KOLKATA | MUMBAI: IDFC Bank, which plans to begin business on October 1, has hired senior HDFC Bank executives to hammer out its retail strategy. Biju Pillai, Amit Kumar and Birendra Sahu — heads of HDFC Bank's different business verticals at the time of leaving the bank — will now spearhead IDFC's retail assets and card business, branch banking and overall retail operations, respectively, three people familiar with the development said.

IDFC did not have any retail footprint in its pre-banking avatar as it was engaged only in corporate lending. The infrastructure lending institution, where Housing Development Finance Corporation's chairman Deepak Parekh was a founder chairman, will soon compete with HDFC Bank and ICICI for the retail business pie.

NEW DELHI: The S&P BSE Sensex plunged over 450 points in trade on Friday, tracking weak trends across global markets.

The 50-share Nifty index slipped below its crucial psychological level of 8250.

Snapdeal and HDFC Bank launched India's first co-branded e-commerce credit card in partnership with Visa today. The three year partnership aims to encourage more customers from tier 2 and 3 markets to adapt to digital payments.

"Over 70% of Snapdeal’s customers are from the tier 2 and 3 geographies, yet these markets account for a miniscule percentage of card payments.

Housing Development Finance Corporation (HDFC), India’s largest mortgage lender, net profit increased by only 1.21 percent to Rs 1,360.98 crore from Rs 1,344.66 crore in the April-June quarter a year ago.

The loan book jumped by 13.6% to Rs 2,31,224 crore at the end of June quarter compared to Rs 2,03,384 crore a year ago. In the last twelve months, loans worth Rs 10,949 crore were sold and after adding this amount the lender recorded a growth in the individual loan portfolio of 23%. The growth in the non-individual loan portfolio was recorded at 10%.

MUMBAI: HDFC Bank is rolling out handheld machines across India that could work just like ATMs through which customers in rural areas, where setting up full-fledged ATM kiosks is proving to be commercially unviable, can carry out most banking transactions.

Launched less than a year ago, currently through about 1,550 such 'micro ATMs' the bank sees transactions aggregating about Rs 1 crore a month in rural areas.

Mumbai: HDFC Bank Ltd has emerged as the leader in mobile banking with 38.2% market share in FY15, followed by ICICI Bank Ltd, according to data compiled by BNP Paribas Securities India Pvt. Ltd. Most of the state-run banks, which account for more than 70% of the banking assets in the country, are clear laggards in this segment, with just 17% share in total mobile transaction value.

With urban customers and those below 35 years of age clearly preferring mobile banking, market leaders in this segment stand a better chance of becoming their primary bank. Lenders who win the battle in this space will be able to bolster their low-cost deposit base and fees.

HDFC Bank has reported a net profit of Rs.2,695.72 crore for the quarter ended June 30, 2015, an increase of 20.7 per cent compared to Rs.2,233.04 crore recorded in the corresponding period of previous year.

The bank’s total income was Rs.16,503 crore, an increase of 26.3 per cent over Rs.13,070.7 crore for the quarter ended June 30, 2014.

HDFC Bank, the country's second largest private sector lender, today reported a 21% rise in net profit to Rs 2,695.7 crore on the back of an increase in net interest income and robust other income.

Net interest income, the difference between interest earned and interest expended, increased by 23.5% to Rs 6,389 crore in the quarter ended June as compared to Rs 5,171.6 crore in the same period a year ago.

Benchmark share indices which had ended at three-month closing highs witnessed profit taking in select financials capping further upside even as IT shares continued to trade firm. Further, rising concerns over weak monsoon in July also weighed on sentiment.

At 1:30PM, the 30-share Sensex was up 24 points at 28,470 and 50-share Nifty was up 5 points at 8,613.

Banking shares mainly private sector have rallied by up to 5% on the bourses after the Cabinet today cleared a proposal to merge the limits of foreign direct and portfolio investments into composite caps to make foreign investment regime easier.

Axis Bank, Kotak Mahindra Bank, YES Bank, HDFC Bank and ICICI Bank were up 1%-5% on the National Stock Exchange (NSE).

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