The board of directors of HDFC bank has approved the issue of perpetual debt instruments up to a total amount of Rs. 50,000 crore in the period of next twelve months. HDFC Bank further stated that the debt securities will be issued on a private placement basis after getting the approval from the shareholders in the annual general meeting.
HDFC Bank reported a net attrition of 3,200 employees in FY17 due to increasing digitization of banking transactions. According to deputy MD, Paresh Sukthankar, India’s second-largest private sector bank had 84,300 employees in March FY17 as against 87,500 employees in March 2016. Sukhthankar stated that the lower employee count is due to the changes in process design and improvement in transaction efficiencies besides increased digitization.
HDFC chief said that the economic growth of India will be completely technology based in the near future. He further added that the financial services, e-commerce business and mobile banking are the big growth focus areas.
Suryoday small finance bank is focusing on emerging as a large distributor of insurance policies. The bank has tied up with several banks such as Kotak Life, Kotak General, HDFC Life and ICICI Lombard to offer life and general insurance products to its customers.
Private sector lender HDFC Bank has said that it will raise Rs. 50,000 crore within a year by issuing debt instruments. The bank, in its regulatory filing proposes to raise funds by issuing perpetual debt instruments up to a total amount of Rs. 50,000 crore. The bank did not mention the purpose of raising the funds.
*My Finance Care Advisors Pvt. Ltd., or https://www.myloancare.in is a bank neutral multi bank platform that helps borrowers and bank customers compare loans and deposits of all banks in India at one place. Information carried at this website is based on perusal of public sources and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not assure as to the correctness of information carried at the website. Lenders/ banks/ other parties may contact us at firstname.lastname@example.org to provide corrections or updates. We may act as and/ or be associated with channel partners of banks and other sellers of financial products.