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HDFC Bank converts three of its training facilities into isolation centres for COVID positive employees

Apr 27, 2021 by Neel Achary 0 Comments #HDFC Bank

27th April 2021: HDFC Bank today announced that it has converted three of its training centers based out of Bhubaneswar, Pune, and Gurugram into isolation facilities. These facilities have been equipped with first line assistance and will have round the clock nurses and visiting doctors. Immediate medical help from a nearby hospital will be made available if required. These are part of a host of measures taken by the Bank to offer holistic care to its employees and their dependents.

These include:
– Working with the local administration and setting up vaccination camps. Some of these have been concluded very successfully.
– Tying up with multiple hospitals across the length and breadth of the country to provide vaccination at the Hospitals like Apollo, Manipal, Shalby, Miot, Billroth etc.
-Tying up with multiple hotels across the country. These provide isolation facilities, basic amenities and basic medical checks.
– E Consultation with doctors through – Apollo 24/7, – MediBuddy, PharmEasy Apps. PharmEasy App for delivery of medicines too.
– E Consultation with empanelled psychologists through these Apps.

Ashima Bhatt, Group head – CSR, infrastructure and Finance HDFC BANK said, ” Our primary concern during such trying times is the welfare of our employees. We will leave no stone unturned to ensure that ethey and their loved ones receive the best possible help and medical care. Not just for their physical well being but for being able to cope with stress too. We have lined up a panel of psychologists who they can consult since our first priority is the well being of our colleagues,”.

Business World

HDFC Bank named India’s Best SME Bank by Asiamoney

Mar 25, 2021 by Neel Achary 0 Comments #Group Head – Wholesale Banking, #HDFC Bank, #India’s Best Bank for SMEs, #Mr Rahul Shukla

Mumbai, March 25, 2021: HDFC Bank was adjudged the ‘India’s Best Bank for SMEs’ at the Asiamoney Best Bank Awards 2021. In its evaluation the magazine said on its website – “HDFC Bank’s transformation of its micro, small and medium-sized enterprise (MSME) business over the past few years makes it a worthy winner of this award.”

The Annual Best Banks survey of the financial magazine based in Hong Kong, aims to identify which banks in each market have excelled across a range of core banking activities over the past 12 months. Asiamoney’s award decisions were made by a team of senior journalists after receiving detailed submissions from market participants and in conjunction with research into the banking and capital markets by our editorial committee. Our senior editors also visited each country or territory to meet leading bankers and gather client and competitor feedback.

“The numbers are impressive. Advances to MSMEs stood at Rs 2.02 trillion ($28 billion) as of December 31, 2020, up 38% from a year earlier and representing a compound annual growth rate of 23% in the past six years, which HDFC says makes it India’s second-largest bank for MSME lending. The bank’s management also believes the MSME lending book will soon be larger than the bank’s corporate book,” writes Asiamoney. “In its wholesale banking department, the MSME business became the second-largest revenue contributor last year. But the push towards SME clients – under Rahul Shukla, group head of corporate banking and business banking – has not come at the expense of quality. Asset quality has remained strong despite the impact of Covid-19 on businesses. The bank’s MSME-related non-performing asset (NPA) ratio was 0.7% in December 2020, down from 1.33% in March 2020 and 1.16% in March 2019.”

“We are so excited to see our work in the SME business getting recognized and are happy that we have been able to contribute to this important sector,” says Mr Rahul Shukla, Group Head – Wholesale Banking, HDFC Bank. “SMEs are the engines of economic growth and partnering with them helps in overall prosperity of the nation. With our strong suite of products and which can be accessed conveniently we believe that we are well positioned to be their partner of choice.”

Business World

HDFC Bank launches SmartUp Unnati

Mar 8, 2021 by Neel Achary 0 Comments #HDFC Bank, #International Women’ Day, #Smartup Unnati

Mumbai, March 08, 2021: HDFC Bank on International Women’ Day announced the launch of SmartUp Unnati, a dedicated programme for mentoring women entrepreneurs by women leaders at the bank. As a part of the programme, over the next one year, senior women leaders from HDFC Bank with expertise spanning domains will mentor women entrepreneurs in helping them achieve their goals. This programme is available only to existing customers and will initially target more than 3,000 women entrepreneurs associated with the Bank’s SmartUp programme.

“We firmly believe in providing ‘equal opportunity’ and have facilitated women’s empowerment over the years,” said Ms. Smita Bhagat, Country Head, Government & Institutional Business, E-commerce and Start-up Banking, HDFC Bank. “In the start-up ecosystem, women entrepreneurs are often faced with challenges unique to them. We believe HDFC Bank’s Smartup Unnati is the perfect platform for them to benefit from the experience of our women leaders. It will provide them access to mentorship, expand their vision, and enable them to scale up their businesses by widening their horizons. This is a programme by women for women.”

HDFC Bank had launched an online mentoring platform for banking start-ups in 2018 under its Smartup Program. Under this programme, the bank is working with various state governments, incubators and accelerators to promote entrepreneurship. It recognises the challenge that entrepreneurs face be it accessing credit or formulating strategy in a dynamic business environment. Under Smartup Unnati, senior women executive leaders’ will act as a sounding board for women entrepreneurs as they undertake building diverse and innovative businesses.

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Budget 2021- A bold budget in many senses – Mr. Abheek Barua, Chief Economist, HDFC Bank

Feb 1, 2021 by Rekha Nair 0 Comments #Chief Economist, #HDFC Bank, #Mr. Abheek Barua

A bold budget in many senses. The central intent has been to use expansionary fiscal policy to support growth sidestepping concerns over debt sustainability and sovereign rating. The fiscal deficit is pegged at 6.8% of GDP in FY22 compared to a revised estimate of 9.5% for FY21. The focus has been on increasing capital expenditure both by the centre (+35% y-o-y) as well as states. Moreover, the budget introduced new institutional structures (like the Development Finance Institution, asset reconstruction company) and provided greater detail on asset monetisation to finance infrastructure needs in the economy. In light of the COVID-19 health crisis, the budget’s focus on health and sanitisation with increased allocations and introduction of a new health scheme are also welcome steps.

That said, the budget does not adequately address concerns over inequitable growth which has been a worry across the globe due to the pandemic. There has been no specific support for sectors stressed due to the pandemic like the hospitality sector. While the government did not increase any direct taxes, as some sections of the market feared, there has also not been any cushion provided for households – especially in the informal sector that has been hit the most by the pandemic. Therefore, while the budget focusses towards pushing the long term growth potential it does little to prevent a K-shaped growth recovery.

For the bond market, a higher than expected market borrowing estimate (INR 12 trn) in FY22 and additional borrowings of INR 80,000 crores in FY21 are likely to add pressure on borrowing costs. The 10-year yield is up by 16bps since the budget announcement crossing 6%. Over the coming year, higher market borrowings, concerns over inflation and a move towards normalising liquidity conditions by the RBI could maintain pressure on yields. We see the 10 year between 5.95-6.10% by the end of H1 FY22.

Mr. Abheek Barua, Chief Economist, HDFC Bank

Business World

HDFC Bank Launches “Mooh Band Rakho” Campaign

Nov 17, 2020 by Gouri Achary 0 Comments #card details, #CVV, #email, #Expiry Date, #HDFC Bank, #Mooh Band Rakho, #Mr. Jimmy Tata, #OTP NetBanking/ MobileBanking Login ID, #Password over Phone, #SMS, #social media

HDFC Bank Ltd., today announced the launch of “Mooh Band Rakho,” a campaign to increase awareness on cyber frauds and preventing them. The Bank will be conducting 1,000 workshops in the next 4 months across the country.

Following simple steps such as not sharing card details, CVV, Expiry Date, OTP NetBanking/ MobileBanking Login ID & Password over Phone, SMS, email and social media can help the general public keep their money safe. This campaign will talk about this and more.

It supports the International Fraud Awareness Week 2020, the global movement to minimise the impact of fraud which is being held from November 15 – 21. This is the 2nd year HDFC Bank is participating in this. The “Mooh Band Rakho” campaign was initially launched by the Bank to fight COVID 19 and it has now been extended to fighting cyber fraud. For more information, click here.

At a virtual event organised today, the “Mooh Band Rakho” campaign was launched by Retd. Lt General Dr Rajesh Pant, National Cyber Security Coordinator, Government of India and Mr Jimmy Tata, Chief Risk Officer, HDFC Bank.

Business World

HDFC Bank launches SmartHub Merchant Solutions 3.0

Nov 11, 2020 by Gouri Achary 0 Comments #HDFC Bank, #merchants, #Mr. Parag Rao, #self-employed professionals, #SmartHub 3.0, #SmartHub Merchant Solutions 3.0, #TR Ramachandran

HDFC Bank today announced the launch of India’s first comprehensive banking and payment solution for merchants – SmartHub Merchant Solutions 3.0. This first-of-its-kind solution allows merchants and self-employed professionals to instantly open a current account and start accepting payments in-store, online, and on-the-go.

The comprehensive merchant solution will enable the Bank to reach out to more than 20 million small & medium merchants and also professional services like doctors, pharmacies, salons and laundry services across the metro, semi-urban and rural India in the next 3 years.

The merchant solution was launched at a virtual event held in Mumbai by Mr Parag Rao, Country Head – Payments, Consumer Finance, Marketing and Digital Banking at HDFC Bank along with Mr T R Ramachandran, Group Country Manager, India and South Asia, Visa.

For the merchants, SmartHub 3.0 will be available in multiple forms – app-based, web-based and also a range of PoS devices. The comprehensive solution will enable efficiencies in the business for them. For example, features like digitizing Khata, enabling collection reminders, inventory management, billing software and lending to merchants’ basis their banking history.

Click here to join SmartHub 3.0 – https://hdfcbank.com/smarthub

To know more, watch a video on SmartHub 3.0 by clicking here: https://youtu.be/r5Xtabl-sHo

Key features of SmartHub Merchant Solutions 3.0 include:

Instant account opening and merchant setup
Payment collection through any mode – Bharat QR code, Aadhaar Pay, UPI, SMS Pay, Credit or Debit Cards, or any app such as Payzapp, Google Pay
Customise interface in 9 languages
Share product catalogue with customers via SMS, email or Whatsapp
View and apply for loan and credit card offers
Single dashboard view of payments and dues across locations
Segment specific Value Added services like inventory management for grocery merchants, EMI for Electronic merchants, billing, inventory and reminders for pharmaceutical merchants to name a few
Merchants can also create their own customer loyalty program on this solution. They can run their own ‘discounts and offers’ for their customers.

“Small and medium businesses are the backbone of our economy. We are delighted to launch SmartHub 3.0 for them,” said Mr Parag Rao, Country Head – Payments, Consumer Finance, Digital Banking and Marketing. “To further deepen the penetration of digital forms of payment across India, it is important that the merchant network is empowered with the best range of solutions. Greater adoption of digital platforms by small and medium businesses is a critical step in achieving the objective of Digital India. We embarked on this journey 18 months ago and have enhanced our offering based on feedback from our merchant network. SmartHub 3.0 is a comprehensive digital platform solution that we believe will fulfil every need of a merchant or a professional service; be it in large metros or rural areas.”

“We are delighted to partner HDFC Bank in pursuing our shared objective of expanding the digital acceptance footprint across India. SmartHub 3.0 offers the ideal platform for small merchants and self-employed professionals to join the digital ecosystem through an easy, convenient and secure solution. It allows users to accept payments in multiple forms, including QR and our newly launched tap to phone solution, allowing millions of merchants to offer a superior customer experience and grow the business,” said TR Ramachandran, Group Country Manager, India & South Asia, Visa.

HDFC Bank is the leading player in the merchant acquiring space in the country. It processes 48% of the overall card transactions at merchant level in terms of volumes and about a fourth through UPI (Unified Payments Interface).

Business World

HDFC Bank appoints Ramesh Lakshminarayanan as CIO

Nov 6, 2020 by Gouri Achary 0 Comments #ABN AMRO Bank, #Citibank, #HDFC Bank, #Kotak Mahindra Group, #Mr Bhavesh Zaveri, #Ramesh Lakshminarayanan

HDFC Bank Ltd. has appointed Ramesh Lakshminarayanan, as its new Group Head – Information Technology. Ramesh has been designated Chief Information Officer (CIO), and will be responsible for taking the Bank’s technological transformation journey to the next level.

His role will cut across verticals at the bank. He will be responsible for technology strategy, strengthening foundational technology, enhancing the digital capabilities and harnessing new-age AI/ML technology solutions for the bank.

Ramesh joins the bank from CRISIL, where he spent 3 years as Chief Technology and Information Officer. In this role, he was responsible for the transformation of CRISIL’s businesses by leveraging technology, data and analytics. He joined CRISIL after a big data and analytics start-up – Pragmatix Services Pvt Ltd – that he co-founded was acquired by CRISIL in 2017.

An industry veteran with over 25 years of experience, Ramesh has held leadership positions with organizations such as Citibank, ABN AMRO Bank, and Kotak Mahindra Group. Ramesh holds a Bachelor’s degree in Physics from Mumbai University and an MBA from the University of Pune. Outside of work, Ramesh is an avid follower of cricket and also listens to Indian film music.

Mr. Bhavesh

“We are delighted to have Ramesh join us,” said Mr Bhavesh Zaveri, Country Head – Operations and Technology, HDFC Bank. “Ramesh brings an interesting blend of professional expertise as well as an entrepreneurial acumen, acquired while running a start-up. I am confident his impeccable credentials will benefit us immensely in our quest to harness technology to enhance customer experience, acquire efficiencies and move towards the next level of growth.”

Mr. Ramesh

“I am taking a fresh guard to start a new innings with India’s leading private sector bank which is indeed a very exciting moment for me,” said Mr Ramesh. “At HDFC Bank, the endeavour to enhance products and services for customers is a continuous process. I hope to utilize my experience and understanding of technology, new digital platforms, data and analytics to ensure that the bank maintains its pole position in leveraging technology.”

Business World

HDFC Bank is numero uno in Indian Financial Sector: Asiamoney Poll

Nov 5, 2020 by Gouri Achary 0 Comments #China, #HDFC Bank, #Hong Kong, #India, #Indonesia, #Korea, #Malaysia, #Most Outstanding Company, #Mr. Srinivasan Vaidyanathan, #Pakistan, #Philippines, #Singapore, #Taiwan, #Thailand, #Vietnam

HDFC Bank Ltd. has been voted ‘Most Outstanding Company – Financial Sector’ in India, in a poll conducted by the well-known publication Asiamoney. Over 824 fund managers, buy-side analysts, bankers and research analysts voted across 12 markets in Asia.

More than 4,000 votes were received for publicly listed companies. Asiamoney asks participants in the poll to consider the company’s overall performance including its financials, management team, IR activities and CSR initiatives.

Known as Asia’s Outstanding Companies Poll, it aims to identify and recognise listed companies in 2 categories: by country and by sector. HDFC Bank has bagged this honour for the 2nd consecutive year.

The 12 markets covered were China, Hong Kong, India, Indonesia, Korea, Malaysia, Pakistan, Philippines, Singapore, Taiwan, Thailand and Vietnam.

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Visa partners with DigitSecure and HDFC Bank for global-first live deployment of PCI certified Tap to Phone card acceptance solution

Nov 3, 2020 by Gouri Achary 0 Comments #DigitSecure, #HDFC Bank, #Parag Rao, #Sandeep Yadav, #Seshadri Kulkarni, #Shailesh Paul, #Visa

Visa (NYSE: V), the global leader in payments technology, today announced the first successful live deployment of a PCI certified Tap to Phonecard acceptance solution, in partnership with DigitSecure and HDFC Bank. DeliveryPlus is the first merchant to go live with HDFC Bank as an acquirer.

This solution enables merchants to securely accept contactless card payments in seconds through an app on their NFC-enabled Android smartphones, and without having dedicated card acceptance devices. In line with the ‘Make in India’ goal of local innovation, DigitSecure is the first company based in the Asia Pacific to receive PCI security certification for deploying this technology.

Tap to Phone technology will significantly lower the operational costs for financial institutions by migrating merchant onboarding, account provisioning and security to PCI certified payment acceptance cloud. This in turn will aid banks and fintech to enable more merchants for card acceptance.

Cardholders will be able to tap their contactless cards and near-field communication-enabled smartphones on a merchant’s Android smartphone for fast, safe and secure transactions. With this deployment, India joins a list of more than 15 markets that now provide the Visa Tap to Phone technology for merchants to accept contactless card payments.

Shailesh Paul, Head of Merchant Sales & Acquiring, India and South Asia, Visa said, “The pandemic has accelerated the need for businesses to embrace safe, secure and contactless payments. In line with our global commitment of digitizing 50 million small businesses, we’re delighted to do the first deployment of a PCI-certified Tap to Phonecard acceptance solution in partnership with HDFC Bank and DigitSecure, to offer easily accessible and asset-light, cost-effective solutions to merchants. As more Indians adopt contactless forms of payments, merchants across the country can now easily use their mobile phones as a digital payment acceptance device.”

Commenting on the partnership, Seshadri Kulkarni, CEO at DigitSecure said, “It is becoming increasingly necessary for merchants of all types and sizes to offer contact-free digital payments at all customer interactions points. With DigitSecure’s PCI Certified App-first SoftPos platform with ready global processing integrations, financial institutions can quickly enable small businesses for card acceptance at a small fraction of cost and time.

Global businesses will find the platform compelling for it helps deliver consistent customer experience by way of minimal integrations and changes. We believe tap on phone technology will create a new paradigm in digital payments empowering small and on-the-go businesses to offer contactless payments to customers.”

Parag Rao, Country Head for Payments, Business, Consumer Finance, Digital Banking and Marketing, HDFC Bank said “The prevailing circumstances have hastened the need to deepen the digital payment ecosystem in the country. The MSMEs and merchant segments form a critical backbone of the economy and it is imperative that they have access to the latest platforms available to enable digital payments. This global first Tap to Phone deployment, using smartphones, is part of our endeavour to provide affordable platforms for small merchants.”

Sandeep Yadav, CEO, DeliveryPlus, said: “As an e-com delivery services provider, we are able to scale quickly without incurring additional capital costs with DigitSecure SoftPoS Platform capability to process multiple merchants in different categories on the same device.”

As per a recent Visa study, about 55% of consumers surveyed in India during the pandemic mentioned that they would likely use the Tap to Phone payment method due to its ease of use, saving of time and eliminating the need to carry cash. This reaffirms the need for and confidence in contactless payments.

Visa and DigitSecure have also entered into a strategic partnership to empower small businesses and enterprise merchants. DigitSecure has integrated its Tap to Phone solution with Visa’s Cybersource platform to provide a single connection for omnichannel commerce solution across segments, use cases, channels and payment modes.

Visa will continue to work with clients, partners and fintech in India to support SMBs (Small and Micro Businesses) to delivering better payment experiences for both merchants and consumers.

Tag: HDFC Bank