Only a tiny percentage of companies grow the bottom line year after year. HDFC Bank is one such company which has demonstrated both innovation and stability over the years, according to a study by Rita Gunther McGrath, documented in the Harvard Business Review South Asia.
In an in-depth study of 2,347 companies, which grew their income by 5% over 10 years, only five grew both in revenue and net income every year. “Few companies manage to prosper over the long term,” says McGrath, a professor at Columbia Business School.
“HDFC Bank’s history of entering new growth markets is illustrative”, reads the article. McGrath goes on to outline the bank’s pioneering advances over the years, “In 1998, HDFC Bank joined the Cirrus interbank network so that MasterCard holders worldwide could use its ATMS. In 2001, it became the first bank in India to launch an international Debit Card, in association with Visa. It also introduced various credit card innovations, including a card specifically for farmers. HDFC [Bank] moved early and built from initial success in other new markets as well, including telebanking, mobile banking, and foreign exchange services.”
The recently launched ‘Solitaire’ range of premium credit cards for women and its partnership with Vodafone India to launch MobileBank Account and Vodafone m-paisaTM for financial inclusion are another path-breaking initiatives by HDFC Bank, made possible by its history of stability and adaptability.
About HDFC Bank
HDFC Bank, the second largest private bank in India, is headquartered in Mumbai. As of September 30, 2011, the Bank had a distribution network with 2,150 branches and 6,520 ATMs in 1,141 cities. While Mr. C.M. Vasudev is the Chairman of the Bank, Mr. Aditya Puri, the Managing Director, with a professional banking career of over 25 years, has been with HDFC Bank since 1994.
To read the Harvard Business Review South Asia article, visit http://bit.ly/xJPMSX
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For more information on HDFC Bank, visit: www.hdfcbank.com
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