The private sector bank, Housing Development Finance Corp (HDFC), is planning to raise at least 50 billion rupees or $627.26 million by selling 10-year bonds. The non-banking financial company plans to pay an annual coupon of 7.80 per cent to the issue’s investors and invite commitment. Next week, the subscription will be closed, AAA rated by ICRA and CRISIL to HDFC. The media reported that the greenshoe option must also retain an additional 50 billion rupees.

Soon HDFC will hire 3,000 employees in Maharashtra for new branches HDFC bank plans to expand its network in Maharashtra.

• ChatGPT Mobile App Introduces Video and Screensharing Features
• India’s Forex Reserves Drop by $3.23 Billion to $654.86 Billion on 6th Dec
• Paraguayan President Santiago Pena Opens Jerusalem Embassy
• Premier Energies Planning to Establish 1 GW Manufacturing Plant in Telangana 
• International Gemmological Institute (India) IPO GMP, Lot Size & Key Dates

The statement released by the bank said, “HDFC aims to open 207 branches and 80 smart banking lobbies in the state during FY23. The bank said 90 new branches would be in metro and urban areas, while the remaining will be in semi-urban and rural pockets”.

“HDFC’s branch banking head for the state of Maharashtra said that the credit to deposit ratio is over 100 per cent in 29 districts, ” Abhishek Deshmukh added.

Presently, there are 709 branches of the bank along with 3,200 ATMs. All around the globe, over 280 talukas are spread in 29 districts of the state. Also, the bank has 1,375 business correspondents and 15,116 business facilitators in the state. Total Advances of HDFC banks in the state stood at Rs 3,28,508 crore as the year ended 2022. The deposits were at Rs 4,35,604 crore, giving it a 13 per cent market share from an overall business during the same period.