HDFC Bank To Conduct Services Upgrade On 9-16th June; These Services To Remain Inactive

Customers of HDFC Bank, the largest private sector lender in the nation, have been notified about scheduled maintenance services for its online banking platforms. In order to inform customers of the scheduled interruption, HDFC Bank has announced that it will be doing a service upgrade on June 9 and June 16, 2024. The maintenance work on June 9, 2024, will take place from 3:30 AM to 6:30 AM IST (3 hours), and on June 16, 2024, it will take place from 3:30 AM to 7:30 AM IST (4 hours).

The following services won't be available on HDFC Bank NetBanking and the MobileBanking App at the stated time period, according to the bank's official website:

• Account related services
• Deposits
• Fund Transfers (IMPS, NEFT, RTGS)
• Account Statement Downloads
• External/Merchant Payment Services
• Instant Account Opening
• UPI Payments

HDFC Capital Advisors Limited (HCAL), a subsidiary of HDFC Bank Limited, recently signed a Share Subscription Agreement for the acquisition of 1,043 Equity Shares of TruBoard. Following allotment, HCAL would be entitled to buy an 8.5% stake in TruBoard's fully diluted equity share capital. The price paid for each equity share, or the cost of acquisition, was Rs 698.77, for a total consideration of Rs 7,28,817.

"Investment in TruBoard is proposed to be made by HCAL under its H@ART initiative programme to invest in technology companies for the benefit of the real estate ecosystem. A binding share subscription agreement in relation to such proposed investment has been entered into by HCAL on May 30, 2024," said HDFC Bank in a regulatory filing.

The Reserve Bank of India (RBI) authorised Mr. Atanu Chakraborty's reappointment as the bank's part-time chairman last month in a letter dated May 2, 2024. The new term will run from May 5, 2024, to May 4, 2027 (inclusive). At present, Mr. Atanu Chakraborty works part-time as HDFC Bank Limited's chairman and independent director. He worked for the Indian government for thirty-five (35) years as a Gujarat cadre member of the Indian Administrative Service (IAS).

The bank's distribution network encompasses 8,738 branches and 20,938 ATMs spread over 4,065 cities and towns as of March 31, 2024, compared to 7,821 branches and 19,727 ATMs spread over 3,811 cities and towns in the same period in 2023. Approximately 52% of its branches are in rural and semi-urban regions. Furthermore, there are 15,182 business correspondents, the majority of whom work in Common Service Centres (CSC). As of March 31, 2024, there were 2,13,527 employees (compared to 1,73,222 as of March 31, 2023).

After a merger, HDFC Bank (HDFCB) has a balance sheet size of around Rs. 36 trillion, making it the second largest bank in the nation. The bank operates 20,938 ATMs and 8,738 branches in 4,065 Indian cities as of March 24. Following the merger with HDFC Ltd., HDFC Life, HDFC ERGO General Insurance, HDFC AMC, HDB Financial, and HDFC Securities are some of the bank's major subsidiaries.