry. Jana Small Finance Bank launched two DBUs in Bihar and Jharkhand. HDFC Bank launched its units in Haridwar, Chandigarh, Faridabad, and South 24 Parganas of West Bengal.

    In a statement, ICICI bank stated that their DBUs will have two distinct areas: a Self-service Zone and a Digital Assistance Zone. The Self-service zone will house an ATM, a cash deposit machine (CDM), and a Multi-Functional Kiosk (MFK), which would offer services like printing passbooks, depositing cheques, and accessing internet banking.

    There will be a Digi Branch Kiosk, which will offer all services available on mobile banking apps. This will also have a digital interactive screen where customers can interact with a chatbot in order to find product offers and mandatory notices. The self-service zone will be operational 24X7.

    On the other hand, the Digital Assistance Zone will have branch officials to assist customers to undertake various financial and non-financial transactions such as the opening of savings accounts, current accounts, fixed deposits, recurring deposits, availing of home loans, auto loans, personal loan, applying for a credit card, and others. These services will be offered in a completely digital manner through a tablet device, using Aadhaar-based eKYC.

    Also read: What is UPI Lite and how to set it up on BHIM app

    HDFC bank’s DBU will have a self–service zone for customer transactions using interactive ATMs, cash deposit machines, interactive digital walls, net banking kiosks/video calls, and tab banking. Mostly in self-service mode, services will be available round-the-clock all year round. There will also be an assisted zone in a DBU manned by two bank staff.

    Other services available at HDFC digital units are: Account Opening – Fixed Deposit & Recurring Deposit, Digital Kit for customers: Mobile Banking, Internet Banking, Debit Card, Credit card and mass transit system cards, Digital Kit for Merchants: UPI QR code, BHIM Aadhaar, PoS, MSME or schematic loans, End-to-end digital processing of such loans, starting from online application to disbursal, Identified Government sponsored schemes which are covered under the National Portal, Cash withdrawal and Cash Deposit through ATM and Cash Deposit Machines, Passbook printing / Statement generation, Issuance / processing of Cheque Book request, receipt and online processing of various standing instructions, Transfer of funds (NEFT/IMPS), Updation of KYC / other personal details, Atal Pension Yojana (APY), 15 Insurance onboarding for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY). 

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