HDFC is the biggest private banks of India that has extensive services in Dubai and the whole area of the United Arab Emirates, considering those hundreds of thousands of Indians who live and work in its territory. Therefore, HDFC is among the most important expat banks of Dubai, having affiliate agreements with several financial companies in order to make payments for Indian nationals all the easier.
HDFC Bank in Dubai has its own branches; but also due to its affiliate agreement with RAK Bank, which is one of the biggest banks of the UAE, holders of HDFC Bank accounts, can reach their bank accounts through RAK. HDFC has further agreements with Dubai money exchange companies in order to make money exchange from Indian Rupee to AED all the easier for the employees, many of whom get their salary in Indian Rupees.
Now let us see a brief history and the main operational activities of HDFC Bank. The largest financial companies of India founded this bank in 1994. HDFC Bank has been operating since 1995. It was HDFC being the first bank in India that officially merged with another bank being the Times Bank Limited and this merging happened in 2000. Ever since the large bank had acquired Centurion Bank of Punjab that has offered the HDFC further great possibilities. The key segments of operation of HDFC Bank include wholesale banking services, retail banking services and treasury. The bank provides working capital, financial and trade services, corporate finance, merchant banking services. Its foreign exchange, derivatives and presence on the international finance market is getting dynamically stronger. The bank also trades with debt trading and equity research.
Among the wholesale services of HDFC Bank, we can highlight the following services: provides services for small. Mid-sized and agriculture based businesses. Business services of the bank for these companies include all sorts of transactional banking services, working capital finance, trade services, transactional services, cash management and other business related corporate services. When it comes to mutual funds, stock exchange the HDFC Bank plays and important role as one of the leading banks of India. As for its retail banking services, HDFC Bank was the first Indian bank that has introduced debit cards next to credit cards. Its first cards are all VISA and VISA Electron cards yet the bank today also uses MasterCard and Maestro debit cards too. The bank has a leading role in the merchant acquiring business and has more than 70.000 Point of sale terminals in India for merchants. HDFC Bank has also introduced internet banking possibilities a couple of years ago. You can deal with fixed deposits, loans, bill payments and you can do many more related operations on the internet. As for its Treasury, the HDFC Bank deals with three main areas here: Foreign exchange and derivatives, local currency money market and debt securities, and deals with equities. There is a treasury team in each branch of HDFC that deals and helps clients in connection with these services.
In Dubai, HDFC Bank can be found under several addresses, with its main branches located in Deira and Bur Dubai. The bank is represented in every cities of Dubai. Due to its alliances with Al Fardan Exchange and Sajwani Exchange in Dubai, account holders of HDFC Bank can deal with finance easily.
It is important to note that HDFC Bank primarily offers its services for Indian residents though due to several reasons. HDFC Bank has grown out to be a considerable bank also in Dubai, thanks to all the Dubai based Indian workers.