Directors’ Report

Dear Stakeholders,

Your Directors take great pleasure in presenting the 28th To sum up, despite the current headwinds, India is expected
Annual Report on the business and financial operations of your to be the fastest growing economy in the world in FY 2022-
Bank, together with the audited accounts for the year ended 23, clocking a 7.3 per cent growth rate, and is well poised to
March 31, 2022. withstand any external volatility and shocks.

Like last year, let me start by wishing all of you health and (For more details, please refer to the Macroeconomic and
happiness on behalf of the HDFC Bank family. The entire Industry section on page no. 135)
world has learnt the importance of this all over again during
the pandemic. In spite of the challenges, your Bank continued on its growth
path by conducting its business responsibly and reinforcing its
The good news is that the pandemic more or less appears to be commitment to the environment and community at large.
behind us, thanks to the pick-up in the vaccination program rolled
out by the Union Government and the virus mutants being less
Financial Parameters
and less dangerous. As the shadow over the health of individuals
lifts, the health of the economy has been improving too. Your Bank recorded an improvement in a majority of its key
financial parameters, largely due to its prudent credit evaluation
India’s GDP grew by 8.7 per cent in FY 2021-22 compared to of targeted customers and diversified loan book across
a contraction of 6.6 per cent in FY 2020-21 as per the Central customer segments, products, and sectors. Managing risk-
Statistical Organisation (CSO), surpassing pre-pandemic return decisions with discipline was an important element in
levels of output. The biggest drivers of growth were pick up the Bank’s performance. Net Profit at ` 36,961.3 crore went up
in investment and exports. Capital expenditure was led by the by 18.8 per cent. Net Interest Income at ` 72,009.6 crore rose
Union Government, with the private sector playing a supporting 11.0 per cent. Net Interest Margin stood at 4.0 per cent. Gross
role. The Government and the RBI also announced a host of Non-Performing Assets (NPAs) at 1.17 per cent was among the
measures to contain the impact of the second wave on domestic lowest in the industry.
economic activity. This was followed by stepping up allocation
on capital expenditure in the Union Budget for FY 2022-23 by GNPA
24.5 per cent to ` 7.5 lakh crore.
1.17 per cent
Among the lowest in the industry
The economy now faces headwinds from rising inflationary
pressures brought about by supply chain disruptions and
Parivartan
geopolitical tensions, particularly the Ukraine crisis. This can
affect private consumption, lead to reduced profit margins due Your Bank continued to transform lives through its umbrella CSR
to rising input costs and slowdown the recovery in the private brand, Parivartan, which denotes change.
sector capital expenditure cycle.
The Bank believes that businesses can only prosper if the
In an effort to contain inflation, the RBI on May 4, 2022 in an off communities in which they operate prosper as well. This belief
cycle announcement, hiked the policy rate by 40 basis points has inspired its social initiatives, which have potentially made a
to 4.4 per cent and increased the Cash Reserve Ratio by 50 difference to the lives of over 9.6 crore people, predominantly
basis points to 4.5 per cent. It further hiked the Repo Rate by in rural India. Driving this change is the Sustainable Livelihood
another 50 points to 4.90 per cent in the June 8, 2022 Monetary Initiative (SLI) team, which works on improving livelihood
Policy announcement.

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 Introduction to Our How We Our Responsible Statutory Reports and
Overview HDFC Bank Performance Create Value Strategy Business Financial Statements

opportunities. The ‘Teaching-The-Teacher’ initiative has While we structured and delivered a compassion package to
impacted over 2 crore students since inception. The Holistic Rural the families of the deceased, no word or action can adequately
Development Programme has touched 9.88 lakh households convey our sorrow.
across more than 3,335 villages. Having an umbrella brand
Your Directors would also like to place on record that we did
enables the Bank to lend a sharper focus to these efforts.
not reduce salaries during this trying period. Your Bank paid
Your Directors are also happy to report that your Bank met the
bonuses and increments on time in the year under review and
mandatory CSR expenditure through a spend of 736.01 crore.
followed the normal promotion cycle. It is doing the same this
year as well.
CSR spend

`736.01 crore Mission and Strategic Focus

in FY 2021-22 Your Bank’s mission is to be a ‘World-Class Indian Bank’. Its
business philosophy is based on five core values: Customer
For further details on Parivartan please refer to page no. 94.
Focus, Operational Excellence, Product Leadership, People
and Sustainability. Sustainability should be viewed in unison with
Summary
Environmental, Social and Governance performance. As a part
The economy recovered in FY 2021-22 and India is of this, your Bank, through its umbrella CSR brand Parivartan,
expected to be the fastest growing economy in the world in seeks to bring about change in the lives of communities mainly
FY 2022-23. There are of course inflationary pressures, but the in rural India.
country has the ability to absorb these and the uncertainties
During the year under review, the Bank did not lose its human
brought about by geopolitical issues. In the long run, the market
touch but continued building sound customer franchises across
presents tremendous opportunities given the sheer level of
distinct businesses to achieve healthy growth in profitability
under penetration of banking services in the country. Your Bank
consistent with your Bank’s risk appetite.
is well positioned to capitalise on these opportunities given the
strength of its franchise. It has geared up for the years ahead In line with the above objective, the Bank aims to take digitalisation
through its Future Ready Strategy. This can be envisaged as 10 to the next level to:
strategic pillars backed by key enablers to catalyse, create and
• Deliver superior experience and greater convenience
capture the next wave of growth. (To know more about this
to customers
please refer to page no. 32)
• Increase market share in India’s growing banking and
Your Bank is also poised to make a greater contribution to
financial services industry
bridge the urban-rural divide through both its business and
social activities and help build a country where more can • Expand geographical reach
prosper together.
• Cross-sell the broad financial product portfolio
This will, of course, not be possible without the contribution of
• Sustain strong asset quality through disciplined credit
the ever-growing family of over two lakh employees (including
risk management
those of the subsidiaries) across the country, who remain at the
forefront of taking your Bank forward every day. In the previous • Maintain low cost of funds
two financial years, which were characterised by the pandemic,
Your Bank remains committed to the highest levels of ethical
our colleagues went beyond the call of duty to keep the bank
standards, professional integrity, corporate governance, and
functioning. Many of them soldiered on despite the loss of loved
regulatory compliance, which is articulated in its Code of
ones. We also lost some colleagues during the pandemic.
Conduct. Every employee affirms to abide by the Code annually.

HDFC Bank Limited Integrated Annual Report 2021-22 133

Directors’ Report

Summary of Financial Performance

(` crore)
For the year ended/As on
Particulars
March 31, 2022 March 31, 2021
Deposits and Borrowings 1,744,034.6 1,470,547.5
Advances 1,368,820.9 1,132,836.6
Total Income 157,263.0 146,063.1
Profit Before Depreciation and Tax 50,615.3 42,961.4
Profit After Tax 36,961.4 31,116.5
Profit Brought Forward 73,652.8 57,492.4
Total Profit Available for Appropriation 110,614.1 88,608.9
Appropriations
Transfer to Statutory Reserve 9,240.3 7,779.1
Transfer to General Reserve 3,696.1 3,111.6
Transfer to Capital Reserve 666.5 2,291.7
Transfer to / (from) Investment Reserve 233.1 61.7
Transfer to / (from) Investment Fluctuation Reserve - 1,712.0
Dividend pertaining to previous year paid during the year 3,592.4 -
Balance carried over to Balance Sheet 93,185.7 73,652.8

Dividend
The Board of Directors of the Bank, at its meeting held on April 23, 2022, has recommended a dividend of ` 15.50 (Fifteen Rupees
Fifty Paise only) per equity share of ` 1/- (Rupee 1 only) each, for the financial year ended March 31, 2022. This translates to a
Dividend Payout Ratio of 23.28 % of the profits for the financial year ended March 31, 2022.

In general, your Bank’s dividend policy, among other things, balances the objectives of rewarding shareholders and retaining capital
to fund future growth. It has a consistent track record of dividend distribution, with the Dividend Payout Ratio ranging between 20
per cent and 25 per cent, which the Board endeavours to maintain.

The dividend policy of your Bank is available on your Bank’s website:

https://v1.hdfcbank.com/htdocs/common/pdf/corporate/Dividend-Distribution-Policy.pdf

Ratings
Instrument Rating Rating Agency Comments
Fixed Deposit Programme CARE AAA (FD) CARE Ratings Instruments with this rating are considered to have the highest degree
of safety regarding timely servicing of financial obligations. Such
instruments carry the lowest credit risk.
IND tAAA India Ratings Instruments with this rating are considered to have the highest degree
of safety regarding timely servicing of financial obligations. Such
instruments carry the lowest credit risk.
Certificate of Deposits CARE A1+ CARE Ratings Instruments with this rating are considered to have very strong degree
Programme of safety regarding timely payment of financial obligations. Such
instruments carry the lowest credit risk.
IND A1+ India Ratings Instruments with this rating are considered to have very strong degree
of safety regarding timely payment of financial obligations. Such
instruments carry the lowest credit risk.
Long Term Unsecured, CARE AAA CARE Ratings Instruments with this rating are considered to have the highest degree
Subordinated of safety regarding timely servicing of financial obligations. Such
(Lower Tier 2) Bonds instruments carry the lowest credit risk.
IND AAA India Ratings Instruments with this rating are considered to have the highest degree
of safety regarding timely servicing of financial obligations. Such
instruments carry the lowest credit risk.

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Overview HDFC Bank Performance Create Value Strategy Business Financial Statements

Instrument Rating Rating Agency Comments

Infrastructure Bonds CARE AAA CARE Ratings Instruments with this rating are considered to have the highest degree
of safety regarding timely servicing of financial obligations. Such
instruments carry the lowest credit risk.
CRISIL AAA CRISIL Instruments with this rating are considered to have the highest degree
of safety regarding timely servicing of financial obligations. Such
instruments carry the lowest credit risk.
Additional Tier I Bonds (Under CARE AA+ CARE Ratings Instruments with this rating are considered to have high degree
Basel III) of safety regarding timely servicing of financial obligations. Such
instruments carry very low credit risk.
CRISIL AA+ CRISIL Instruments with this rating are considered to have high degree
of safety regarding timely servicing of financial obligations. Such
instruments carry very low credit risk.
IND AA+ India Ratings Instruments with this rating are considered to have high degree
of safety regarding timely servicing of financial obligations. Such
instruments carry very low credit risk.
Tier II Bonds CARE AAA CARE Ratings Instruments with this rating are considered to have the highest degree
(Under Basel III) of safety regarding timely servicing of financial obligations. Such
instruments carry the lowest credit risk.
CRISIL AAA CRISIL Instruments with this rating are considered to have the highest degree
of safety regarding timely servicing of financial obligations. Such
instruments carry the lowest credit risk.
by reopening of the economy and a pick-up in the vaccination
Issuance of Equity Shares and Employee Stock
rate. Private consumption recovery picked up pace (registered
Option Scheme (ESOP)
a growth of 7.9 per cent in FY 2021-22) and rose above pre-
As on March 31, 2022, the issued, subscribed and paid up pandemic levels. The biggest support came from a pick-up
capital of your Bank stood at ` 5,545,540,976/- comprising in investment (supported by Government capital expenditure
5,545,540,976 equity shares of ` 1/- each. Further, 32,764,494 and some revival in private capital expenditure) and strong
equity shares of face value of ` 1/- each were issued by your Bank export growth.
pursuant to the exercise of Employee Stock Options (ESOPs).
(For information pertaining to ESOPs, please refer Annexure 1 In addition, both the Central Government and the RBI announced
of the Directors’ Report). a host of measures to contain the impact of the second wave
on domestic economic activity. The Government focused on
Capital Adequacy Ratio (CAR) providing relief and credit flow to small business, health, tourism
sectors and other service sectors that were affected by the
As on March 31, 2022, your Bank’s total CAR, calculated as
pandemic. On the monetary policy side, the RBI kept its stance
per Basel III Regulations, stood at 18.9 per cent, well above the
accommodative and policy rates unchanged at 4.0 per cent
regulatory minimum requirement of 11.70 per cent, including a
in FY 2021-22 and announced measures to provide liquidity
Capital Conservation Buffer of 2.50 per cent and an additional
support. Some of the measures included extension of Targeted
requirement of 0.20 per cent on account of the Bank being
Long Term Repo Operations (TLTRO), providing on-tap liquidity
identified as a Domestic Sytemically Important Bank. Tier I
window for contact intensive sectors, and extension of priority
Capital was at 17.9 per cent as of March 31, 2022.
sector lending.
Total CAR
Economic activity is poised to gain further momentum in FY 2022-
18.9 per cent 23 supported by a recovery in consumption, continued rise in
well above regulatory minimum requirement of 11.70 per exports and a push through Government capital expenditure. In
cent the Union Budget for FY 2022-23, the Government increased
its allocation on capital expenditure by 24.5 per cent (from
Management Discussion and Analysis FY 2021- 22 Revised Estimates) to ` 7.5 lakh crore. In addition,
it announced measures in the Union Budget for FY 2022-23
Macroeconomic and Industry Developments such as extension of credit guarantee scheme by a year and
The Indian economy expanded in FY 2021-22, surpassing an increase in guaranteed amount earmarked for the hospitality
pre-pandemic levels of output. As per the Central Statistical sector. This was to address the sectors worst affected by
Organisation, GDP grew by 8.7 per cent compared with a the pandemic.
contraction of 6.6 per cent in FY 2020-21. Growth was supported

HDFC Bank Limited Integrated Annual Report 2021-22 135

Directors’ Report

However, recent geopolitical tensions do present some Overall, the Indian economy recovered from the impact of the
headwinds for the growth outlook. Higher crude oil prices and pandemic in FY 2021-22 and is estimated to be the fastest
resulting higher fuel and transportation costs are likely to weigh growing economy in the world in FY 2022-23. Though there are
on private consumption. In addition, higher input costs are likely new headwinds that could cloud the economic outlook, India is
to put stress on profit margins and could slow down the recovery better positioned (as gauged by external indicators) to withstand
in the private capex cycle. Moreover, lower global growth (due extreme volatile episodes/shocks.
to a slowdown in China and geopolitical tensions) could have a
bearing on India’s export demand. The International Monetary Financial Performance
Fund expects the world economy to grow at a slower pace of 3.6
The financial performance of your Bank during the year ended
per cent in 2022 from 6.1 per cent in 2021. On balance, India’s
March 31, 2022, remained healthy with Total Net Revenue
GDP growth is expected to rise by 7.3 per cent in FY 2022-23,
(Net Interest Income plus Other Income) rising 12.7 per cent
making it the fastest growing economy in the world. External
to ` 101,519.5 crore from ` 90,084.5 crore in the previous year.
stability related indicators (short-term debt, Forex reserves, FDI
Revenue growth was driven by an increase in both Net Interest
flows) show that India is better positioned than the 2013 taper
Income and Other Income. Net Interest Income grew by 11.0
tantrum episode to withstand shocks.
per cent to ` 72,009.6 crore coupled with a Net Interest Margin
Besides growth, geopolitical tensions and lingering supply side (NIM) of 4.0 per cent.
disruptions are likely to weigh on domestic retail inflation as well.
Total Net Revenue
CPI headline inflation rose to an 8-year high of 7.8 per cent in
April-22 (vs. 6.95 per cent in March-22) led by a broad-based
increase in food prices, which rose to a 17-month high, fuel and
12.7 per cent growth
core inflation (CPI excluding food and fuel). Core inflation rose
to around 8-year high of 7.0 per cent in Apr-22. Going forward,
CPI inflation is expected to average at 7.3 per cent in H1 FY23 Other Income grew by 17.1 per cent to ` 29,509.9 crore. The
and ease to 6.2 per cent in H2 FY23 assuming crude oil prices largest component was Fees and Commissions at ` 19,536.6
average at USD 105 pbl in FY23. For the full FY23, CPI infation crore. Gain on Revaluation and Sale of Investments was
is expected to average at 6.7 per cent, assuming a normal ` 2,282.6 crore. Foreign Exchange and Derivatives Revenue
monsoon, some moderation in global commodity prices in H2, was ` 3,907.9 crore, and recoveries from written-off accounts
and elevated services inflation. Support from recently announced were ` 2,765.1 crore.
excise duty cuts on petrol and diesel is likely to be offset by some
pass through of high crude oil prices to pump prices by Oil The outbreak of the COVID-19 pandemic had led to a nation-
Marketing Companies to cover up their under recoveries. wide lockdown in April-May 2020. This was followed by localised
lockdowns in areas with a significant number of COVID-19
To rein in elevated inflation amid Russia-Ukraine crisis, the RBI cases. Following the easing of lockdown measures, there was
raised rate by 40 bps in an off-cycle meeting on 4th May 2022 an improvement in economic activity in the second half of fiscal
and delivered another rate hike of 50 bps in its June 2022 policy, 2021. Since then, India experienced two waves of the COVID-19
taking the repo rate to 4.9%. The central bank justified its rate pandemic following the discovery of mutant coronavirus variants,
action as a step to control the second-round impact of inflationary leading to the reimposition of regional lockdowns which were
pressures and an effort to anchor inflation expectations. The RBI subsequently lifted. The impact of COVID-19, including changes
raised its inflation forecast by 100 bps to 6.7% for FY23. On the
in customer behaviour and pandemic fears, as well as restrictions
liquidity front, the central bank reiterated that it would provide
on business and individual activities, led to significant volatility in
enough liquidity in the system --- balancing any change due to
global and Indian financial markets and a significant decrease in
its FX operations, Government spending or seasonality - in a
global and local economic activities. The disruptions following
manner that the normalization is non-disruptive for growth. The
the outbreak impacted loan originations, the sale of third-party
average liquidity in the system as of May 2022 stood at INR 5.2
products, the use of credit and debit cards by customers and the
lakh crore. The MPC voted to remain focused on withdrawal
efficiency in collection efforts resulting in increase in customer
of accommodation in a calibrated fashion to ensure inflation
defaults and consequent increase in provisions there against.
remains within the RBI’s upper band while supporting growth.
India is emerging from the COVID-19 pandemic. The extent
The RBI dropped the phrase “remain accommodative” from
to which any new wave of COVID-19 will impact the Bank's
its stance. RBI’s concern about the broad-based nature of the
results will depend on ongoing as well as future developments,
increase in inflation and the risk of the second-round impact on
including, among other things, any new information concerning
inflation expectations makes a case for an aggressive path by the
central bank going forward. The policy rate is likely to be raised the severity of the COVID-19 pandemic, and any action to contain
well beyond the pre-pandemic level, close to 5.75-6% by fiscal its spread or mitigate its impact whether Government-mandated
year-end. (HDFC Bank expectations). or elected by us.

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Operating (Non-Interest) Expenses rose to ` 37,442.2 crore Net Profit

from ` 32,722.6 crore. During the year, your Bank set up 734
new branches and 2,043 ATMs / Cash Deposit and Withdrawal
18.8 per cent increase
Machines (CDMs). This, along with higher spend on IT, resulted in in FY 2021-22
higher infrastructure and staffing expenses. Staff expenses also
went up due to employee additions and annual wage revisions.
Further, Deposit Insurance and Credit Guarantee Corporation Business Review
(DICGC) premium cost increased due to deposit growth and rate
Your Bank’s operations are split into Domestic and International.
increase. Despite higher staff and infrastructure expenses, the
Cost to Income Ratio was 36.9 per cent as compared to 36.3
A) Domestic Business comprises the following:
per cent during the previous year.
New Branches Retail Banking

734 The Retail Business operated under challenging circumstances

in the year under review but these were less pronounced
in FY 2021-22
compared with the previous year. This business is directly
linked to consumption, which slowed down in general during
Total Provisions and Contingencies were ` 15,061.8 crore as the lockdown. The lockdown was less severe in the year under
compared to ` 15,702.8 crore in the preceding year. Your Bank’s review and as the unlock gathered momentum, the business
provisioning policies remain more stringent than regulatory too gained momentum with Domestic Retail Advances rising
requirements. Total provisions for the fourth quarter of the by 13.7 per cent.
financial year included credit reserves in the form of contingent
Domestic Retail Deposits grew by 18.5 per cent to ` 1,262,093
provisions of approximately ` 1,000.0 crore.
crore from ` 1,064,684 crore in the preceding year, while
The Coverage Ratio based on specific provisions alone excluding Retail Advances rose 13.7 per cent to ` 599,608 crore from
write-offs was 72.7 per cent and including general, floating and ` 527,586 crore.
contingent provisions was 182.3 per cent. Your Bank made
Personal Loans continue to exhibit strong growth with overall
General Provisions of ` 1,257.9 crore during the year. Gross
portfolio reaching ` 1,40,000 crore at the end of the year.
Non-Performing Assets (GNPAs) were at 1.17 per cent of Gross
A greater focus on the Government segment as well as top
Advances, as against 1.32 per cent in the previous year. Net
corporates resulted in improved portfolio quality.
NPA ratio stood at 0.32 per cent as against 0.40 per cent in the
previous year. This year, your Bank maintained leadership position in Auto
Loan segment, which underwent supply chain constraints, by
Profit Before Tax grew by 17.1 per cent to ` 49,015.4 crore. After
outpacing industry growth, thus increasing marketshare and
providing for Income Tax of ` 12,054.1 crore, Net Profit increased
crossing ` 100,000 crore.
by 18.8 per cent to ` 36,961.3 crore from ` 31,116.5 crore. Return
on Average Net Worth was 16.90 per cent while Basic Earnings There is continued focus on digitalising processes and customer
Per Share was ` 66.80 up from ` 56.58. touchpoints to better your Bank’s reach. After the great success
of Personal Loan in 10 Seconds, Digital Loan Against Shares
As on March 31, 2022, your Bank’s Total Balance Sheet stood at
and Digital Loan against Mutual Funds, the Bank has recently
` 2,068,535 crore, an increase of 18.4 per cent over ` 1,746,871
launched an end-to-end digital car loan process (Application
crore on March 31, 2021. Total Deposits rose by 16.8 per cent
to Disbursement). This is an industry first car loan process with
to ` 1,559,217 crore from ` 1,335,060 crore. Savings Account
a completely digital, contactless and paperless experience,
Deposits grew by 26.8 per cent to ` 511,739 crore while Current
wherein New to the Bank customers can avail disbursement
Account Deposits rose by 12.8 per cent to ` 239,311 crore. Time
within 30 Minutes (which includes Video KYC Process) and
Deposits stood at ` 808,168 crore, representing an increase of
existing pre-approved customers can get loan disbursement in
12.3 per cent. CASA Deposits accounted for 48.2 per cent of Total
10 seconds.
Deposits. Advances stood at ` 1,368,821 crore, representing an
increase of 20.8 per cent. Domestic Loan Portfolio of ` 1,337,504 The Payments Business, where your Bank has a strong
crore grew by 20.3 per cent over March 31, 2021. presence not only acts as a catalyst for cashless transactions
but also spurs consumption. With 4.30 crore debit cards, 1.65
crore credit cards and about 28.94 lakh acceptance points, it
is among the largest facilitators of cashless payments in the
country. Your Bank’s payments business has launched digital

HDFC Bank Limited Integrated Annual Report 2021-22 137

Directors’ Report

offerings such as Bharat QR Code, UPI, and SMS pay solutions. per cent of fully disbursed loans either through the issuance of
It has also pioneered products such as the SmartHub app for mortgage-backed Pass Through Certificates (PTCs) or a direct
small merchants and DigiPos, which enables traditional PoS assignment of loans. The balance is retained by HDFC Limited.
machines to accept digital payments. Your Bank originated, on an average ` 3,550 crore of home loans
every month in the year under review and purchased ` 28,205
RBI, through its order dated December 2, 2020, advised
crore as direct assignment of loans.
your Bank to immediately (i) stop sourcing of new credit card
customers and (ii) stop all launches of digital business generating Third Party Products
activities planned under program Digital 2.0.
Your Bank distributes Life, General and Health Insurance, and
RBI lifted the restrictions on new credit card acquisitions in Mutual Funds (third party products). Income from this business
August 2021 followed by the removal of the embargo on the grew by 24 per cent to ` 4,422 crore from ` 3,573 crore and
Digital 2.0 program in March 2022. accounted for 23 per cent of Total Fee Income in the year ended
March 31, 2022, compared with 22 per cent in the preceding year.
The Bank has since been working on the following four pillars:
making credit cards more powerful and customer focused, Life Insurance
entering into strategic alliances and forging partnerships,
The open architecture adopted by your Bank for insurance
enhancing focus on customers’ experience and complaints and
distribution with eight insurers was made more robust through
digitalising the user journeys
enhancements in digital journeys and product innovation with all
Credit cards in force the partners. End- to-end solicitation journey for all the products
1.65 offered is now seamlessly integrated between the Bank and
insurance partners. More than 50 products are available for
crore
solicitation on HDFC Bank NetBanking platform - which now
contributes almost 50 per cent of the total policies. Premium
The Virtual Relationship Management practice is an integrated mobilisation in Life Insurance for the year ended March 31, 2022
customer centric approach covering three pillars - Virtual was ` 6,819 crore.
Relationships, Virtual Sales and Virtual Care. A banking
Non-Life Insurance
experience with digital ease and personalised conversations is
at the core of our VRM strategy. As digital or contactless banking In the Non-Life insurance space, your Bank along with its
became a necessity during the pandemic, this programme gained insurance partners, introduced new and innovative products
further traction in the year under review. Under VRM, relationship and increased customer offerings with an objective of providing
managers reach out to customers through remote and digital wider health insurance coverage during the pandemic. All the
platforms resulting in deeper and cost effective engagement. products offered are enabled through NetBanking and tele-
As digital literacy and exposure increases exponentially, VRMs sales platforms. Employees across channels have been trained
are gaining wider acceptance through deeper engagement and on the new products and processes. Manpower has been
relationships backed by a strong product offering. strengthened across Non-Life insurers to increase our business
in the health insurance space keeping the customer requirement
Meanwhile, your Bank also added 734 branches during the
in mind. Premium mobilisation in General and Health Insurance
year, taking the total to 6,342. As of March 31, 2022, the Bank’s
stood at ` 2,270 crore as of March 31, 2022.
distribution network was at 6,342 branches and 18,130 ATMs /
Cash Deposit & Withdrawal Machines (CDMs) across 3,188 cities Mutual Funds
/ towns as against 5,608 branches and 16,087 ATMs / CDMs
Your Bank adopts an open architecture in Mutual Funds
across 2,902 cities / towns as of March 31, 2021. Fifty per cent of
distribution as well and distributes funds of 35 Asset Management
our branches are in semi-urban and rural areas. In addition, the
Companies (AMCs) with continued focus on digital journeys
Bank has 15,341 business correspondents, which are primarily
which enables customers to register for an online Investment
manned by Common Service Centres (CSCs). The total number
Services Account (ISA); 85 per cent of ISAs are now opened
of customers your Bank catered to as on March 31, 2022 was
through digital mediums. AUM of the Bank grew by 22.7 per cent
over 7.10 crore, up from over 6.18 crore in the previous year.
to ` 92,479 crore for the year ended March 31, 2022.
As you are aware, your Bank operates in the Home Loan Business
Wealth
in conjunction with HDFC Limited. As per this arrangement, your
Bank sells HDFC home loans while HDFC Limited approves and The Private Banking Group was rebranded as HDFC Bank
disburses them. Your Bank receives sourcing fee for these loans Wealth with a focussed strategy to reach out to Super Affluent
and as per the arrangement, has the option to purchase up to 70 and Mass Affluent Customers in B30 cities in addition to the

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current setup in metros. In the year under review, the business Corporate Banking, which focuses on large, well-rated
has expanded to 67 new locations and is now catering to 216 companies, continued to be the biggest contributor to Wholesale
cities with 46 per cent increase in total families managed and total Banking in terms of asset size. It was able to do so as it was
Assets under management of Rs. 4.11 lakh crores. Your bank armed with sufficient cash due to its strong capital base and
is on track to reach 800+ locations by the end of this financial balance sheet.
year through a hub and spoke model. Your bank is currently
In Corporate banking, your Bank refocused on its engagement
ranked 2nd amongst distributors in terms of distributor managed
with MNCs. This business also continued to capitalise on the
Mutual Fund Assets under management with market share of 4
trend of large companies preferring to deal with fewer banks.
per cent. The business has been ranked No. 1 in Mass Affluent
Your Bank deepened its existing relationships as well as
(US$100K to US$5m) Category by Euromoney Private Banking
gained market share by leveraging its wide product offering.
& Wealth Management Survey 2022 in addition to receiving
This business supported customer requirements under
prestigious awards like Best Private Bank in India by Global
the Production Linked Incentive Scheme. The Emerging
Private Banking Awards 2021 and Best Bank for Succession
Corporates Group, which focuses on the mid- market segment,
Planning by Asiamoney Asia Private Banking Awards 2021.
too witnessed significant growth. Your Bank leveraged its
Our dedicated service team for Wealth Clients ensures that vast geographical reach, technology backbone, automated
we deliver on our Service First philosophy. Further, to ensure processes, suite of financial products and quick turnaround
transition from transactional approach of wealth management to times to offer a differentiated service, which has resulted in new
client centric portfolio management approach, your bank tracks customer acquisitions as well as a higher share of the wallet from
the Annual Recurring Revenue (ARR) of its Wealth business existing customers. The business continues to have a diversified
as a key metric of client retention. Your bank has an open portfolio in terms of both industry and geography.
architecture framework across investment products to ensure
In the year under review, the Bank continued its focus on the
that the recommended investment options are based on robust
MSME sector. There has already been increased formalistion/
quantitative and qualitative evaluation model re-accentuating
digitalisation of the MSME sector due to the adoption of the
our customer centricity. Your bank is developing a mobile first
Goods and Service Tax (GST). The COVID-19 pandemic led to
Wealth application that will leverage on advanced analytics and
the sector experiencing substantial stress, prompting the Union
intuitive client experience/ journeys to provide differentiated
Government to identify it for special support through various
wealth solutions across customer segments. The digital platform
schemes like Moratorium, ECLGS, ECLGS Extension and COVID
will focus on agile digital journeys and personalisation to cater
support loans. Your Bank supported its customers during this
to customers across the country. The goal is to deliver a highly
period by participating in the Government schemes.
personalised experience that democratises wealth management
and makes it accessible for all our customers. The Investment Banking business further cemented its
prominent position in the Debt Capital Markets, Equity Capital
Wholesale Banking
Markets and INR Loan Syndication. Your Bank maintained its
The Wholesale Banking business was a key growth engine for position amongst the top 3 in the Bloomberg rankings of Rupee
your Bank in the year under review. This business focuses on Bond Book Runners for FY 2021-22, with a market share of
institutional customers such as the Government, PSUs, large and 14.42 per cent. Your Bank is actively assisting clients in equity
emerging corporates, and SMEs. Your Bank’s strong offerings fund raising and was ranked 5th in the PRIME Database League
include working capital and term loans, as well as trade credit, Tables for IPOs and Rights Issues for FY 2021-22 for private
cash management, supply chain financing, foreign exchange, sector issues against 9th for FY 2020-21. Your Bank is ranked
and investment banking services. 2nd in the Bloomberg rankings of Syndicated INR term loans
for FY 2021-22, with a market share of 11.32 per cent against
The Wholesale Banking business recorded healthy growth,
ranking of 3rd for FY 2020-21.
ending FY 2021-22 with a domestic loan book size of ` 737,896
crore, recording a growth of 26.4 per cent over the year earlier. In the Government business, your Bank sustained its focus on tax
This constituted about 55 per cent of your Bank’s domestic collections, collecting direct tax (CBDT) of Rs 4,08,869.61 crore
loans as per Basel II classification. Your Bank was able to and Indirect tax (CBIC+ GST) of over Rs 2,24,712.76 crore during
expand its share of the customer wallet, primarily using sharper FY 2021-22. It continues to enjoy a pre-eminent position among
customisation, cross-selling and expanding into greater the country’s major stock and commodity exchanges in both
geographies. And continuing to lend during the pandemic while Cash Management Services and Cash Settlement Services.
being prudent.
Your Bank has been a pioneer in providing Digital Banking
Services to its wholesale banking customers. It was an early

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Directors’ Report

adopter of digital technology through the Corporate Net Banking Your Bank maintains a portfolio of Government Securities in
Platform, ENet. It has now launched an upgraded Corporate line with the regulatory norms governing the Statutory Liquidity
Internet Banking Platform CBX which offers a better UI/UX and Ratio (SLR). A significant portion of these SLR securities are in
richer dashboard. New customers will be onboarded on this and ‘Held-to- Maturity’ (HTM) category, while some are ‘Available for
existing customers will be migrated to this platform. Sale’ (AFS). Your Bank is also a primary dealer for Government
Securities. As a part of this business, your Bank holds fixed
The bank has introduced a unique Supply Chain digital platform
income securities as ‘Held for Trading’ (HFT).
that allows its corporate clients and their supply chain network
consisting of dealers, vendors, and corporate customers to In the year under review, your Bank continued to be a significant
connect seamlessly with the bank’s system. The platform is participant in the domestic exchange and interest rate markets. It
designed to provide a convenient, easy to use and efficient also capitalised on falling bond yields to book profits and is now
interface across all supply chain products for all members of looking at tapping opportunities arising out of the liberalisation
the supply chain thus enhancing customer experience. in the foreign exchange and interest rate markets.

Your Bank offers the entire gamut of financial services, such as

B) International Business
payments, collection, tax solutions, Government business, trade
finance services, cash management solutions and corporate During the year, your Bank stayed on course to cater to NRI
cards through its flagship platform, besides seamlessly clients and deepen its product and service proposition. Your
connecting its customers through API, S2S (Server to Server) Bank has global footprints by way of representative offices and
and Host-to-Host services. branches in countries like Bahrain, Hong Kong, the UAE and
Kenya. It also has a presence in International Financial Service
Treasury
Centre (IFSC) at GIFT City in Gandhinagar, Gujarat.
The Treasury is the custodian of your Bank’s cash/liquid assets
The Bank’s product strategy in International Markets is customer
and handles its investments in securities, foreign exchange
centric and it has products to cater to client needs across asset
and cash instruments. It manages the liquidity and interest rate
classes. Your Bank now has plans to extend the product offering
risks on the balance sheet and is also responsible for meeting
from GIFT City Branch under Liberalized Remittance Scheme to
reserve requirements. The vertical also helps manage the
Resident and Non Resident clients.
treasury needs of customers and earns a fee income generated
from transactions customers undertake with your Bank while As on March 31, 2022, the Balance Sheet size of International
managing their foreign exchange and interest rate risks. Business was US$ 7.66 billion. Advances constituted 3.12% of
the Bank’s gross advances. The Total Income contributed by
Revenue accrues from spreads on customer transactions based
Overseas Branches constituted 0.55% of Bank’s Total Income
on trade and remittance flows and demonstrated hedging needs.
for the year.
Your Bank recorded revenue of ` 3,907.9 crore from foreign
exchange and derivative transactions in the year under review. INTERNATIONAL BUSINESS
While plain vanilla forex products were in demand across all
customer segments, demand for derivatives products increased
US $ 7.6 + billion
Balance Sheet
with the RBI liberalizing regulations and allowing Indian banks to
participate in Non-Deliverable Offshore markets.

As part of its prudent risk management, your Bank enters into C) Partnering with the Government
foreign exchange and derivatives deals with counterparties after
Government and Institutions Business
it has set up appropriate credit limits based on its evaluation of
the ability of the counterparty to meet its obligations. Where The past year has been momentous for the Government and
your Bank enters into foreign currency derivatives contracts Institutions Business vertical in your Bank. Some key Highlights
not involving the Indian Rupee with its customers, it typically for your Bank include:
lays them off in the inter-bank market on a matched basis. For
1. Declared the single largest collector of direct taxes by the
such foreign currency derivatives, your Bank primarily carries
Controller General of Accounts, Government of India in
the counterparty credit risk (where the customer has crystallised
FY 2020-21
payables or mark-to-market losses) and may carry only residual
market risk, if any. Your Bank also deals in derivatives on its own 2. Received mandates and began collecting customs duty
account, including for the purpose of its own Balance Sheet
3. Received mandates from the Railways Board for e-freight
risk management.
collections, and pension business

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4. Integrated with Government of India’s e-National Apart from advising farmers on their financial needs, your Bank
Agricultural Marketplace is increasingly focusing on facilitating various Government/
Regulatory schemes and non-crop segment covering agri allied
5. Enabled more than 90,000 MSMEs to be eligible to transact
and small agri business enterprises including rural MSMEs.
on the Government e-marketplace
Your Bank has designed a range of crop and geography-
6. Processed more than 130 million transactions using
specific products in line with the harvest cycles and the local
Government of India’s Public Financial Management
needs of farmers across diverse Agro-climatic zones. It has
System to transfer funds to beneficiaries
transformed rural banking services from being product centric
7. Processed about 26% of the funds flowing from the Central to customer centric.
Government to the states for development programs under
Products such as post-harvest cash credit and warehouse
the aegis of the Centrally sponsored schemes, Central
receipt financing enable faster cash flows to farmers. Credit
sector schemes, and 15th Finance Commission
is also offered for allied agricultural activities such as dairy,
8. Received collection mandates from the following two state pisciculture, and sericulture.
Governments – Rajasthan and Himachal Pradesh
Participation in Government Schemes
D) Semi-Urban and Rural As a part of Atmanirbhar Bharat Abhiyan, to give a fillip to the
Indian economy and to make every Indian citizen self-reliant, the
The Semi-urban and Rural markets have always been a focus of
Government of India has announced several schemes/enablers
your Bank’s strategy. In the last few years, your Bank has made
across several sectors, more particularly in the agriculture sector.
a renewed push into the Semi-urban and rural markets as rising
income levels and aspirations of rural customers are leading to Your Bank is implementing almost all such initiatives/schemes
demand for better quality financial products and services. The targeting multiple stakeholders of the agri ecosystem.
rural groups in every department of your Bank work together to
Agricultural Infrastructure Fund (AIF) Scheme: Through
tap these opportunities.
this scheme the Bank is offering medium to long-term debt
Apart from meeting its statutory obligations under PSL (Agri & facility for investment in viable projects pertaining to post harvest
Allied activities, Small and Marginal Farmers and weaker sections management, infrastructure development such as construction
etc), your Bank has been offering a wide range of products on of warehouses/silos.
the asset side, such as auto, two-wheeler, personal, gold, Light
Your Bank has actively participated in agri infrastructure
Commercial Vehicle (LCV), small shopkeeper loans in these
campaigns conducted by PMU, AIF (Ministry of Agriculture) and
markets. Now it plans to increase its coverage of villages and
stood #1 amongst private sector Banks. As on March 31, your
deepen relationships in existing ones. The semi-urban and rural
Bank has sanctioned ` 427 crore covering 298 projects.
push has been backed by the Bank’s digital strategy.
Farmer Produce Organisations (FPOs): Leveraging the
Your Bank’s operations in Semi-urban and Rural locations are
Government scheme for formation and promotion of 10k new
explained below:
FPOs (Credit guarantee is available from SFAC/NABARD), your
Agriculture and Allied Activities Bank is funding eligible FPOs for working capital and term loan
requirements. Through this initiative, your Bank will be able to
Your Bank’s assets in Agriculture & Allied activities stood at
reach a larger number of small and marginal farmers.
`134,487.50 crore as on March 31, 2022.
Pradhan Mantri Formalisation of Food and Micro
In general, the key to your Bank’s success in the existing market
Enterprises (PMFME): Your Bank is actively implementing the
is its ability to tap the opportunities through:
scheme and passing the benefits to all eligible borrowers in the
- Wide product range food processing sector.

- Faster turnaround time Other Agri schemes include Agri Marketing Infrastructure Fund,
Animal Husbandry Infrastructure Fund, Pradhan Mantri Kisan
- Digital solutions
Urja Suraksha evam Utthaan Mahabhiyan (PMKUSUM), Mission
The Bank’s product range includes pre-and post-harvest for Integrated Development of Horticulture (MIDH) as well as
crop loans, farm development/investment loans, two- wheeler state specific Government schemes.
loans, auto loans, tractor loans, small agri business loans, loan
Your Bank’s focus in the rural markets has not just been on
against gold, among others. This has helped the Bank establish
increasing credit offtake, but also on cementing relationships
a strong footprint in the rural hinterland with its asset products.

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Directors’ Report

with customers by empowering them. As part of these efforts, total number of branches where it can be availed of to 1,362.
farmer centres or Kisan Dhan Vikas Kendras have been rolled The bank has ended the year with a porfolio of ` 8,367 crore.
out in Punjab, Maharashtra, Uttar Pradesh and Madhya Pradesh.
The bank is implementing its blueprint for gold loans being made
At these centres, farmers access information on soil health,
available in every branch of the country. The Bank is also
mandi prices, and various Government initiatives and also receive
planning strategically to partner with channels who have the
expert advice. Moreover, these services are also available on
solutions available to increase the reach.
the Bank’s website in vernacular languages. Kisan Dhan Vikas
e-Kendra is one of its kind in the Banking Industry to reach out Social initiatives in Farm Sector
to farmers as a one-stop solution for all their requirements viz.
Farm yield and income are subject to the vagaries of the
loan eligibility, online application facility, training though kiosks,
weather. In addition, factors like soil health, input quality (seeds
call an expert facility, soil testing and much more. Your Bank
and fertilizers), water availability, and Government policy have
also provides advisory on weather, cropping and harvesting
significant impact, along with price realisations and storage
through SMS.
facilities. Your Bank has launched a variety of initiatives to ease
In line with this, the Bank also launched the e-KISAN Dhan the stress on farm income and rural households.
app, a unique digital app for the rural/farming community.
Over the last few years, several parts of the country have
This is an exclusive mobile app for all rural banking and agriculture
been severely impacted by natural calamities such as drought,
information needs from HDFC Bank.
unseasonal rains, hailstorms, floods and the pandemic. Within
This app aggregates crucial information required by the farmers. regulatory guidelines, your Bank has been providing relief to the
There have been about 100,000 downloads of the app. impacted farmers. It also has put in place systems designed to
enable direct benefit transfers in a time-bound manner.
Multiple needs of the farmers can be serviced such as purchase
of agri inputs, agro products, information on best practices, Lending to the agriculture sector, including to small and marginal
weather alerts, mandi rates, expert advice, agri news, information farmers, is a regulatory mandate as part of priority sector lending
on Government schemes like debt waiver, interest subvention, requirements. The Bank has leveraged its extensive knowledge
crop insurance and livestock centre amongst others. of rural customers to create as well as deliver products and
services at affordable price points and with quick turnaround
Digital Interventions
time. This has enabled the Bank to establish a strong footprint
Digitising Milk Procurement: This initiative brings in the rural geographies, which it has now leveraged to increase
transparency in the milk procurement and payment process, its penetration of liability products. Further, your Bank is building
which benefits both farmers and dairy societies. Multi-function a segment-specific approach like funding to horticulture clusters,
Terminals (MFTs), popularly known as Milk-to- Money ATMs, are supply chain finance, agri business, MSMEs and dairy farmers.
deployed in dairy societies. The MFTs link the milk procurement It also continues to engage closely with farmers to mitigate risks
system of the dairy society to the farmer’s account to enable and protect portfolio quality.
faster payments. MFTs have cash dispensers that function as
Micro, Small and Medium Enterprises (MSME)
standard ATMs. Payments are credited without the hassles of
cash distribution. Further, this process creates a credit history The MSME sector serves as an important engine for economic
which can then be used for accessing bank credit. Apart from growth and is one of the largest employers in the economy. Your
dairy and cattle loans, customers gain access to all the Bank’s Bank’s assets in the MSME segment stood at ` 313,919.49 crore
products including digital offerings such as 10 Second Personal as on March 31, 2022. Its Micro Enterprises assets alone stood
Loans, Kisan Credit Card, Bill Pay, and Missed Call Mobile at ` 112,564.77 crore as on March 31, 2022.
Recharge. So far, your Bank has digitised payments at over
The MSME sector was one of the sectors identified for special
1,700 milk cooperatives across 21 states, benefiting more than
support by the Government and the RBI during the pandemic
5.2 lakh dairy farmers. The Dairy business witnessed 73% per
through various schemes like Interest Moratorium, ECLGS.
cent year-on-year growth in disbursements and 61% in the book.
ECLGS extension, COVID support loans etc.
Substituting Moneylenders:
Your Bank has ensured support for its customers through
The bank is making inroads into a market dominated by ECLGS and ECLGS extension schemes during the year and has
the unorganised sector, moneylenders and pawn brokers. also supported the customers through ad hoc enhancements
The bank is keen on making the gold loan facility available across as needed by them. Your Bank emerged as a star performer
the length and breadth of the country. In FY 2021-22 your bank under the ECLGS 1.0, 2.0, 3.0 and ECLGS extension schemes.
made gold loans available in 351 more branches taking the It disbursed loans amounting to ` 17,100.89 crore to over 0.78

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lakh customers in all ELGS schemes. This swift support enabled Sustainable Livelihood initiative
existing customers to meet their operational liabilities and helped
This is primarily a social initiative with elements of business. It
in the smooth functioning of their businesses.
entails skill training, livelihood financing, and creating market
The silver lining has been that the pace of digitalisation among linkages. (Please refer to page no. 95 for details)
MSMEs has gained further momentum. This will not only help
the pace of disbursement but also increase transparency in the E) Environmental Sustainability
sector. The process started with the Government’s digitalisation
Sustainability is one of the core values of the Bank. Please refer
push and the adoption of GST, which resulted in easy availability
to page no. 56 where it is covered in detail.
of data for banks regarding cash flows of these companies. It
has been further expanded to enable customers to apply online
F) Business Enablers
by submitting requisite documents online and post sanction
disbursement execution in digital way. 1) People Transformation
The SME portal continues to offer ad hoc approvals, pre- People is one of the core values of the Bank. For details please
approved TODs on an STP basis to existing customers. They refer to page no. 80.
can request top-up of loans and submit the required documents
2) Information Technology
online. The SME portal also helps customers access your
Bank’s services related to sanctioned credit facilities 24/7 Summary
from anywhere.
The Bank has accelerated the Technology and Digital
On the trade side, your Bank’s focus has been on customer Transformation with a continued focus on creating a seamless
engagement for increasing the penetration of Trade on Net digital experience for customers. RBI, through its order dated
applications. This is a complete enterprise trade solution for December 2, 2020, advised your Bank to immediately (i) stop
customers engaged in domestic as well as foreign trade, enabling sourcing of new credit card customers and (ii) stop all launches
them to initiate online requests and track them seamlessly, of digital business generating activities planned under program
resulting in reduced time and costs. Digital 2.0. RBI lifted the restrictions on new credit card
acquisitions in August 2021 followed by the removal of the
Taking Banking to the Unbanked
embargo on the Digital 2.0 program in March 2022. The Bank
Your Bank is fully committed to taking banking to the remotest is fully geared to launch the next wave of strategic technology
parts of the country through a combination of an extensive & digital programs which will pave the way for new customer
physical network and a robust digital suite of products and journeys and best-in-class products and services through
services. Today, about half of your Bank’s outlets are located innovation and transformation.
in rural and semi-urban areas. Your Bank also offers last mile
Your Bank has taken significant strides to ensure further
access through mobile applications such as BHIM, UPI, USSD,
fortification of its IT infrastructure and architecture as a robust,
Scan and Pay, and RuPay enabled Micro-ATMs.
scalable and secure ecosystem. Strategic technology initiatives
To bring more under-banked sections of the population into such as hybrid cloud approach, DR Resiliency, capacity
formal financial channels, your Bank has opened over 26.02 lakh enhancements, data centre migration to state-of-the-art facilities,
accounts under the Pradhan Mantri Jan Dhan Yojana (PMJDY) comprehensive obsolescence management and monitoring,
and enrolled 38.58 lakh customers in social security schemes next-gen security operations centre and more are pivotal to the
since inception. We now rank among the leading private sector Bank to move from strength to strength and usher in the next
banks in this regard. In the year under review, loans to the tune age of digital banking.
of ` 7,028 crore to 12.76 lakh beneficiaries were extended under
(A) Technology Absorption
the Pradhan Mantri Mudra Yojana (PMMY) and nearly ` 216
crore to 1,014 beneficiaries under the ‘Stand up India’ scheme The Bank is accelerating the technology and digital transformation
to Scheduled Caste, Scheduled Tribe and women borrowers. agenda. It continues to stay invested in creating a seamless
Your Bank also has actively supported PM Street Vendor’s digital and customer experience across digital touchpoints. Your
AtmaNirbhar Nidhi (PMSVANIDHI) a special scheme under micro- Bank’s focused factory approach is enabling the building of its
credit facility for street vendors with a collateral free affordable own capabilities to co-create Tech IP. Additionally, the imbibing of
term loan of ` 10,000 for 1 year. Your Bank has disbursed agile and DevSecOps principles and practices and cloudification
` 10,000 each to 16,286 street vendors to support them during of the Bank’s tech stack are pivotal enablers in the next leg of its
the pandemic and has also educated the street vendors in using technology and digital transformation journey.
the digital mode for making financial transactions.

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Directors’ Report

Initiatives such as DR Resiliency and the Bank’s Hybrid The capacity management program has made significant
Cloud Strategy continue to fortify its IT infrastructure and inroads to ensure capacity planning and management are
architecture backbone. commensurate with the rapid business growth witnessed by
the Bank. Strengthening of capacity management practices
Focus on its digital programs will pave the way for the Bank to
has culminated into a threshold of 70 per cent across key
create next level neo-banking experiences for its customers.
parameters such as user concurrency, utilisation of database,
From shaping new customer journeys to introducing best-in-
server, storage, network and security devices. This has resulted
class products and services, transformation and innovation shall
in planned capacity upgrades of critical applications such as:
be at the forefront.
• 90,000 concurrent users capacity for using NetBanking
Key initiatives in this space are:
and MobileBanking.
• Vyapar: Digital onboarding of merchants for payment
• The foundations of the banking platform being upgraded
acceptance and servicing of banking transactions for the
along with modernisation of 300+ services. This enhances
merchant community
the Bank’s scalability and capacity to cater to triple the
• API based digital journeys for the auto industry: load of UPI transactions. Successfully managing over
Launched a digital API platform for auto financing 45 crore bank customer transactions per month which
had doubled in the last 12 months. Your Bank has already
• PayZapp 2.0: Enhanced experience of app customers
been ranked among the top players as published in NPCI’s
to onboard, auto-link HDFC Bank cards, wallet and limit
UPI performance metrics dashboard. Overall, the Bank’s
management, transaction display via rich statement
average customer uptime was 99.94 per cent.
• Wealth management system: A new wealth management
The senior management and the Board continue to keep strong
app with client self-profiling, goal setting, mutual fund order
focus on capacity, performance, scalability and availability of the
execution and portfolio re-balancing
Bank’s critical applications.
• SME customer experience transformation: New
3. DR and Resiliency
technology to support business volume at larger scale,
revamp the entire SME customer experience across The Bank has notably intensified the rigour in its DR drills
commercial and retail business lines for critical applications and will continue to further work on
strengthening its DR processes and capabilities as outlined and
• Biz Express: A new web portal for SME segments
communicated in its periodic submissions. The pivotal enablers
covering digital on-boarding, managing their multiple
in this journey are:
accounts, making payments with hierarchy, raising GST
compliant invoices for payment, multiple collection modes, • A rigorous focus on reducing RTO for key applications
raise service requests online etc. to 40-60 minutes, which has been completed for 56
key applications
Your Bank has taken multiple steps to ensure that its robust,
scalable and secure technology set-up is strengthened even • Deep automation to improve configuration drift management
further. The Bank continues to rigorously monitor the progress between primary and DR sites
against commitments to the regulator.
• Enrichment of existing automation tools for DR to cover all
To this effect, significant strides were taken in the following DR scenarios and reduce the RTO time further
technology areas:
• Refactoring key applications into an ‘Hot DR’ / ‘Active-
1. Implementation of a landing zone for Hyperscalers Active’ design

Your Bank has invested in a hybrid-cloud approach with the 4. Migration of the Primary Data Centre
leading cloud service partners i.e, AWS, Azure and GCP. A
Your Bank embarked on a journey to fully migrate and consolidate
common landing zone has been implemented across these
its primary data centre to state-of-the-art facilities in Mumbai
partners to create a secure and streamlined environment for all
and Bengaluru partnering with Sify and NTT. A systematic plan
cloud deployments in the future. The landing zone also enables
helped achieve 100 per cent migration of production applications
the Bank’s agenda of imbibing agility and DevSecOps in the
in November 2021 followed by 100 per cent migration of UAT
technology and digital transformation journey.
applications in March 2022. Further, a phase-wise plan is in
2. Capacity Upgrades place to migrate the Bank’s Chandivali, Mumbai data centre to
the NTT facility over the next 6 months.

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The new facilities help ensure the Board’s continued focus on Service Quality Initiatives and Grievance Redressal
ensuring a robust IT infrastructure for the Bank’s applications
Customer Focus is one of the five core values of your Bank.
and operations with higher customer uptimes across
Driven by this core value, your Bank has always endeavoured
digital touchpoints.
to improve customer experience and has adopted a holistic
5. Technology Obsolescence Management approach for the same across multiple channels. This is critical
in a highly competitive business environment, especially since
A technology obsolescence program management office was
it has various lines of businesses. Ensuring product quality and
established in June 2021 for comprehensive obsolescence
service delivery becomes vital for business growth. Your Bank
tracking and management. Processes and procedures have
desires to achieve this by seeking customer feedback as well
been introduced to identify and remediate obsolete components
as benchmarking with best-in-class business entities. Your bank
6 months before the end of support. The scope covers more
has adopted a three-step strategy with regards to Customer
than 19,000 components across the Bank’s IT environment as
Service - Define, Measure, and Improve.
of today. A detailed plan is in place to remediate components
pertaining to high-risk applications by June 2022. The Bank Your Bank has adopted a multi-pronged approach to provide
continues to maintain rigorous monitoring on obsolescence an omnichannel experience to its customers. On one side, your
through periodic reviews and reporting along with the Bank has traditional touch points like Branch, Email Management
senior management. team and Phone banking, and on the other side, it has state- of-
the-art platforms like NetBankinbg, MobileBanking, the chatbot
6. Cyber Security
Eva and the bank’s exclusive social care handles which offer a
Cyber security is at the heart of the technology transformation wide range of channel choice to its customers. Your Bank has
journey with substantial advancements being made to further also improvised on the relationship-based banking programmes.
fortify the Bank’s infrastructure and applications. A few initiatives In addition to the branch-based relationship managers, it also
in this regard are: has a Virtual Relationship Manager (VRM) programme to cater
to various financial needs in a personalized manner. Your Bank
• Foundation of a next-gen Security Operations Centre
invites and reviews the performance on customer service as well
(SOC) with advanced technologies for predictive security
as grievance redressal at different levels which are Branch Level
and incident management - To this effect, the Bank
Customer Service Committees (BLCSCs), Standing Committee
has provisioned the Securonix platform on AWS and
on Customer Service (SCCS) and Customer Service Committee
configured more than 10,000 logging sources and devices
of the Board (CSCB). Your Bank has put robust processes in
for monitoring
place to regularly monitor and measure quality of service levels
• Introduction of Security Orchestration, Automation & not only at various touch points but also at a product and
Response (SOAR) to reduce the incident response time process level by Quality Initiatives Group.
by connecting security solutions with each other and
As part of its continuous efforts to enhance quality of service, the
automating the incident life cycle
Service Quality team carries out regular reviews across various
• Micro-segmentation is being enabled in the data centre products/processes/channels. The effectiveness of the quality
network to allow higher visibility across network flows as of service provided is also reviewed at different levels, including
well as stronger preparedness and management against the Customer Service Committee of the Board.
ransomware related events/incidents
One of the basic building blocks of providing acceptable level
• 24x7 defacement monitoring and vulnerability management of customer service is to have an effective internal Grievance
of the Bank’s internet properties minimise the surface area Redressal mechanism / framework. In this regard, the bank has
for cyber security attacks. outlined a framework for redressal of customer grievances and
documented it in the form of a Grievance Redressal Policy – duly
Technology related challenges over the past few years have
approved by its Board. Bank has also made this policy available
only made the Bank’s resolve stronger to consolidate and fortify
in public domain (on the website as well as in the branches).
its technology environment. Focused technology and digital
investments and programs in technology are pivotal to the Bank Your Bank has provided multiple channels to its customers
to usher in the new age of digital banking and experiences for to share feedback on its services as well as register their
its customers. grievances. Your Bank is at the forefront of developing innovative
financial solutions and digital platforms. This, coupled with
concerted efforts at creating awareness among customers,
has led to an increase in the use of its digital channels as well

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as customer loyalty. Keeping customer interest in focus, your • Interest Rate Risk in the Banking Book
Bank has formulated a Board approved Protection Policy, which
• Liquidity Risk
limits the liability of customers in case of unauthorized electronic
banking transactions • Intraday Liquidity Risk

Your Bank is on a journey to measure customer loyalty through • Intra Day Credit Risk
a high velocity, closed loop customer feedback system. This
• Credit Concentration Risk
customer experience transformation programme will help
employees empathize better with customers and improve • Counterparty Credit Risk
turnaround times. Branded as ‘Infinite Smiles’, the programme
• Model Risk
would help establish behaviours and practices that result in
customer-centric actions through continuous improvements in • Outsourcing Risk
product, services, process, and policies.
• People Risk
Thanks to these initiatives, your Bank’s customer complaints for
• Business Risk
FY 21-22 decreased by 21 percent from 4,67,453* to 3,68,291.
• Strategic Risk
*Restated complaints number based on reclassification of
queries into complaints from 3,25,786. • Compliance Risk
• Reputation Risk
Risk Management and Portfolio Quality
• Technology Risk
1) Risk Management and Portfolio Quality
• Group Risk
Traditionally, the key risks that your Bank is exposed to in the
Credit Risk
course of its business have been the Pillar 1 risks - Credit Risk,
Market Risk and Operational Risk. Given the evolving banking Credit Risk is defined as the possibility of losses associated with
environment, Liquidity Risk, Information Technology Risk and diminution in the credit quality of borrowers or counterparties.
Information Security Risk have also become vital. These risks Losses stem from outright default or reduction in portfolio
not only have a bearing on your Bank’s financial strength and value. Your Bank has a distinct credit risk architecture,
operations but also on its reputation. Keeping this in mind, policies, procedures and systems for managing credit risk in
the Bank has put in place Board-approved risk strategy and both its retail and wholesale businesses. Wholesale lending is
policies, whose implementation is supervised by the Risk Policy managed on an individual as well as portfolio basis. In contrast,
and Monitoring Committee (RPMC). The Committee ensures retail lending, given the granularity of individual exposures, is
that frameworks are established for assessing and managing managed largely on a portfolio basis across various products
various risks faced by your Bank, systems are developed to and customer segments. For both categories, there are robust
relate risk to the Bank’s capital level and methods are in place for front-end and back-end systems in place to ensure credit quality
monitoring compliance with internal risk management policies and to minimise loss from default. The factors considered while
and processes. The Committee guides the development sanctioning retail loans include income, demographics, credit
of policies, procedures and systems for managing risks. It history, loan tenor and banking behaviour. In addition, there are
ensures that these are adequate and appropriate to changing multiple credit risk models developed and used to appraise and
business conditions, the structure and needs of your Bank and score different segments of customers on the basis of portfolio
its risk appetite. behaviour. In wholesale loans, credit risk is managed by capping
exposures on the basis of borrower group, industry, credit rating
The hallmark of your Bank’s risk management function is that it
grades and country, among others. This is backed by portfolio
is independent of the business sourcing unit with convergence
diversification, stringent credit approval processes and periodic
only at the CEO level.
post-disbursement monitoring and remedial measures. Your
The gamut of key risks faced by the Bank which are dimensioned Bank has been able to ensure strong asset quality through
and managed include: volatile times in the lending environment by stringently adhering
to prudent norms and institutionalised processes. Your Bank
• Credit Risk, including Residual Risks
also has a robust framework for assessing Counterparty Banks,
• Market Risk which are reviewed periodically to ensure interbank exposures
are within approved appetite.
• Operational Risk

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As on March 31, 2022, your Bank’s ratio of Gross Non Performing Liquidity Risk
Assets (GNPAs) to Gross Advances was 1.17 per cent. Net Non-
Liquidity risk is the risk that the Bank may not be able to
performing Assets (Gross Non-Performing Assets Less Specific
meet its financial obligations as they fall due without incurring
Loan Loss provisions) was 0.32 per cent of Net Advances.
unacceptable losses. Your Bank’s framework for liquidity and
Your Bank has a conservative and prudent policy for specific interest rate risk management is spelt out through a well-defined
provisions on NPAs. Its provision for NPAs is higher than the Board approved Asset Liability Management Policy. As part of
minimum regulatory requirements and adheres to the regulatory this process, your Bank has established various Board-approved
norms for Standard Assets. limits, both for liquidity risk and interest rate risk in banking book.
Implementation of the policy, monitoring of limits is reviewed by
Digital and Credit Risk
the Asset Liability Committee (ALCO). While the maturity gap,
Driven by rapid advancements in technology, digitalisation is Basel III ratios and stock ratio limits help manage liquidity risk,
increasingly becoming a key differentiator for customer retention Net Interest Income and market value impacts help mitigate
and service delivery in the banking sector. Digital lending enables interest rate risk. This is reinforced by a comprehensive Board-
customers to secure loans at the click of a button in a matter of approved stress testing programme covering both liquidity and
minutes, if not seconds. However, there are also attendant risks interest rate risk.
associated with it and your Bank has put in place appropriate
Your Bank conducts various studies to assess the behavioural
checks and balances to manage these risks. Such loans are
pattern of non-contractual assets and liabilities and embedded
sanctioned primarily to your Bank’s existing customers. Often,
options available to customers, which are used while managing
they are customers across multiple products, thus enabling the
maturity gaps and repricing risk. Further, your Bank also has the
Bank ready access to their credit history and risk profile. This
necessary framework in place to manage intraday liquidity risk.
facilitates evaluation on their loan eligibility. Besides, most of the
credit checks and scores used by your Bank in process- based The Liquidity Coverage Ratio (LCR), a global standard, is also
underwriting are replicated for digital loans. The Bank has an used to measure your Bank’s liquidity position. LCR seeks to
independent model validation unit that minutely assesses the ensure that the Bank has an adequate stock of unencumbered
models used to generate the credit scores for such loans. These High-Quality Liquid Assets (HQLA) that can be converted into
models are monitored, reviewed periodically, back tested and cash easily and immediately to meet its liquidity needs under
corrective action is taken whenever needed. a 30-day calendar liquidity stress scenario. Based on Basel III
norms, your Bank’s average LCR stood at 121.16 per cent on
Market Risk
a consolidated basis for FY 2021-22 as against the regulatory
Market Risk arises largely from your Bank’s statutory reserve threshold at 100 per cent.
management and trading activity in interest rates, equity and Average Liquidity Coverage Ratio
currency market. These risks are managed through a well-
defined Board approved Market Risk Policy, Investment Policy, 121.16 per cent
Foreign Exchange Trading Policy and Derivatives Policy that
on a consolidated basis for FY 2021-22
caps risk in different trading desks or various securities through
trading risk limits/triggers. The risk measures include position
The Net Stable Funding Ratio (NSFR), a key liquidity risk measure
limits, tenor restrictions, sensitivity limits, namely, PV01, Modified
under BCBS liquidity standards, is also used to measure your
Duration of Hold to Maturity Portfolio and Option Greeks, Value-
Bank’s liquidity position. The NSFR seeks to ensure that
at-Risk (VaR) Limit, Stop Loss Trigger Level (SLTL), Scenario
your Bank maintains a stable funding profile in relation to the
based P&L Triggers, Potential Loss Trigger Level (PLTL), and
composition of its assets and off-balance sheet activities. The
are monitored on an end-of-day basis. In addition, forex open
RBI guidelines stipulated a minimum NSFR requirement of 100
positions, currency option delta and interest rate sensitivity
per cent at a consolidated level with effect from October 1, 2021.
limits are computed and monitored on an intraday basis. This
Your Bank has maintained the NSFR well above 100 per cent
is supplemented by a Board-approved stress testing policy
since its implementation. Based on guidelines issued by RBI,
and framework that simulates various market risk scenarios
your Bank’s NSFR stood at 124.00 per cent on a consolidated
to measure losses and initiate remedial measures. The Market
basis at March 31, 2022.
Risk capital charge of your Bank is computed on a daily basis
using the Standardised Measurement Method applying the Operational Risk
regulatory factors.
This is the risk of loss resulting from inadequate or failed internal
processes, people and systems or from external events. It also
includes risk of loss due to legal risk.

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Directors’ Report

Given below is a detailed explanation under four different prone products/ functions to minimise operational risk. Controls
heads: Framework and Process, Internal Control, Information are tested as part of the SOX control testing framework.
Technology and Security Practices and Fraud Monitoring
c. Information Technology and Information
and Control.
Security Practices
a. Framework and Process
Your Bank operates in a highly automated environment and
To manage Operational Risks, your Bank has in place a makes use of the latest technologies available on cloud or on
comprehensive Operational Risk Management Framework, Premises Data centres to support various business segments.
whose implementation is supervised by the Operational Risk This results in various risks such as those associated with the
Management Committee (ORMC) and reviewed by the RPMC use, ownership, operation, involvement, influence, and adoption
of the Board. An independent Operational Risk Management of IT within an enterprise, as well as business disruption due
Department (ORMD) implements the framework. Under the to technological failures. Additionally, it can lead to risks
framework, the Bank has three lines of defence. The first line of related to information assets, data security, integrity, reliability
defence is the business line (including support and operations). and availability, among others. Your Bank has put in place a
governance framework, information security practices and
The first line is primarily responsible for developing risk mitigation
business continuity plan to mitigate Information Technology &
strategies in managing operational risk for their respective units.
Information Security-related risks.
The second line of defence is the ORMD, which is responsible
The three lines of defence approach is adopted for enterprise-
for implementing the operational risk management framework
wide Technology Risk management. The first line of defence
across the Bank. It designs and develops tools required for
holds primary responsibility of managing the risk and ensuring
implementing the framework including policies and processes,
proper controls are in place.
guidelines towards implementation and maintenance of the
framework. In order to achieve the aforesaid objective pertaining The second line of defence defines policies, frameworks and
to operational risk management framework, the ORMC guides controls. Information Technology Risk and Information Security
and oversees the functioning, implementation and maintenance Group addresses technology and information security related
of operational risk management activities of Bank, with special risks. A well-documented Board-approved information security
focus on: policy and cyber security policy are in place. Your Bank has a
robust Business Continuity and Disaster Recovery plan that is
• Identification and assessment of risks across the Bank
periodically tested to ensure that it can meet any operational
through the Risk and Control Self-Assessment (RCSA) and
contingencies. Further, there is a well-documented crisis
Scenario analysis
management plan in place to address the strategic issues of
• Measurement of Operational Risk based on the actual a crisis impacting the Bank and to direct and communicate
loss data the corporate response to the crisis including cyber crisis. In
addition, employees mandatorily and periodically undergo
• Monitoring of risk through Key Risk Indicators (KRI)
information security training and sensitisation exercises.
• Management and reporting through KRI, RCSA and loss
For details on robust cyber security measures please refer page
data of the Bank
no. 51.
Internal Audit is the third line of defence. The team reviews the
An independent assurance team within Internal Audit acts as a
effectiveness of governance, risk management and internal
third line of defence that provides assurance on the management
controls within your Bank.
of IT-related risks.
b. Internal Control
d. Fraud Monitoring and Control
Your Bank has implemented sound internal control practices
Your Bank has put in place a Whistle Blower and Vigilance Policy
across all processes, units and functions. It has well laid down
and a central vigilance team that oversees the implementation
policies and processes for the management of its day-to-
of fraud prevention measures. Frauds are investigated to
day activities. Your Bank follows established, well-designed
identify the root cause and relevant corrective steps are taken
controls, which include traditional four eye principles, effective
to prevent recurrence.
segregation of business and support functions, segregation of
duties, call back processes, reconciliation, exception reporting Fraud Monitoring committees at the senior management and
and periodic MIS. Specialised risk control units function in risk- Board level also deliberate on material fraud events and advise

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preventive actions. Periodic reports are submitted to the Board Liquidity Risk, Interest Rate Risk on Banking Book, Technology
and senior management committees. Risk, Reputation Risk, Compliance Risk, Business Risk and
others). The Group Risk Management Committee (GRMC) was
Compliance Risk
instituted in your Bank under the ICAAP framework to establish a
Compliance Risk is defined as the risk of impairment of your formal and dedicated structure to periodically assess the nature/
Bank’s integrity, leading to damage to its reputation, legal or quantum of material risks of the subsidiaries and adequacy of
regulatory sanctions, or financial loss, as a result of a failure (or its risk management processes. Stress testing for the group
perceived failure) to comply with applicable laws, regulations as a whole is carried out by integrating the stress tests of
and standards. Your Bank has a Compliance Policy to ensure the subsidiaries. Similarly, capital adequacy projections are
the highest standards of compliance. A dedicated team of formulated for the group after incorporating the business/capital
subject matter experts in the Compliance Department works plans of the subsidiaries.
with business, support and operations teams to ensure active
Business Continuity Planning (BCP)
Compliance Risk management and monitoring. The team also
provides advisory services on regulatory matters. The focus is on Your Bank has an ISO22301:2019 certified Business Continuity
identifying and reducing risk by rigorously testing products and Program in place to minimise service disruptions and potential
also putting in place robust internal policies. Products that adhere impact on its employees, customers and business during any
to regulatory norms are tested after rollout and shortcomings, unforeseen adverse events or circumstances. This program
if any, are fully addressed till the product stabilises on its own. is designed in accordance with the guidelines issued by
Internal policies are reviewed and updated periodically as per regulatory bodies and is subject to regular internal, external and
agreed frequency or based on market actions or regulatory regulatory reviews. The central Business Continuity Office works
guidelines/actions. The compliance team also seeks regular towards strengthening the bank’s continuity preparedness.
feedback on regulatory compliance from product, business and The implementation is overseen by the Business Continuity
operation teams through self-certifications and monitoring. Steering Committee which is chaired by the Chief Risk Officer.
The Business Continuity Procedure has well defined roles and
ICAAP
responsibilities for Crisis Management, Business Recovery,
Your Bank has a structured management framework in the Emergency Response and IT Disaster Recovery Teams. Please
Internal Capital Adequacy Assessment Process (ICAAP) to refer to page no. 52 for more details.
identify, assess and manage all risks that may have a material
Some of the key aspects of thisprogram include thefollowing:
adverse impact on its business/financial position/capital
adequacy. The ICAAP framework is guided by the Board • Presence of a Steering Committee for centralised monitoring
approved ICAAP Policy. of your Bank's Business Continuity program implementation

Stress Testing Framework • Presence of Crisis Management teams for effective

management of recovery operations during disruptive events
Your Bank has implemented a Board approved Stress Testing
Policy and Framework which forms an integral part of the Bank’s • Presence of a dedicated DR site for recovery of critical core
ICAAP. Stress testing involves the use of various techniques to and customer facing applications
assess your Bank’s potential vulnerability to extreme but plausible
• Decentralised recovery plans at functional and regional
stressed business conditions. The changes in the levels of Pillar
levels for structured and speedy recovery of operations
I risks and select Pillar II risks, along with the changes in the
on and off Balance Sheet positions of your Bank are assessed • Periodic drills are exercises for testing the effectiveness of
under assumed ‘stress’ scenarios and sensitivity factors. The these recovery plans.
suite of stress scenarios include topical themes as well as
These robust practices have enabled your bank to continue
prevailing geopolitical / macroeconomic / sectoral and other
delivering banking services seamlessly to customers throughout
trends. The stress testing outcome may be analysed through
the COVID-19 pandemic phases coupled with other major
capital impact and/or identification of vulnerable borrowers
disruptive events. Your Bank has successfully emerged from
depending on the scenario.
all these difficult situations with a hybrid approach comprising
Group Risk of well-adopted continuity and recovery strategies like remote
working (work from home), split operations, work transfer and/
Your Bank has two subsidiaries, HDB Financial Services Limited
or staff transfer to available sites, in accordance with prevailing
and HDFC Securities Limited. The Board of each subsidiary is
protocols and norms.
responsible for managing their respective material risks (Credit
Risk, Concentration Risk, Market Risk, Operational Risk,

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Directors’ Report

7) Internal Controls, Audit and Compliance (j) Audit logs directly extracted from systems

Your Bank has put in place extensive internal controls and (k) Empowerment grid
processes to mitigate Operational Risks, including centralised
Your Bank also has detective controls in place:
operations and ‘segregation of duty’ between the front office
and back office. The front-office units usually act as customer (a) Periodic review of user IDs
touch-points and sales and service outlets while the back-office
(b) Post-transaction monitoring at the back-end by way of call
carries out the entire processing, accounting and settlement
back process (through daily log reports) by an independent
of transactions in the Bank’s core banking system. The policy
person, i.e., to ascertain that entries in the core banking
framework, definition and monitoring of limits is carried out by
system/messages in payment interface systems are based
various mid-office and risk management functions. The credit
on valid/authorised transactions and customer requests
sanctioning and debt management units are also segregated
and do not have any sales and operations responsibilities. (i) Daily tally of cash and near-cash items at end of day

Your Bank has set up various executive-level committees, with (ii) Reconciliation of Nostro accounts (by an independent
participation from various business and control functions, that team) to ascertain and match-off the Nostro credits
are designed to review and oversee matters pertaining to capital, and debits (External or Internal) regularly to avoid /
assets and liabilities, business practices and customer service, identify any unreconciled/unmatched entries passing
Operational Risk, information security, business continuity through the system
planning and internal risk-based supervision among others. The
(c) Reconciliation of all Suspense Accounts and establishment
second line of defense functions set standards and lay down
of responsibility in case of outstanding
policies and procedures by which the business functions manage
risks, including compliance with applicable laws, compliance (d) Independent and surprise checks periodically by supervisors
with regulatory guidelines, adherence to operational controls and
Your Bank has an Internal Audit Department which is responsible
relevant standards of conduct. At the ground level, your Bank has
for independently evaluating the adequacy and effectiveness of
a mix of preventive and detective controls implemented through
all internal controls, risk management, governance systems and
systems and processes, ensuring a robust framework in your
processes and is manned by appropriately qualified personnel.
Bank to enable correct and complete accounting, identification
of outliers (if any) by the Management on a timely basis for This department adopts a risk-based audit approach and carries
corrective action and mitigating Operational Risks. out audits across various businesses i.e. Retail, Wholesale and
Treasury (for India and Overseas books), audit of Operations units,
Your Bank has put in place various preventive controls:
Management and Thematic audits, Information Security audit,
(a) Limited and need-based access to systems by users Revenue audit and Concurrent audit in order to independently
evaluate the adequacy and effectiveness of internal controls on
(b) Dual custody over cash and near-cash items
an ongoing basis and pro-actively recommending enhancements
(c) Segregation of duty in processing of transactions vis-à-vis thereof. The Internal Audit Department, during the course of audit,
creation of user IDs also ascertains the extent of adherence to regulatory guidelines,
legal requirements and operational processes and provides
(d) Segregation of duty in processing of transactions vis-à-vis
timely feedback to the Management for corrective actions. A
monitoring and review of transactions/reconciliation
strong oversight on the operations is also kept through off-site
(e) Four eye principle (maker-checker control) for processing monitoring by use of data analytics to study trends/patterns to
of transactions detect outliers (if any) and alert the Management.

(f) Stringent password policy The Internal Audit Department also independently reviews
your Bank’s implementation of Internal Rating Based (IRB)-
(g) Booking of transactions in core banking system mandates
approach for calculation of capital charge for Credit Risk, the
the earmarking of line/limit (fund as well as non-fund based)
appropriateness of your Bank’s ICAAP, as well as evaluates the
assigned to the customer
quality and comprehensiveness of your Bank’s disaster recovery
(h) STP processes between core banking system and payment and business continuity plans and also carries out management
interface systems for transmission of messages self-assessment of adequacy of the Bank’s internal financial
controls and operating effectiveness of such controls in terms of
(i) Additional authorisation leg in payment interface systems
Sarbanes Oxley (SOX) Act and Companies Act, 2013. The Internal
in applicable cases
Audit Department plays an important role in strengthening of the

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Control functions by periodically reviewing their practices and G) Performance of Subsidiary Companies
processes as well as recommending enhancements thereof.
Your Bank has two subsidiaries, HDB Financial Services Limited
Additionally, oversight is also kept on the functioning of the
(HDBFSL) and HDFC Securities Limited (HSL). HDBFSL is a
subsidiaries, related party transactions and extent of adherence
leading NBFC that caters primarily to segments not covered
to the licensing conditions of the RBI.
by the Bank while HSL is among India’s leading retail broking
Any new product/process introduced in your Bank is reviewed by firms. The financial results of the subsidiaries are prepared in
Compliance function in order to ensure adherence to regulatory accordance with notified Indian Accounting Standards (‘Ind-AS’).
guidelines and also by Internal Audit from the perspective of
The detailed financial performance of the companies is
existence of internal controls. The Audit function also proactively
given below.
recommends improvements in operational processes and
service quality, wherever deemed fit. Transacting customers of HSL

To ensure independence, the Internal Audit Function has a 12.73 lakh

reporting line to the Audit Committee of the Board and a dotted line
reporting to the Managing Director for administrative purposes.

The Compliance function independently tracks, reviews and HDFC Securities Limited (HSL)
ensures compliance with regulatory guidelines and promotes a
HSL’s Total Income under Indian Accounting Standards was
compliance culture in the Bank.
` 1,990.30 crore as against ` 1,399.43 crore in the previous
Your Bank has a comprehensive Know Your Customer, year and Net Profit was ` 984.34 crore as against ` 703.22
Anti Money Laundering (AML) and Combating Financing of crore in the previous year. The company has a customer base of
Terrorism (CFT) policy (based on the RBI guidelines/provisions 38.30 lakh to whom it offers an exhaustive range of investment
of the Prevention of Money Laundering Act, 2002) incorporating and protection products. In the year under review, HSL had
the key elements of Customer Acceptance Policy, Customer 12.73 lakh transacting customers. The focus on digitalisation
Identification Procedures, Risk Management and Monitoring of continued. Notably, 91 per cent of its customers accessed its
Transactions. The policy is subjected to an annual review and is services digitally, against 92 per cent in the previous year.
duly approved by the Board.
In a conscious effort to rationalise the distribution network
Your Bank besides having robust controls in place to ensure with greater emphasis on digital offerings, HSL consolidated
adherence to the KYC guidelines at the time of account opening its existing branches to end with 216 branches across 147
also has monitoring process at various stages of the customer cities / towns at the end of the year. It created digital Boarding
lifecycle including a continuous review process in the form of Journeys which led to more than 50 per cent customers being
transaction monitoring carried out by a dedicated AML CFT onboarded digitally.
monitoring team, which carries out transaction reviews for
In the case of Margin Trade Funding (MTF), the average book
identification of suspicious patterns/trends that enables your
size during the year was ` 2,992 crore, which is more than three
Bank to further carry out enhanced due diligence (wherever
times the average book size of ` 930 crore in the last financial
required) and appropriate actions thereafter. The status of
year. The book size at the year end stands at ` 3,288 crore.
adherence to the KYC, AML and CFT guidelines is also placed
before the Audit Committee of the Board for their review at Nifty rose right from the beginning of FY 2021-22 to touch a peak
quarterly intervals. in mid-October 2021. It corrected later to a low in early March
2022. An upward bounce later led to Nifty closing the fiscal not
The Audit team and the Compliance team undergo regular
very far from the all-time high of October 2021. The Indian equity
training both in-house and external to equip them with the
market gave solid returns in FY 2021-22, despite geopolitical
necessary knowhow and expertise to carry out the function.
turmoil playing spoilsport in the last quarter of the financial
The Audit Committee of the Board reviews the effectiveness year. Nifty50 recorded an impressive 19 per cent year-on-year
of controls, compliance with regulatory guidelines as also the gain and ended the financial year with the second-best returns
performance of the Audit and Compliance functions in your Bank in seven years. Broader markets also put up an impressive
and provides direction, wherever deemed fit. Your Bank has performance. The Nifty Midcap 100, up more than 25 per cent
always adhered to the highest standards of compliance and y-o-y, and the Nifty Smallcap 100, up more than 29 per cent
has put in place appropriate controls and risk measurement y-o-y, out performed the benchmark in FY 2021-22. Sectoral
and risk management tools to ensure a robust compliance and indices also posted decent performance during this period.
governance structure.

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Directors’ Report

As on March 31, 2022, your Bank held 95.96 per cent stake Fee-based products/Insurance Services
in HSL.
HDB is a registered Corporate Insurance Agent having licence
HDB Financial Services Limited from Insurance Regulatory & Development Authority of India
(IRDAI). The company is engaged in the sale of both Life and
Incorporated in 2007, HDB is a leading NBFC that caters to the
General (Non-Life) Insurance products.
evolving needs of its customers by re-imagining opportunities
and fulfilling their aspirations. It has a strong network of over BPO Services
1,374 branches spread across 989 cities/towns. HDB’s net
HDB runs a Collections BPO business, offering end-to end,
interest income grew 9.4 per cent to ` 5,037.5 crore for the
specialised collection services with domain expertise in
year ended March 31, 2022, from ` 4,605.0 crore in the year
collections tele-calling, recovery management, collections
ended March 31, 2021. Profit for the year under review was
analytics and cash reconciliation management. The division
` 1,011.4 crore against ` 391.5 crore in the previous year. Its
also delivers back-office services such as forms processing,
Assets Under Management for the year ended March 31, 2022
documents verification, finance and accounting services and
stood at ` 61,444.3 crore compared to ` 61,560.7 crore in the
correspondence management and front office services such as
previous year.
contact centre management and outbound marketing.
HDB offers a comprehensive suite of products and service
The Enablers
offerings that are tailor-made to suit its customers’ requirements,
including first-time borrowers and the under- served segments. HDB’s presence across diverse digital channels has enabled
the company to offer a wide variety of financial solutions to its
Products and Services
customers. HDB’s customers can access and manage their loan
HDB is engaged in the business of Financing, fee-based account 24/7 through its Mobile Banking Application - ‘HDB On
products and BPO services. The Go’, Customer Service Portal to manage the loan account,
Missed Call Service, WhatsApp Account Management Service
Financing: HDB offers a diverse range of product offerings
and the Chatbot #AskPriya.
(secured and unsecured) to various customer segments. These
include Consumer Loans, Enterprise Loans, Asset Finance and As on March 31, 2022, your Bank held 94.96 per cent stake
Micro-Lending. in HDB.

Consumer Loans
Other Statutory Disclosures
Consumer loans are offered to customers to buy consumer
durables, lifestyle products and digital products. HDB also Number of Meetings of the Board, attendance,
provides personal and Gold loans to individuals for personal, meetings and constitution of various Committees
family or household purposes to meet their short or medium
Fourteen (14) meetings of the Board were held during the year
term requirements. The Company also provides auto loans and
under review. The details of Board meetings held during the
two-wheeler loans.
year, attendance of Directors at the meetings and constitution
Enterprise Loans of various Committees of the Board are included separately in
the Corporate Governance Report.
HDB offers secured and unsecured loans designed for SMEs,
including working capital and term loans.
Annual Return
Asset Finance
In accordance with the provisions of Companies Act, 2013, the
HDB offers loans for the purchase of new and used commercial Annual Return of the Bank in the prescribed Form MGT-7 is
vehicles and construction equipment that generate income for available on the website of the Bank at the link https://www.
the borrowers. The customer base includes fleet owners, first hdfcbank.com/personal/about-us/investor-relations/annual-
time users, first time borrowers and captive use buyers. reports.
Micro Lending
Requirement for maintenance of cost records
HDB offers micro-loans to borrowers through the Joint Liability
The cost records as specified by the Central Government under
Groups (JLGs) framework. With Micro-Lending, HDB endeavours
section 148(1) of the Companies Act, 2013, are not required to
to empower and promote financial inclusion within these
be maintained by the Bank.
sections, thus resulting in sustainable development of the nation.

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Details in respect of frauds reported by auditors • We have laid down internal financial controls to be followed
under section 143 (12) by the Bank and have ensured that such internal financial
controls were adequate and operating effectively.
During the year under review, no instances of fraud committed
against the Bank by its officers or employees were reported by • We have devised proper systems to ensure compliance
the Statutory Auditors and Secretarial Auditors under Section with the provisions of all applicable laws and that such
143(12) of the Companies Act, 2013 to the Audit Committee or systems were adequate and were operating effectively.
the Board of Directors of the Bank.
Compliance with Secretarial Standards
Directors’ Responsibility Statement
The Bank is in compliance with all applicable Secretarial
Pursuant to Section 134 (3) (c) read with Section 134 (5) of the Standards as notified from time to time.
Companies Act, 2013, the Board of Directors hereby confirm that:
Statutory Auditors
• In the preparation of the annual accounts, the applicable
accounting standards have been followed along with M. M. Nissim & Co. LLP, Chartered Accountants and MSKA &
proper explanation relating to material departures. Associates, Chartered Accountants, have conducted the joint
statutory audit of the Bank for FY 2021-22, pursuant to the
• We have selected such accounting policies and applied
approval of the RBI and the shareholders of the Bank.
them consistently and made judgments and estimates that
are reasonable and prudent so as to give a true and fair The Board of Directors, on the recommendation of the Audit
view of the state of affairs of the Bank as on March 31, 2022 Committee, has finalized for recommendation to RBI for
and of the profit of the Bank for the year ended on that date. approval, the name of M/s. Price Waterhouse LLP, Chartered
Accountants as the first preferred firm to act as Joint Statutory
• We have taken proper and sufficient care for the maintenance
Auditors of the Bank in relation to the Financial Years 2022-23,
of adequate accounting records in accordance with the
2023-24 and 2024-25, subject to approval of the shareholders at
provisions of the Companies Act, 2013, for safeguarding
the ensuing Annual General Meeting (AGM). This firm shall act as
the assets of the Bank and for preventing and detecting
the Joint Statutory Auditors along with M.M. Nissim & Co. LLP,
fraud and other irregularities.
Chartered Accountants for the remainder of the latter's tenure.
• We have prepared the annual accounts on a going
Appropriate resolutions in this regard are also being proposed
concern basis.
at the ensuing AGM.

During the year ended March 31, 2022, fees paid to MSKA & Associates and M.M. Nissim & Co. LLP and their respective network
firms on consolidated basis are as follows:
(` in crores)
Fees (excluding taxes) HDFC Bank to Statutory Auditors HDFC Bank to network firms of Subsidiaries of HDFC Bank
Statutory Auditors to Statutory Auditors and its
network firms
Statutory Audit* 3.85 - -
Certification & other attestation 1.88 - -
services
Non-audit services - - -
Outlays 0.02 - -
Total 5.75 - -

*Out of the total statutory audit fees, ` 3.30 crore were approved at the AGM held on July 17, 2021 and the balance ` 0.55 crore is proposed to the
shareholders for approval at the ensuing AGM

Disclosure under Foreign Exchange Management the Bank has obtained a certificate from MSKA & Associates,
Act, 1999 Chartered Accountants, to this effect.

As far as FEMA compliances in relation to strategic downstream

Corporate Social Responsibility
investments in the Bank’s subsidiaries is concerned, during the
year under review, there have been no strategic downstream The brief outline of the CSR policy of the Bank and the initiatives
investments made by Bank in its subsidiaries. Accordingly, undertaken by the Bank on CSR activities during the year are

HDFC Bank Limited Integrated Annual Report 2021-22 153

Directors’ Report

set out in Annexure 2 of this report in the format prescribed of the Bank, i.e. Share Dealing Code of the Bank, (d) wilful data
in the Companies (Corporate Social Responsibility Policy) breach and/ or unauthorized disclosure of Bank’s proprietary
Rules, 2014. This Policy is available on the Bank’s website at data including customer data.
https://v1.hdfcbank.com/csr/index.aspx.
All Protected Disclosures made under the policy shall be
made to the Whistle Blower Committee through the following
Related Party Transactions
modes; (a) By letter in a closed / sealed envelope addressed
Particulars of contracts or arrangements with related parties to Whistle Blower committee, (b) by submission of the same
referred to in Section 188 (1), as prescribed in Form AOC-2 under on the information portal of the Bank, (c) by way of an email
Rule 8 (2) of the Companies (Accounts) Rules, 2014 is enclosed addressed to whistleblower@hdfcbank.com. In exceptional
as Annexure 3. circumstances, the Whistle Blower may make such Protected
Disclosures directly to the Chairperson of the Audit Committee
Particulars of Loans, Guarantees or Investments of the Bank.

Pursuant to Section 186 (11) of the Companies Act, 2013, the All Protected Disclosures received under this Policy would be
provisions of Section 186 of the Companies Act, 2013, except examined by the Whistle Blower Committee and further assign the
sub-section (1), do not apply to a loan made, guarantee given investigation to an appropriate Investigation Officer(s) depending
or security provided or any investment made by a banking on the nature of the subject matter of the Protected Disclosure.
company in the ordinary course of business. The particulars of The Investigation Authority shall place the investigation report in
investments made by the Bank are disclosed in note number 10 respect of any Protected Disclosure before the Whistle Blower
of Schedule 18 of the Financial Statements as per the applicable Committee together with any other supporting documents
provisions of the Banking Regulation Act, 1949. which may be required by the Whistle Blower Committee and
shall discuss the findings of the investigation with the Whistle
Financial Statements of Subsidiaries and Blower Committee. After review of the investigation report
Associates and the requisite supporting documents, the Whistle Blower
Committee shall take the necessary actions in relation to the
In terms of Section 134 of the Companies Act, 2013 and read
Protected Disclosure.
with Rule 8 (1) of the Companies (Accounts) Rules, 2014 the
performance and financial position of the Bank’s subsidiaries Details of Whistle blower complaints received and subsequent
and associates are enclosed as Annexure 4 to this report. action taken and the functioning of the Whistle Blower
There were no entities which became or ceased to be the Bank’s mechanism are reviewed periodically by the Audit Committee
subsidiaries, associates or joint ventures during the year. of the Board. During the financial year 2021-22, a total of 147
such complaints were received and taken up for investigation
Whistle Blower Policy / Vigil Mechanism which has resulted in certain staff actions in 47 cases post
investigation. The broad categories of whistle blower complaints
The Bank encourages an open and transparent system of
were in the areas of improper business practices, behavioural
working and dealing amongst its stakeholders. While the Bank's
related issues and corruption.
"Code of Conduct & Ethics Policy" directs employees to uphold
Bank values and conduct business worldwide with integrity and The Policy is available on the website of the Bank at the link-
highest ethical standards, the Bank has also adopted a "Whistle https://www.hdfcbank.com/personal/about-us/corporate-
Blower Policy" to encourage and empower the Employees/ governance/codes-and-policies
Stakeholders to make or report any Protected Disclosures under
the Policy, without any fear of reprisal, retaliation, discrimination Securities Class Action Suit
or harassment of any kind.
On September 3, 2020, a securities class action lawsuit was filed
This Policy has also been put in place to provide a mechanism against the Bank and certain of its current and former officers in
through which adequate safeguards can be provided against the United States District Court for the Eastern District of New
victimization of employees who avail of this mechanism. The York. The complaint was amended on February 8, 2021. The
policy would cover and will be applicable to the Protected amended complaint alleges that the Bank, its former Managing
Disclosures related to violation/ suspected violation of the Code Director, Mr. Aditya Puri, and the present Managing Director
of Conduct including (a) breach of applicable law; (b) fraud or & CEO, Mr. Sashidhar Jagdishan made materially false and
corruption; (c) leakage/suspected leakage of unpublished price misleading statements regarding certain aspects of the Bank’s
sensitive information which are in violation to SEBI (Prohibition business and compliance policies, which resulted in the Bank’s
of Insider Trading) Regulations, 2015 and related internal policy American Depository Share price declining on July 13, 2020

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Overview HDFC Bank Performance Create Value Strategy Business Financial Statements

thereby allegedly causing damage to the Bank’s investors. On employees, creditors and other stakeholders, since the proposed
April 9, 2021, the Bank, Mr. Puri, and Mr. Jagdishan served their amalgamation will yield advantages as set out, inter alia, below:
motion to dismiss the amended complaint, and on July 23, 2021,
(a) the amalgamation, through the Scheme, shall enable HDFC
they served their reply brief in support of the motion and filed
Bank to build its housing loan portfolio and enhance its
all of the motion papers. The Court held oral argument on the
existing customer base;
motion to dismiss on January 14, 2022, and the motion remains
pending before the Court. The Bank believes that the asserted (b) The amalgamation is based on leveraging the significant
claims are baseless and without merit and intends to vigorously complementarities that exist amongst the parties to the
defend against the allegations. Scheme. It would create meaningful value for various
stakeholders including respective shareholders, customers,
Material Developments: Proposed Scheme of employees, as the combined business would benefit
Amalgamation from increased scale, comprehensive product offering,
balance sheet resiliency and the ability to drive synergies
The Board of Directors of HDFC Bank Limited (‘HDFC Bank’) at
across revenue opportunities, operating efficiencies and
its meeting held on April 4, 2022, approved a composite scheme
underwriting efficiencies, amongst others;
of amalgamation (‘Scheme’) for the amalgamation of: (i) HDFC
Investments Limited and HDFC Holdings Limited, wholly-owned (c) HDFC Bank is a private sector bank and has a large base of
subsidiaries of the Housing Development Finance Corporation over 6.8 Crore customers. The Bank platform will provide a
Limited (‘HDFC Limited’), with and into HDFC Limited and (ii) well-diversified low cost funding base for growing the long
HDFC Limited with and into HDFC Bank and matters related tenor loan book acquired by the HDFC Bank pursuant to
thereto. the amalgamation;

With effect from the appointed date and upon the amalgamation (d) HDFC Bank is a banking company with a large distribution
of HDFC Limited with and into HDFC Bank becoming effective, network that offers product offerings in the retail and
HDFC Limited along with all its assets, liabilities, contracts, wholesale segments. HDFC Limited is a premier housing
employees, licenses, records and approvals being their finance company in India and provides housing loans to
respective integral parts shall stand transferred to and vest in individuals as well as loans to corporates, undertakes lease
or shall be deemed to have been transferred to and vested in rental discounting and construction finance apart from
HDFC Bank, as a going concern. being a financial conglomerate. A combination of HDFC
Limited and HDFC Bank is entirely complementary to, and
Upon the Scheme becoming effective and in consideration of the
enhances the value proposition of, HDFC Bank;
proposed amalgamation of HDFC Limited with and into HDFC
Bank, HDFC Limited will stand dissolved without being wound (e) HDFC Bank would benefit from a larger balance sheet and
up and the shareholders of HDFC Limited as on the record networth which would allow underwriting of larger ticket
date will receive 42 shares of HDFC Bank (each of face value of loans and also enable a greater flow of credit into the
` 1), for 25 shares held in HDFC Limited (each of face value of Indian economy;
` 2). This share exchange ratio has been arrived at based on a
HDFC Limited has invested capital and developed skills
joint valuation report submitted by two Registered Valuers and
and has set up approximately 464 (Four Hundred and Sixty
independent Chartered Accountancy firms appointed by HDFC
Four) offices across the country. These offices can be used
Bank and HDFC Limited, which was supported by a Fairness
to sell the entire product suite of both HDFC Bank and
Opinion provided by two SEBI registered merchant bankers.
HDFC Limited;
During the period between the approval of the Scheme by the
(f) The loan book of HDFC Limited is diversified having
respective boards of HDFC Bank and HDFC Limited and up to
cumulatively financed over 9 million dwelling units. With
the effectiveness of the Scheme, the business of HDFC Bank
HDFC Limited’s leadership in the home loan arena,
and HDFC Limited shall be carried out with reasonable diligence
developed over the past 45 years, HDFC Bank would be
and business prudence in the ordinary course, consistent with
able to provide to customers flexible mortgage offerings in
past practice, in accordance with the applicable laws and as
a cost-effective and efficient manner;
mutually agreed.
(g) HDFC Bank has access to funds at lower costs due to
The Board of Directors of HDFC Bank and HDFC Limited
its high level of current and savings accounts deposits
have opined that the proposed amalgamation would be in the
(CASA). With the amalgamation of HDFC Limited with and
best interest of the respective companies, their shareholders,
into HDFC Bank, HDFC Bank will be able to offer more
competitive housing products;

HDFC Bank Limited Integrated Annual Report 2021-22 155

Directors’ Report

(h) HDFC Limited’s rural housing network and affordable Board Performance Evaluation
housing lending is likely to qualify for HDFC Bank as priority
The performance evaluation of the Board, Committees of the
sector lending and will also enable a higher flow of credit
Board and the individual members of the Board (including the
into priority sector lending, including agriculture;
Chairman) for FY 2021-22, was carried out internally pursuant to
(i) the amalgamation will result in reducing HDFC Bank’s the framework laid down by the Nomination and Remuneration
proportion of exposure to unsecured loans; Committee (NRC). A questionnaire for the evaluation of the
Board, its Committees and the individual members of the Board
(j) HDFC Limited has built technological capabilities to
(including the Chairman), designed in accordance with the said
evaluate the credit worthiness of customers using
framework and covering various aspects of the performance
analytical models, and has developed unique skills in
of the Board and its Committees, including composition, roles
financing various customer segments. The models have
and responsibilities, Board processes, Boardroom culture,
been tested and refined over the years at scale and HDFC
adherence to Code of Conduct and Ethics, quality and flow of
Bank will benefit from such expertise in underwriting and
information, as well as measurement of performance in the areas
financing of mortgage offerings;
of strength and areas of focus, as identified in the previous year's
(k) HDFC Bank can leverage on the loan management evaluation, was sent out to the Directors. The Committees were
system, comprising rule engines, IT tools and rules, agents evaluated inter alia on parameters such as composition, terms of
connected through a central system; reference, quality of discussions, contribution to Board decisions
and balance of agenda between the Committee and the Board.
(l) The amalgamation is expected to result in bolstering the
The responses received to the questionnaires on evaluation of
capital base and bringing in resiliency in the balance sheet
the Board and its Committees were placed before the meeting
of HDFC Bank.
of the Independent Directors for consideration. The assessment
(m) HDFC Investments Limited and HDFC Holdings Limited of performance of Non-Independent Directors on key personal
are Systemically Important Non - Deposit Taking Non - and professional attributes was also carried out at the meeting
Banking Financial Companies and are also wholly owned of Independent Directors. The assessment of performance of
subsidiaries of HDFC Limited. The proposed amalgamation the Independent Directors on the Board (including Chairman)
shall result in simplified corporate structure. was subsequently discussed by the Board. In addition to the
above parameters, the Board also evaluated fulfillment of the
The Scheme is subject to receipt of requisite approvals, including
independence criteria as specified in SEBI (Listing Obligations
from statutory and regulatory authorities, as required under
and Disclosure Requirement) Regulations, 2015 by the
applicable laws. The scheme has been filed with BSE Limited,
Independent Directors of the Bank and their independence from
National Stock Exchange of India Limited and Reserve Bank
the management.
of India.
The evaluation brought out the cohesiveness of the Board, a
Statement on Declaration by Independent Directors Boardroom culture of trust and cooperation, and Boardroom
discussions which are open, transparent and encourage diverse
Mr. Atanu Chakraborty, Mrs. Lily Vadera, Mr. Malay Patel,
viewpoints. Other areas of strength included effective discharge
Mr. M. D. Ranganath, Mr. Sanjiv Sachar, Mr. Sandeep Parekh,
of Board's roles and responsibilities. Some of the areas of focus
Dr. (Mrs.) Sunita Maheshwari and Mr. Umesh Chandra Sarangi
for the Board going forward included increasing time dedicated
are the Independent Directors on the Board of the Bank as on
to strategy- competitive positioning and benchmark, long term
March 31, 2022.
succession planning and talent management, improvement in
Pursuant to the provisions of Section 149 of the Act, the Board processes and quality of information. The Board also
Independent Directors have submitted declarations that each of noted that while there has been positive development in the
them meets the criteria of independence as provided in Section areas of focus identified in the previous year's evaluation, efforts
149(6) of the Act along with Rules framed thereunder and need to continue in that direction. The appropriate feedback
Regulation 16(1)(b) of the Securities and Exchange Board of India was conveyed to the Board members and other concerned
(Listing Obligations and Disclosure Requirements) Regulations, stakeholders, for suitable action.
2015. There has been no change in the circumstances affecting
their status as Independent Directors of the Bank. In the opinion Policy on Appointment and Remuneration of
of the Board, the Independent Directors possess the requisite Directors and Key Managerial Personnel
integrity, experience, expertise and proficiency required under
Your Bank has in place a Policy for appointment and fit and
all applicable laws and the policies of the Bank.
proper criteria for Directors of the Bank. The Policy lays down

156
 Introduction to Our How We Our Responsible Statutory Reports and
Overview HDFC Bank Performance Create Value Strategy Business Financial Statements

the criteria for identification of persons who are qualified and the Directors of your Bank other than Mr. Patel is a director of
‘fit and proper’ to become Directors on the Board- such as the Bank’s subsidiaries as on March 31, 2022.
academic qualifications, competence, track record, integrity, etc.
which shall be considered by the NRC while recommending Succession Planning
appointment of Directors. The Policy is available on the website
The Nomination and Remuneration Committee ('NRC') and the
of the Bank at the link https://www.hdfcbank.com/personal/
Board of Directors (“the Board”), review succession planning
about-us/corporate-governance/codes-and-policies.
and transitions at the Board and Senior Management levels. The
The remuneration of all employees of the Bank, including Whole Board composition and the desired skill sets/ areas of expertise
Time Directors, Material Risk Takers, Key Managerial Personnel at the Board level are continuously reviewed and vacancies, if
and Senior Management, is governed by the Compensation any, are reviewed in advance through a systematic due diligence
Policy of the Bank. The same is available at the web-link https:// process. The recent appointment on the Board of Mrs. Lily
www.hdfcbank.com/personal/about-us/corporate-governance/ Vadera as an Independent Director was done taking into account
codes-and-policies. The Compensation Policy of the Bank, duly her skill sets/areas of expertise in the banking industry.
reviewed and recommended by the NRC has been articulated in
Succession planning at Senior Management levels, including
line with the relevant Reserve Bank of India guidelines.
business and assurance functions, is continuously reviewed to
Your Bank’s Compensation Policy is aimed to attract, retain, ensure continuity and depth of leadership at two levels below the
reward and motivate talented individuals critical for achieving Managing Director. Successors are identified prior to the Senior
strategic goals and long term success. The Compensation Management positions falling vacant, to ensure a smooth and
Policy is aligned to business strategy, market dynamics, internal seamless transition.
characteristics and complexities within the Bank. The ultimate
Succession planning is a continuous process which is periodically
objective is to provide a fair and transparent structure that helps
reviewed by the NRC and the Board.
the Bank to retain and acquire the talent pool critical to building
competitive advantage and brand equity.
Significant and Material Orders Passed by
Your Bank’s approach is to have a “pay for performance” Regulators
culture based on the belief that the Performance Management
1) Reserve Bank of India (RBI) by an order dated May 27, 2021,
System provides a sound basis for assessing performance
levied a penalty of `10 cores (Rupees ten crores only) for
holistically. The compensation system should also take into
marketing and sale of third-party non-financial products
account factors such as roles, skills / competencies, experience
to the Bank’s auto loan customers, arising from a whistle
and grade / seniority to differentiate pay appropriately on the
blower complaint, which revealed, inter alia, contravention
basis of contribution, skill and availability of talent on account
of Section 6(2) and Section 8 of the Banking Regulation
of competitive market forces. The details of the Compensation
Act, 1949. The Bank has discontinued the sale of said
Policy are also included in Note No. 25 of Schedule 18 forming
third-party non-financial product since October 2019.
part of the Accounts.
The penalty was paid by the Bank.
Non-Executive Directors are paid remuneration by way of sitting
2) SEBI issued final order on January 21, 2021, levying a
fees for attending meetings of the Board and its Committees,
penalty of `1 crore on the Bank, in the matter of invocation
which are determined by the Board based on applicable
of securities pledged by BMA Wealth Creators (BRH
regulatory prescriptions.
Wealth Kreators) for availing credit facilities. SEBI has also
Further, expenses incurred by them for attending meetings directed the Bank to transfer sale proceeds of ` 158.68
of the Board and Committees in person are reimbursed at crores on invocation of securities, along with interest to
actuals. Pursuant to the relevant RBI guidelines and approval escrow account with a nationalised bank by marking lien
of the shareholders, the Non-Executive Directors, other than in favour of SEBI. The Bank had challenged SEBI's order
the Chairperson, are paid fixed remuneration of ` 20,00,000 before SAT and SAT, vide its interim order, have stayed
(Rupees Twenty Lakh Only) per annum for each Non-Executive operation of SEBI’s order. SAT, vide its final order dated
Director on proportionate basis. February 18, 2022, allowed the Bank’s appeal and quashed
SEBI’s Order.
Mr. Malay Patel, Independent Director of the Bank, is also an
Independent Director on the Board of HDFC Securities Limited, 3) RBI has issued an Order dated December 02, 2020 (“Order”)
subsidiary of the Bank. Mr. Patel receives sitting fees and to HDFC Bank Limited (the “Bank”) with regard to certain
reimbursement of expenses at actuals incurred for attending incidents of outages in the internet banking/mobile banking/
Board/ Committee meetings from the said subsidiary. None of payment utilities of the Bank over the past 2 years, including

HDFC Bank Limited Integrated Annual Report 2021-22 157

Directors’ Report

the outages in the Bank’s internet banking and payment During the financial year 2021-22, there have been no changes
system on November 21, 2020 due to a power failure in in the Directors and Key Managerial Personnel of the Bank other
the primary data centre. RBI, vide above order, advised than the above.
the Bank (a) to stop all digital business generating activities
planned under its ‘Digital 2.0’ and proposed Business Particulars of Employees
generating applications digital also imposed restrictions
The information in terms of Section 197(12) of the Act read with
and (b) to stop sourcing of new credit card customers.
Rule 5 of the Companies (Appointment and Remuneration of
The Bank has initiated remedial activities including fixing
Managerial Personnel) Rules, 2014 is given in Annexure 5.
of staff accountability and the same were communicated
Further, the statement containing particulars of employees as
to the RBI. Basis the Bank’s submission, RBI vide its letter
required under Section 197(12) of the Companies Act, 2013
dated August 17, 2021, has relaxed the restriction placed
read with Rule 5(2) and 5(3) of the Companies (Appointment
on sourcing of new credit cards customers and further vide
and Remuneration of Managerial Personnel) Rules, 2014 is given
its letter dated March 11, 2022 has lifted the restrictions on
in an Annexure and forms part of this report. In terms of Section
the business generating activities planned under the Bank’s
136(1) of the Companies Act, 2013, the annual report and the
Digital 2.0 program.
financial statements are being sent to the Members excluding
the aforesaid Annexure. The Annexure is available for inspection
Directors and Key Managerial Personnel
and any Member interested in obtaining a copy of the Annexure
In compliance with Section 152 of the Companies Act, 2013, may write to the Company Secretary of the Bank.
Mrs. Renu Karnad will retire by rotation at the ensuing Annual
General Meeting and is eligible for re-appointment. A resolution Conservation of Energy and Technology Absorption
seeking shareholders’ approval for her re-appointment forms
Please refer to page no. 58 for information on Conservation of
a part of the Notice of this AGM. A brief resume is furnished
Energy and page no. 143 for information on Technology Absorption.
in the report on Corporate Governance for the information
of shareholders.
Foreign Exchange Earnings and Outgo
During the year, Mr. Atanu Chakraborty was appointed as the
During the year, the total foreign exchange earned by the
Part-time Chairman and Independent Director on the Board of
Bank was ` 3,907.9 crore (on account of net gains arising on
the Bank with effect from May 5, 2021 and Mrs. Lily Vadera was
all exchange / derivative transactions) and the total foreign
appointed as an Independent Director on the Board of the Bank
exchange outgo was ` 2,248.3 crore towards the operating and
with effect from November 26, 2021.
capital expenditure requirements.
Further, Mr. Srikanth Nadhamuni tendered his resignation as
Non- Executive (Non-Independent) Director of the Bank, effective Secretarial Audit
from February 18, 2022, citing potential future transactions/
In terms of Section 204 of the Companies Act, 2013 and the
arrangements which may materialize between the Bank and a
Rules made thereunder, M/s. Alwyn Jay & Co., Company
company in which Mr. Nadhamuni may be interested. Your Board
Secretaries were appointed as Secretarial Auditors of the Bank
places on record its sincere appreciation for the contribution
for the financial year 2021-22. The report of the Secretarial
made by Mr. Nadhamuni during his tenure with the Bank and
Auditors is enclosed as Annexure 6 to this Report. There are
wishes him well in future endeavours.
no observations/ qualifications/ comments in the Report of the
Further, at the meeting of the Board of Directors held on Secretarial Auditor.
April 16, 2022, Mrs. Renu Karnad has been re-appointed as
the Non-Executive Director (Nominee of Housing Development Corporate Governance
Finance Corporation Limited, promoter of the Bank) on the
In compliance with Regulation 34 and other applicable provisions
Board of the Bank, for a period of five (5) years with effect from
of the Securities and Exchange Board of India (Listing Obligations
September 3, 2022, subject to the approval of the shareholders
and Disclosure Requirements) Regulations, 2015, a separate
at the ensuing AGM.
report on Corporate Governance along with a certificate of
compliance from the Secretarial Auditors, forms an integral part
of this Report.

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Overview HDFC Bank Performance Create Value Strategy Business Financial Statements

Business Responsibility and Sustainability Report Headwinds have now appeared in the form of inflationary
pressures due to a combination of supply chain disruptions
The Bank’s Business Responsibility and Sustainability Report
and geopolitical tensions particularly the Ukraine crisis. In an
containing a report on its Corporate Social Responsibility
effort to contain inflation the RBI has hiked the Repo Rate by 90
Activities and Initiatives in the format adopted by companies in
basis points in two announcements - an off cycle one on May
India as per the guidelines of the Securities and Exchange Board
4 and the June Policy- to 4.90 per cent. Notwithstanding these
of India in this regard forms an integral part of this report.
challenges the Indian economy is expected to be the fastest
growing one in the world. That is clearly good news.
Information under the Sexual Harassment of
Women at Workplace (Prevention, Prohibition and Going forward, the Bank has a huge opportunity as India is
Redressal) Act, 2013 still under penetrated when it comes to banking services.
Your Bank clearly has certain factors in its favour : A strong
The relevant information is included in the Corporate
balance sheet with among the lowest NPA levels in the industry
Governance Report.
and a trusted franchise. The regulators too have been kind.
Our progress against our regulatory commitments over the past
Acknowledgement
year has resulted in the lifting of the restrictions placed on new
Your Directors would like to place on record their gratitude for card acquisitions in August 2021, followed by the removal of the
all the guidance and co-operation received from the Reserve embargo on the Digital 2.0 program in March 2022. The Bank
Bank of India and other government and regulatory agencies. has also rolled out the Future Ready Strategy. All this will help
Your Directors would also like to take this opportunity to express the Bank move forward in the next level of its growth journey.
their appreciation for the hard work and dedicated efforts put It will do this by focusing on its five core values: Customer
in by the Bank’s employees and look forward to their continued Focus, Operational Excellence, Product Leadership, People and
contribution in building a ‘World Class Indian Bank.’ Sustainability. And adhere to the highest standards of corporate
governance as we continue to ‘Lead Responsibly’.
Conclusion
The year started in the shadow of the pandemic. The good news
On behalf of the Board of Directors
is that it more or less appears to be behind us. In no small
measure due to the roll out of the vaccination programme.

The recovery in health has been followed by clear signs of Sashidhar Jagdishan Atanu Chakraborty
economic recovery with the country's GDP growing by 8.7 per
Managing Director Part-time Chairman and
cent in 2021-22 against a contraction of 6.6 per cent in the
and CEO Independent Director
previous year.

Mumbai, June 10, 2022

HDFC Bank Limited Integrated Annual Report 2021-22 159

Directors’ Report

Annexure 1 to the Directors’ Report

The ESOP Schemes of the Bank are in compliance with the Securities and Exchange Board of India (Share Based Employee
Benefits and Sweat Equity) Regulations, 2021 [erstwhile Securities and Exchange Board of India (Share Based Employee Benefits)
Regulations, 2014 (“the Regulations”)] and the details as per the Regulations and as required to be disclosed pursuant to sub rule
(9) of Rule 12 of the Companies (Share Capital and Debentures) Rules, 2014, are as under:

Schemes Date of Total No Grant Options Options Options Options Options Options Total
Share- of Options Price (`) Opening Granted / Vested FV Exercised Forfeited Lapsed Options in
holders Approved FV ` 1/- balance Options ` 1/- & Shares Force as on
Approval Face value FV ` 1/- Re- Allotted of March 31,
of ` 1/- each instated ` 1/- 2022
FV ` 1/-
Plan C-ESOS XXIII 17th June, 2005 10,00,00,000 417.75 9,700 8,700 1,000 0
Plan F-ESOS XXIV 27th June, 2013 20,00,00,000 417.75 35,58,600 35,49,300 9,300 0
Plan F-ESOS XXV 27th June, 2013 20,00,00,000 546.33 1,55,16,200 1,03,12,000 0 61,100 51,43,100
Plan F-ESOS XXVII 27th June, 2013 20,00,00,000 716.6 1,58,68,540 34,32,004 0 45,800 1,23,90,736
Plan F-ESOS XXVIII 27 June, 2013
th
20,00,00,000 731.08 30,930 0 0 0 30,930
Plan G-ESOS XXIX 21st July, 2016 20,00,00,000 1030.6 2,95,53,280 63,81,300 1,20,27,590 2,74,000 149550 1,71,02,140
Plan G-ESOS XXX 21st July, 2016 20,00,00,000 1003.03 7,47,310 1,69,200 2,50,000 8,000 0 4,89,310
Plan G-ESOS XXXI 21st July, 2016 20,00,00,000 1045.23 4,80,400 1,12,000 97100 0 0 3,83,300
Plan G -ESOS XXXII 21 July, 2016
st
20,00,00,000 1107.18 5,26,800 1,24,700 133500 24400 0 3,68,900
Plan G -ESOS XXXIII 21st July, 2016 20,00,00,000 1229 4,36,51,000 1,01,70,200 2227200 8,24,900 11600 4,05,87,300
Plan G -ESOS XXX1V 21st July, 2016 20,00,00,000 882.85 10,20,400 2,36,100 37800 29500 0 9,53,100
Plan G -ESOS XXXV 21st July, 2016 20,00,00,000 1235.8 57205600 14173500 689300 1137700 0 55378600
Plan G -ESOS XXXVI 21st July, 2016 20,00,00,000 1426.45 0 2,53,90,600 0 0 350000 0 25040600
Plan G -ESOS XXXVII 21st July, 2016 20,00,00,000 1516.95 0 2,38,000 0 0 0 0 238000
Total :- 16,81,68,760 2,56,28,600 3,13,67,000 3,27,64,494 26,48,500 2,78,350 15,81,06,016

Options Exercised during FY 2021-22 32,764,494

Share Capital Money received during FY 2021-22 3,27,64,494.00
Share Premium Money received during FY 2021-22 26,064,848,619.40
Perquisite Tax Amount collected during FY 2021-22 9,656,899,957.00
Total Amount collected during FY 2021-22 35,754,513,070.40
Note: One (1) share of the face value of ` 1/- each would arise on exercise of One (1) Equity Stock Option

Vesting Except for the death/ permanent disablement or retirement of the employee, the options will vest only if the employee is in the
Requirements continuous and uninterrupted employment of the Bank as on the date of vesting.
Maximum Term of Provided the employee is in the continuous and uninterrupted employment of the Bank, the options vested under the ESOP
Options Schemes XXIII to ESOP Scheme XXVIII will lapse in case the same are not exercised by the employee within 4 years from
the respective dates of vesting. However, for the grant of options under the ESOP Schemes XXIX to ESOP Scheme XXXVII,
the vested options will lapse in case the same are not exercised by the employee within 2 years from the respective dates
of vesting.
In case of death/ permanent disablement or retirement of the employee to whom the options are granted, all unvested options
shall get vested to the employee on the date of happening of such event and should be exercised within one year period or its
lapse date whichever is earlier from the date of such event for options granted under ESOP Scheme XXIII to ESOP Scheme
XXXV. However, in case of ESOP Scheme XXXVI to ESOP Scheme XXXVII the vesting will happen on date of such event and
exercisable within two years from the occurrence of the event or its lapse date whichever is earlier.
Source of shares Primary
Variation in terms The below modification was approved by Shareholders as a Special Resolution in the Annual General Meeting held on
of ESOS July 17, 2021.
Amendment to the ESOS Plan D-2007, ESOS-Plan E-2010, ESOS-Plan F-2013 and ESOS-Plan G-2016, to incorporate the
changes mentioned in the explanatory statement to the Notice of the AGM held on July 17, 2021.

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 Introduction to Our How We Our Responsible Statutory Reports and
Overview HDFC Bank Performance Create Value Strategy Business Financial Statements

i. DETAILS OF OPTIONS GRANTED TO SENIOR MANAGERIAL PERSONNEL AND KMP*

S. No. Name Grade Final Grant
1. Anantharaman S** Group Head 86,200
2. Anjani Rathor Group Head 1,03,700
3. Arup Rakshit Group Head 86,200
4. Arvind Kapil Group Head 1,03,700
5. Arvind Vohra Group Head 1,03,700
6. Ashima Bhat Group Head 1,03,700
7. Ashish Parthasarthy Group Head 1,03,700
8. Benjamin Frank Group Head 86,200
9. Bhavesh Zaveri Group Head 86,200
10. Chakrapani Venkatachari Group Head 86,200
11. Jimmy Tata Group Head 1,03,700
12. Nirav Shah Group Head 1,03,700
13. Parag Rao Group Head 1,03,700
14. Rahul Shukla Group Head 1,03,700
15. Rakesh Singh Group Head 1,03,700
16. Ramesh Lakshminarayanan Group Head 1,03,700
17. Raveesh Bhatia Group Head 86,200
18. S Sampathkumar Group Head 1,03,700
19. Sanmoy Chakrabarti Group Head 86,200
20. Santosh Haldankar Senior Vice President (Legal ) & Company Secretary 12,100
21. Smita Bhagat Group Head 1,03,700
22. Srinivasan Vaidyanathan Chief Financial Officer 1,03,700
23. Vinay Razdan Group Head 1,03,700
* No ESOPs were granted to the Managing Director and Executive Director during FY 2021-22.
** Exited during the year

ii. Other employees who receive a grant in any one year of options amounting to None
5 % or more of options granted during that year
iii. Identified employees who were granted options, during any one year, equal to None
or exceeding 1 percent of the issued capital (excluding outstanding warrants and
conversions)
iv. Diluted Earnings Per Share (EPS) pursuant to the issue of shares on exercise The diluted EPS of the Bank calculated after considering the
of option calculated in accordance with Accounting Standard (AS) - 20 (Earnings effect of potential equity shares arising on account of exercise
Per Share) of options is ` 66.3
v. Where the company has calculated the employee compensation cost using During the year, the compensation cost for options granted
the intrinsic value of the stock options, the difference between the employee has been recognised basis the fair value of the options
compensation cost so computed and the employee compensation cost that shall calculated based on the Black-Scholes model
have been recognized if it had used the fair value of the options, shall be disclosed.
The impact of this difference on profits and on EPS of the company shall also be
disclosed
vi. Weighted average exercise prices and weighted average fair values of options The weighted average price of the stock options exercised
shall be disclosed separately for options whose exercise price either equals or is ` 796.5 and the weighted average fair value is ` 214.98
exceeds or is less than the market price of the stock options
vii. A description of the method and significant assumptions used during the year The Bank adopted the Fair value method to account for the
to estimate the fair value of options, at the time of grant including the following stock options it granted to the employees during the year. The
weighted average information: Bank calculated the fair value of options at the time of grant,
using Black-Scholes model with the following assumptions
I. Risk-free interest rate 4.38 percent to 6.07 percent

HDFC Bank Limited Integrated Annual Report 2021-22 161

Directors’ Report

II. Expected life 1 to 6 years

III. Expected volatility 23.86 percent to 38.70 percent
IV. Expected dividends 0.21 percent to 0.52 percent
V. The price of the underlying share in the market at the time of option grant The market price per share was ` 1,426.45 and ` 1,518.05
at the time of grant of options under ESOS XXXVI and ESOS
XXXVII respectively.
VI. The weighted average market price of Bank’s shares on NSE at the time of ` 1,422.61 and `1,524.49 at the time of grant of options
option grant under ESOS XXXVI and ESOS XXXVII respectively.
VII. Method used and assumptions made to incorporate effects of expected early The Black-Scholes model is used to calculate the fair value of
exercise options at the time of grant.
VIII. How expected volatility was determined, including explanation of the extent to Stock expected volatility is completely based on GARCH
which expected volatility was based on historical volatility volatility forecasting model using historical stock prices from
the market.
IX. Whether and how any other features of the option grant were incorporated into Stock price and risk free interest rate are variables based on
the measurement of fair value, such as a market condition actual market data at the time of ESOP valuation.

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 Introduction to Our How We Our Responsible Statutory Reports and
Overview HDFC Bank Performance Create Value Strategy Business Financial Statements

Annexure 2 to the Directors’ Report

1. Brief outline on CSR Policy of the Company

The Bank’s CSR is implemented under the aegis of ‘Parivartan’ which is the umbrella brand for all the Bank's social initiatives.
Parivartan aims to bring about a transformation in the communities in which the bank operates through multiple initiatives in the areas
of Education, Skill training and livelihood enhancement, Health Care, Sports, Environmental Sustainability and Rural Development.
The Bank's programs are guided by CSR Policy duly approved by the Board which is driven by the vision of “Creating Sustainable
Communities”. The CSR policy and programs are aligned to comply with the requirements of Section 135 of the Companies Act,
2013 and are monitored by a board level committee.

2. Composition of CSR and ESG Committee:

Sl. Name of Director Designation /Nature of Directorship Number of meetings of the Number of meetings of
No. Committee held during the the Committee attended
year during the year
1 Dr. (Mrs.) Sunita Maheshwari* (Chairperson, Independent Director) 5 4
2 Mr. Umesh Chandra Sarangi* Independent Director 5 2
3 Mr. Kaizad Bharucha Executive Director 5 5
4 Mr. Malay Patel Independent Director 5 5
5 Mr. Sanjiv Sachar Independent Director 5 5
6 Mrs. Renu Karnad Non-Executive Director 5 5
*During the year, Mr. Umesh Chandra Sarangi ceased to be a member of the Committee with effect from September 17, 2021 while Dr. (Mrs.) Sunita
Maheshwari was inducted as a member on the Committee with effect from June 9, 2021.

3. Provide the web-link where Composition of CSR and ESG committee, CSR Policy and CSR projects approved
by the board are disclosed on the website of the company:

https://v1.hdfcbank.com/csr/index.aspx

4. Provide the details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of
the Companies (Corporate Social Responsibility Policy) Rules, 2014, if applicable (attach the report):

The Bank carried out 8 impact assessment studies in FY 2021-22 of which 2 impact assessment studies were mandated in
compliance with the requirements of CSR Rules, additionally 6 impact assessment studies were conducted.

Below is the web link of mandatory impact assessment studies conducted:

https://v1.hdfcbank.com/csr/our-commitment.aspx

5. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate
Social Responsibility Policy) Rules, 2014 and amount required for set off for the financial year, if any

Sl. Financial Year Amount available for set-off Amount required to be setoff
No. from preceding financial for the financial year, if
years (in `) any (in `)
1 2020-21 7.05 Cr 0
Total 7.05 Cr 0

6. Average net profit of the company as per section 135(5): ` 36,693 Cr

7. (a) Two percent of average net profit of the company as per section 135(5): ` 733.86 Cr

HDFC Bank Limited Integrated Annual Report 2021-22 163

Directors’ Report

(b) Surplus arising out of the CSR projects or programmes or activities of the previous financial years: ` 0

(c) Amount required to be set off for the financial year, if any: ` 0

(d) Total CSR obligation for the financial year (7a+7b-7c): ` 733.86 Cr

8. (a) CSR amount spent or unspent for the financial year:

Total Amount Amount Unspent (in `)

Spent for the
Total Amount transferred to Amount transferred to any fund specified under
Financial Year.
Unspent CSR Account as per Schedule VII as per second proviso to section 135(5)
(` Cr.)
section 135(6)
Amount Date of transfer Name of the Fund Amount Date of transfer
736.01 NA NA NA NA NA

(b) Details of CSR amount spent against ongoing projects for the financial year:

Sl. Name Item from the Local Location of the Project Amount Amount Amount Mode of Mode of Implementation -
No. of the list of area project dura- allocated spent in transferred Imple- Through Implementing
Project activities (Yes/ tion for the the to menta- Agency
in Schedule No) project current Unspent tion -
VII (` Cr.) financial CSR Direct
to the Act Year (` Account (Yes/No)
Cr) for the
project as
State District Name CSR
per
Registration
Section
Number
135(6)
(` Cr)

1 Promoting Promoting Yes Uttar Varanasi 1 1.31 1.31 NA No Ambuja CSR00006913

quality Education (ii) Pradesh Cement
education Foundation
2 Support for Promoting Yes Rajasthan Karauli 1 1.49 1.49 NA No Baif CSR00000259
school children Education (ii) Institute For
Sustaintgable
Livelihoods
And
Development
3 Promoting Promoting Yes Rajasthan & Tonk, Dungarpur, 1 3.55 3.55 NA No Bal Raksha CSR00000158
quality Education (ii) J &K Srinagar, Badgam, Bharat
education Anantnag, Jammu
and Samba
4 Promoting Promoting Yes Karnataka, Tumkur, Medchal, 1 5.06 5.06 NA No Bal Raksha CSR00000158
quality Education (ii) Telangana, Srikakulam, Bharat
education Andhra Vijayanagaram,
Pradesh Vishakhapattanam,
Guntur, Prakasam,
Nellore, Chittoor,
Kadappa,
Anantpuram, Kurnul,
West Godavari,
Krishna, East
Godavari
5 Educational Promoting Yes Pan India Multiple districts 1 8.3 8.3 NA No Buddy4study CSR00000121
Crisis Education (ii) India
Scholarship Foundation
Support
6 Promoting Promoting Yes Pan India Multiple districts 1 3.28 3.28 NA No Central CSR00000107
quality Education (ii) Square
education Foundation
7 Promoting Promoting Yes Delhi Delhi 1 1.08 1.08 NA No Centum CSR00000520
quality Education (ii) Foundation
education

164
 Introduction to Our How We Our Responsible Statutory Reports and
Overview HDFC Bank Performance Create Value Strategy Business Financial Statements

Sl. Name Item from the Local Location of the Project Amount Amount Amount Mode of Mode of Implementation -
No. of the list of area project dura- allocated spent in transferred Imple- Through Implementing
Project activities (Yes/ tion for the the to menta- Agency
in Schedule No) project current Unspent tion -
VII (` Cr.) financial CSR Direct
to the Act Year (` Account (Yes/No)
Cr) for the
project as
State District Name CSR
per
Registration
Section
Number
135(6)
(` Cr)

8 Smart School Promoting Yes Gujarat Banaskantha 3 0.12 0.12 NA No Collectives CSR00000508
project Education (ii) For
Integrated
Livelihood
Initiatives
9 Promoting Promoting Yes Himachal Shimla 1 1 1 NA No Efrah- A CSR00004094
quality Education (ii) Pradesh Society
education For Social
Welfare
10 Entre- Promoting Yes Kerala & Thiruvananthapuram, 1 1.08 1.08 NA No Ict Academy CSR00009157
preneurship Education (ii) Tamil Nadu Kollam, Alappuzha, Of Tamilnadu
Training Kottayam, Idukki,
Program Ernakulam, Thrissur,
Virudhunagar, Vellore,
Chennai, Tiruvallur,
Kanchipuram,
Madurai, Tirupur,
Coimbatore, Karur,
Namakkal, Salem,
Dindigul, Siva Ganga,
Erode, Tirunelveli,
Pondicherry,
Cuddalore
11 Scholarship Promoting Yes Haryana Sonipat 3 3.18 3.18 NA No International CSR00000712
support Education (ii) Foundation
program For Research
And
Education
(Ifre)
12 Student Promoting Yes Pan India Multiple districts 4 1.99 1.99 NA No Khan CSR00001762
Learning Education (ii) Academy
improvement India
program
13 Anando Promoting Yes Maharashtra Yavatmal 3 0.09 0.09 NA No Light Of Life CSR00000156
Education (ii) Trust
14 Support for Promoting Yes Maharashtra Raigad 3 0.09 0.08 NA No Light Of Life CSR00000156
school children Education (ii) Trust
15 Project Utkarsh Promoting Yes Rajasthan Jaipur 2 0.15 0.15 NA No Moinee CSR00000043
Education (ii) Foundation
16 Project Utkarsh Promoting Yes Rajasthan Bikaner 1 1.2 1.2 NA No Moinee CSR00000043
Education (ii) Foundation
17 Promoting Promoting Yes Maharashtra Mumbai 1 0.3 0.3 NA No Save The CSR00000158
quality Education (ii) Children
education India
18 Upgradation Promoting Yes Punjab Ludhiana 1 1.01 1.01 NA No Society For CSR00000283
of government Education (ii) Action In
schools Community
Health
19 Zero Promoting Yes Pan India Multiple districts 5 10.31 10.31 NA No Sri Aurobindo CSR00000200
Investment Education (ii) Society
Innovation
for Education
initiatives

HDFC Bank Limited Integrated Annual Report 2021-22 165

Directors’ Report

Sl. Name Item from the Local Location of the Project Amount Amount Amount Mode of Mode of Implementation -
No. of the list of area project dura- allocated spent in transferred Imple- Through Implementing
Project activities (Yes/ tion for the the to menta- Agency
in Schedule No) project current Unspent tion -
VII (` Cr.) financial CSR Direct
to the Act Year (` Account (Yes/No)
Cr) for the
project as
State District Name CSR
per
Registration
Section
Number
135(6)
(` Cr)

20 Promoting Promoting Yes Jharkhand Singhbhum 1 2 2 NA No Tata Steel CSR00001142

quality Education (ii) Foundation
education
21 Digital Promoting Yes Maharashtra Mumbai 3 0.67 0.67 NA No The CSR00001977
Equalizer Education (ii) American
India
Foundation
Trust
22 Promoting Promoting Yes Odisha & Naupada, Balangir, 3 2.65 2.65 NA No The CSR00001977
quality Education (ii) Jharkhand East Singhbhum American
education India
Foundation
Trust
23 Promoting Promoting Yes Pan India Multiple projects 2 4 4 NA No The CSR00001977
quality Education (ii) American
education India
Foundation
Trust
24 Promoting Promoting Yes Maharashtra, Thane, Mumbai, 3 0.23 0.22 NA No Udayan Care CSR00000619
quality Education (ii) Haryana, Oune, Kurukshetra,
education and Punjab Panchkula,
Phagwara
25 Promoting Promoting Yes Jharkhand Ranchi, Khunti, 3 4 4 NA No Wockhardt CSR00000161
quality Education (ii) Bokaro and Dhanbad Foundation
education
26 Plastic Waste Preventive Yes Madhya Gwalior and Thane 3 0.41 0.41 NA No Centre For CSR00001260
Management and Curative Pradesh and Environment
Healthcare (i) Maharashtra Education
(Cee) Society
Ahmedabad
27 Plastic Waste Preventive Yes Assam and Kamrup, Samastipur 3 0.51 0.51 NA No Centre For CSR00001260
Management and Curative Bihar and Patna Environment
Healthcare (i) Education
(Cee) Society
Ahmedabad
28 Plastic Waste Preventive Yes Andhra Rajanna Sircilla NTR 3 0.39 0.39 NA No Centre For CSR00001260
Management and Curative Pradesh and Krishna Environment
Healthcare (i) Telangana Education
(Cee) Society
Ahmedabad
29 Plastic Waste Preventive Yes Punjab and Ludhiana, Jammu 3 0.44 0.44 NA No Centre For CSR00001260
Management and Curative Jammu & and Leh Environment
Healthcare (i) Kashmir Education
(Cee) Society
Ahmedabad
30 Plastic Waste Preventive Yes Jharkhand Ranchi and Khorda 3 0.41 0.41 NA No Centre For CSR00001260
Management and Curative Environment
Healthcare (i) Education
(Cee) Society
Ahmedabad

166
 Introduction to Our How We Our Responsible Statutory Reports and
Overview HDFC Bank Performance Create Value Strategy Business Financial Statements

Sl. Name Item from the Local Location of the Project Amount Amount Amount Mode of Mode of Implementation -
No. of the list of area project dura- allocated spent in transferred Imple- Through Implementing
Project activities (Yes/ tion for the the to menta- Agency
in Schedule No) project current Unspent tion -
VII (` Cr.) financial CSR Direct
to the Act Year (` Account (Yes/No)
Cr) for the
project as
State District Name CSR
per
Registration
Section
Number
135(6)
(` Cr)

31 Plastic Waste Preventive Yes Odisha Ganjam and Sarguja 3 0.12 0.12 NA No Centre For CSR00001260
Management and Curative Environment
Healthcare (i) Education
(Cee) Society
Ahmedabad
32 Solid waste Preventive Yes Goa and Panjim, Rishikesh, 4 2 2 NA No Charities Aid CSR00001692
management and Curative Uttarakhand Haldwani, Dehradun Foundation
Healthcare (i) and Uttarkashi India
33 Solid Waste Preventive Yes Himachal Dharamshala 3 1.11 1.11 NA No Waste CSR00002589
Management and Curative Pradesh Warriors
Healthcare (i)
34 Trauma Care Preventive Yes Gujarat Ahmedabad, 1 0.09 0.09 NA No Lifeline CSR00005458
upskilling and Curative Vadodara, Surat, Foundation
program Healthcare (i) Bhuj, Gandhidham,
Rajkot and
Bhavnagar
35 Mental Health Preventive Yes PAN India Multiple districts 1 0.09 0.09 NA No The Live CSR00012198
Program and Curative Love Laugh
Healthcare (i) Foundation
36 Covid relief Preventive Yes Pan India Multiple districts 2 1.74 1.74 NA Yes Direct NA
program and Curative
Healthcare
(i)/ Disaster
Management
(xii)
37 Covid relief Preventive Yes PAN India Multiple districts 2 17.73 17.73 NA Yes Direct NA
program and Curative
Healthcare
(i)/ Disaster
Management
(xii)
38 Covid relief Preventive Yes Maharashtra Mumbai 2 0.09 0.09 NA Yes Direct NA
program and Curative
Healthcare
(i)/ Disaster
Management
(xii)
39 Covid relief Preventive Yes Maharashtra Mumbai 2 0.21 0.21 NA Yes Direct NA
program and Curative
Healthcare
(i)/ Disaster
Management
(xii)
40 Natural Ensuring Yes Punjab Firozpur 1 0.44 0.44 NA No Aiilsg CSR00000373
Resource Environmental
Management Sustainability
(iv)
41 Natural Ensuring Yes Chhattisgarh Korba 3 0.31 0.31 NA No Ambuja CSR00006913
Resource Environmental Cement
Management Sustainability Foundation
(iv)

HDFC Bank Limited Integrated Annual Report 2021-22 167

Directors’ Report

Sl. Name Item from the Local Location of the Project Amount Amount Amount Mode of Mode of Implementation -
No. of the list of area project dura- allocated spent in transferred Imple- Through Implementing
Project activities (Yes/ tion for the the to menta- Agency
in Schedule No) project current Unspent tion -
VII (` Cr.) financial CSR Direct
to the Act Year (` Account (Yes/No)
Cr) for the
project as
State District Name CSR
per
Registration
Section
Number
135(6)
(` Cr)

42 Solar Energy Ensuring Yes Uttarakhand Haridwar 1 1.8 1.8 NA No Ambuja CSR00006913
Project Environmental Cement
Sustainability Foundation
(iv)
43 Natural Ensuring Yes Rajasthan Jhadol 3 0.17 0.17 NA No Baif CSR00000259
Resource Environmental Institute For
Management Sustainability Sustainable
(iv) Livelihood
And
Development
(Bisld)
44 Water Supply Ensuring Yes Karnataka Chikkaballapur 3 0.74 0.74 NA No Foundation CSR00000637
Management Environmental For
Sustainability Ecological
(iv) Security
45 Natural Ensuring Yes Rajasthan Chittorgarh 3 0.5 0.5 NA No Foundation CSR00000637
Resource Environmental For
Management Sustainability Ecological
(iv) Security (Fes)
46 Plastic Waste Ensuring Yes Assam Golaghat 2 5.9 5.9 NA No Gramin Vikas CSR00000633
Management Environmental Trust
Sustainability
(iv)
47 Natural Ensuring Yes Rajasthan Banswara 1 0.8 0.8 NA No Nm Sadguru CSR00000285
Resource Environmental Water And
Management Sustainability Development
(iv) Foundation
48 Tree plantation Ensuring Yes PAN INDIA Multiple districts 1 8 8 NA Yes Direct NA
Environmental
Sustainability
(iv)
49 Solar Ensuring Yes Chhattisgarh Raigarh, 1 1.3 1.3 NA No Professional CSR00000973
streetlights Environmental Kondagaon,Bastar Assistance
installation Sustainability For
(iv) Development
Action
50 Natural Ensuring Yes Rajasthan Pratapgarh 3 0.96 0.96 NA No Self Reliant CSR00001911
Resource Environmental Initiatives
Management Sustainability Through
(iv) Joint Action
(Srijan)
51 Natural Ensuring Yes Uttarakhand, Nainital, Biswanath 3 2.16 2.16 NA No Society CSR00000399
Resource Environmental Assam, Charali Khorda For The
Management Sustainability Odisha, Upliftment Of
(iv) Villagers &
Development
Of Himalayan
Areas
(Suvidha)
52 Natural Ensuring Yes Jharkhand East Singhum 1 0.44 0.44 NA No Tata Steel CSR00001142
Resource Environmental Foundation
Management Sustainability
(iv)

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Overview HDFC Bank Performance Create Value Strategy Business Financial Statements

Sl. Name Item from the Local Location of the Project Amount Amount Amount Mode of Mode of Implementation -
No. of the list of area project dura- allocated spent in transferred Imple- Through Implementing
Project activities (Yes/ tion for the the to menta- Agency
in Schedule No) project current Unspent tion -
VII (` Cr.) financial CSR Direct
to the Act Year (` Account (Yes/No)
Cr) for the
project as
State District Name CSR
per
Registration
Section
Number
135(6)
(` Cr)

53 Natural Ensuring Yes Uttarakhand Chamoli 1 0.8 0.8 NA No Himmotthan CSR00000081

Resource Environmental Society
Management Sustainability
(iv)
54 Solar Panel Ensuring Yes Maharashtra Mumbai 2 0.02 0.02 NA No United Way CSR00000762
Installation Environmental Of Mumbai
Sustainability
(iv)
55 Livelihood Vocational Yes Gujarat Surendranagar & 3 0.28 0.28 NA No Aga Khan CSR00004229
Enhancement Training and Dang Rural
for farmers Livelihood Support
Enhancement Programme
(ii) India
56 Livelihood Vocational Yes Madhya Harda 1 1.91 1.91 NA No Aga Khan CSR00004229
enhancement Training and Pradesh Rural
of farmers Livelihood Support
Enhancement Programme
(ii) India
57 Skill training to Vocational Yes Maharashtra Mumbai 3 0.3 0.3 NA No All India CSR00000373
youth Training and Institute Of
Livelihood Local Self
Enhancement Government
(ii)
58 Livelihood Vocational Yes Gujarat Junagadh 3 0.11 0.11 NA No Ambuja CSR00006913
Enhancement Training and Cement
for farmers Livelihood Foundation
Enhancement
(ii)
59 Livelihood Vocational Yes Uttarakhand Haridwar 1 1.01 1.01 NA No Ambuja CSR00006913
Enhancement Training and Cement
for farmers Livelihood Foundation
Enhancement
(ii)
60 Livelihood Vocational Yes PUNJAB Muktsar 3 0.82 0.82 NA No Ambuja CSR00006913
Enhancement Training and Cement
for women Livelihood Foundation
Enhancement
(ii)
61 Skill Training for Vocational Yes Chhattisgarh Bilaspur 3 0.3 0.3 NA No Ambuja CSR00006913
youth Training and Cement
Livelihood Foundation
Enhancement
(ii)
62 Skill training of Vocational Yes Uttar Noida 3 1.04 1.04 NA No Ambuja CSR00006913
youth Training and Pradesh Cement
Livelihood Foundation
Enhancement
(ii)
63 Skill Training Vocational Yes Uttar Lucknow 1 0.49 0.49 NA No Ambuja CSR00006913
Program for Training and Pradesh Cement
Youth Livelihood Foundation
Enhancement
(ii)

HDFC Bank Limited Integrated Annual Report 2021-22 169

Directors’ Report

Sl. Name Item from the Local Location of the Project Amount Amount Amount Mode of Mode of Implementation -
No. of the list of area project dura- allocated spent in transferred Imple- Through Implementing
Project activities (Yes/ tion for the the to menta- Agency
in Schedule No) project current Unspent tion -
VII (` Cr.) financial CSR Direct
to the Act Year (` Account (Yes/No)
Cr) for the
project as
State District Name CSR
per
Registration
Section
Number
135(6)
(` Cr)

64 Skill Training Vocational Yes Uttarakhand Haridwar 3 1.7 1.68 NA No Ambuja CSR00006913
Program for Training and Cement
Youth Livelihood Foundation
Enhancement
(ii)
65 Skill Training Vocational Yes Pan India Multiple District 3 0.51 0.51 NA No Anudip CSR00000060
and Livelihood Training and Foundation
Enhancement Livelihood For Social
Enhancement Welfare
(ii)
66 Skill Training for Vocational Yes Pan India Multiple District 1 2 2 NA No Apparel CSR00000393
youth Training and Made Ups
Livelihood And Home
Enhancement Furnishing
(ii) Sector Skill
Council
67 Training of Vocational Yes Pan India Multiple District 1 7.18 7.18 NA No Apparel CSR00000393
youth Training and Made Ups
Livelihood And Home
Enhancement Furnishing
(ii) Sector Skill
Council
68 Skill training of Vocational Yes Himachal Sirmaur 3 1.5 1.5 NA No Appropriate CSR00000392
youth Training and Pradesh Technology
Livelihood India
Enhancement
(ii)
69 Integrated Vocational Yes Meghalaya West Jayantya 4 0.94 0.94 NA No Aroh CSR00000044
Watershed Training and Foundation
Management Livelihood
and Enterprise Enhancement
Development (ii)
Program
70 Integrated Vocational Yes Maharashtra Osmanabad 2 0.91 0.91 NA No Baif CSR00000259
Livestock Training and Institute For
Development Livelihood Sustainable
Enhancement Livelihoods
(ii) And
Development
71 Livelihood Vocational Yes Uttar Raebareli 3 0.6 0.6 NA No Baif CSR00000259
Enhancement Training and Pradesh Institute For
for farmers Livelihood Sustainable
Enhancement Livelihoods
(ii) And
Development
72 Livelihood Vocational Yes Uttar Multiple districts s 3 0.5 0.5 NA No Baif CSR00000259
Enhancement Training and Pradesh & Institute For
for farmers Livelihood Ditricts Sustainable
Enhancement Livelihoods
(ii) And
Development

170
 Introduction to Our How We Our Responsible Statutory Reports and
Overview HDFC Bank Performance Create Value Strategy Business Financial Statements

Sl. Name Item from the Local Location of the Project Amount Amount Amount Mode of Mode of Implementation -
No. of the list of area project dura- allocated spent in transferred Imple- Through Implementing
Project activities (Yes/ tion for the the to menta- Agency
in Schedule No) project current Unspent tion -
VII (` Cr.) financial CSR Direct
to the Act Year (` Account (Yes/No)
Cr) for the
project as
State District Name CSR
per
Registration
Section
Number
135(6)
(` Cr)

73 Livelihood Vocational Yes Andhra Telangana - 3 1.03 1.03 NA No Baif CSR00000259

enhancement Training and pradesh Rangareddy, Institute For
of farmers Livelihood Vikarabad, Sustainable
Enhancement Mahabubnagar, AP - Livelihoods
(ii) Prakasham, Guntur And
Development
74 Livelihood Vocational Yes Madhya Mandsaur 3 0.2 0.2 NA No Baif CSR00000259
enhancement Training and Pradesh Institute For
of farmers Livelihood Sustainable
Enhancement Livelihoods
(ii) And
Development
75 Livestock Vocational Yes Karnataka Haveri, Dharwad, 3 0.94 0.94 NA No Baif CSR00000259
development Training and Davangere, Institute For
program Livelihood Gadag, Vijayapura, Sustainable
Enhancement Bagalkote, Ballary, Livelihoods
(ii) and Belgaum And
Development
76 Skills Training Vocational Yes Odisha Sambalpur 0.34 0.34 NA No Baif CSR00000259
and Livelihood Training and Institute For
Enhancement Livelihood Sustainable
Enhancement Livelihoods
(ii) And
Development
77 Promoting Vocational Yes Ladakh Leh, Kargil 3 1.41 1.41 NA No Barefoot CSR00011699
community led Training and College
enterprises Livelihood International
Enhancement
(ii)
78 Livelihood Vocational Yes Andhra Krishna 3 0.16 0.15 NA No Bharatiya CSR00001952
enhancement Training and pradesh Yuva Shakti
of farmers Livelihood Trust
Enhancement
(ii)
79 Livelihood Vocational Yes Telangana Hydrabad, 3 0.13 0.12 NA No Bharatiya CSR00001952
enhancement Training and Rangareddy Yuva Shakti
of farmers Livelihood Trust
Enhancement
(ii)
80 Livelihood Vocational Yes Maharashtra Satara 1 1.44 1.44 NA No Bharatiya CSR00001952
Promotion for Training and Yuva Shakti
Farmers Livelihood Trust
Enhancement
(ii)
81 Livelihood Vocational Yes Gujarat Chhota Udepur 1 1.73 1.73 NA No Care India CSR00000786
Promotion for Training and Solutions For
Farmers Livelihood Sustainable
Enhancement Development
(ii)
82 Livelihood Vocational Yes Madhya Damoh 1 1.85 1.85 NA No Care India CSR00000786
Promotion for Training and Pradesh Solutions For
Farmers Livelihood Sustainable
Enhancement Development
(ii)

HDFC Bank Limited Integrated Annual Report 2021-22 171

Directors’ Report

Sl. Name Item from the Local Location of the Project Amount Amount Amount Mode of Mode of Implementation -
No. of the list of area project dura- allocated spent in transferred Imple- Through Implementing
Project activities (Yes/ tion for the the to menta- Agency
in Schedule No) project current Unspent tion -
VII (` Cr.) financial CSR Direct
to the Act Year (` Account (Yes/No)
Cr) for the
project as
State District Name CSR
per
Registration
Section
Number
135(6)
(` Cr)

83 Livelihood Vocational Yes PUNJAB Bathinda 1 2.26 2.23 NA No Care India CSR00000786
Promotion for Training and Solutions For
Farmers Livelihood Sustainable
Enhancement Development
(ii)
84 Skill Training Vocational Yes Karnataka Dharwad 2 3.61 3.61 NA No Deshpande CSR00001646
Program for Training and Foundation.
Youth Livelihood
Enhancement
(ii)
85 Livelihood Vocational Yes Maharashtra Aurangabad, 3 0.51 0.51 NA No Dhan CSR00000273
Enhancement Training and Beed, Nanded, Foundation
for women Livelihood Osmanabad, Hingoli
Enhancement
(ii)
86 Livelihood Vocational Yes Tamilnadu Sivaganga 1 1.66 1.66 NA No Dhan CSR00000273
Promotion for Training and Foundation
Farmers Livelihood
Enhancement
(ii)
87 Skill training of Vocational Yes Tamilnadu Chennai and Kochi 3 0.22 0.22 NA No Dr Reddys CSR00000794
Persons with Training and and Kerala Foundation
Disabilities Livelihood
Enhancement
(ii)
88 Skill training of Vocational Yes Gujarat Rajkot & Navsari 3 0.36 0.36 NA No Dr Reddys CSR00000794
youth Training and Foundation
Livelihood
Enhancement
(ii)
89 Livelihood Vocational Yes Uttarakhand Champawat 3 1.23 1.23 NA No End Poverty CSR00000314
Enhancement Training and
for farmers Livelihood
Enhancement
(ii)
90 Livelihood Vocational Yes Gujarat Mahisagar 3 0.87 0.87 NA No Foundation CSR00000637
Enhancement Training and For
for tribals Livelihood Ecological
Enhancement Security
(ii)
91 Livelihood Vocational Yes Rajasthan Bhilwara 1 1.68 1.68 NA No Foundation CSR00000637
Promotion Training and For
Livelihood Ecological
Enhancement Security
(ii)
92 Skill Training for Vocational Yes Maharashtra Mumbai 1 0.4 0.4 NA No Friends CSR00000051
Youth Training and Union For
Livelihood Energizing
Enhancement Lives
(ii)

172
 Introduction to Our How We Our Responsible Statutory Reports and
Overview HDFC Bank Performance Create Value Strategy Business Financial Statements

Sl. Name Item from the Local Location of the Project Amount Amount Amount Mode of Mode of Implementation -
No. of the list of area project dura- allocated spent in transferred Imple- Through Implementing
Project activities (Yes/ tion for the the to menta- Agency
in Schedule No) project current Unspent tion -
VII (` Cr.) financial CSR Direct
to the Act Year (` Account (Yes/No)
Cr) for the
project as
State District Name CSR
per
Registration
Section
Number
135(6)
(` Cr)

93 Skill Training Vocational Yes Chandigarh Chandigarh 3 2.12 2.12 NA No Friends CSR00000051
Program for Training and Union For
Youth Livelihood Energizing
Enhancement Lives
(ii)
94 Skill Training Vocational Yes Maharashtra Pune 1 2.97 2.97 NA No Friends CSR00000051
Program for Training and Union For
Youth Livelihood Energizing
Enhancement Lives
(ii)
95 Skills Training Vocational Yes Odisha Bhuvaneshwar 2 0.93 0.93 NA No Friends CSR00000051
and Livelihood Training and Union For
Enhancement Livelihood Energizing
Enhancement Lives
(ii)
96 Livelihood Vocational Yes Assam Darang 3 0.14 0.12 NA No Fxb India CSR00000076
enhancement Training and Suraksha
for women Livelihood
Enhancement
(ii)
97 Skill Vocational Yes Pan India Multiple District 3 0.82 0.82 NA No Head CSR00000919
Enhancement Training and Held High
of Youth Livelihood Foundation
Enhancement
(ii)
98 Livelihood Vocational Yes Uttarakhand Uttarkashi 3 0.81 0.8 NA No Himalayan CSR00008707
Enhancement Training and Action
for farmers Livelihood Research
Enhancement Centre
(ii)
99 Farmers Vocational Yes Jammu and Ladakh 3 1.69 1.69 NA No Himmotthan CSR00000081
training Training and Kashmir Society
program Livelihood
Enhancement
(ii)
100 Livelihood Vocational Yes Uttar Chamoli 1 1.03 1.03 NA No Himmotthan CSR00000081
Enhancement Training and Pradesh Society
for farmers Livelihood
Enhancement
(ii)
101 Skill Training for Vocational Yes Kerala Palakkad 3 1.4 1.4 NA No Iit Palakkad CSR00006228
Youth Training and
Livelihood
Enhancement
(ii)
102 Skill training for Vocational Yes Jammu and Kupwara,Gandebal, 3 1.2 1.2 NA No Indian CSR00000109
farmers Training and Kashmir Baramula, Budgam, Society Of
Livelihood Shopian, Pulwama Agribusiness
Enhancement Professionals
(ii)

HDFC Bank Limited Integrated Annual Report 2021-22 173

Directors’ Report

Sl. Name Item from the Local Location of the Project Amount Amount Amount Mode of Mode of Implementation -
No. of the list of area project dura- allocated spent in transferred Imple- Through Implementing
Project activities (Yes/ tion for the the to menta- Agency
in Schedule No) project current Unspent tion -
VII (` Cr.) financial CSR Direct
to the Act Year (` Account (Yes/No)
Cr) for the
project as
State District Name CSR
per
Registration
Section
Number
135(6)
(` Cr)

103 Livelihood Vocational Yes Jammu and Kashmir 3 0.72 0.72 NA No Indo Global CSR00001677
enhancement Training and Kashmir Social
for artisans and Livelihood Service
farmers Enhancement Society
(ii)
104 Livelihood Vocational Yes Karnataka Hassan, 3 3.58 3.58 NA No Indus Tree CSR00000571
Enhancement Training and Chikmangular Crafts
for farmers Livelihood Shivmogga Madurai, Foundation
Enhancement Myladuriathurai,
(ii) Nagapatinam,
Tirunelveli, Tuticorn
105 Livelihood Vocational Yes Jharkhand Ranchi (Regional 1 1.28 1.28 NA No Kgvk CSR00000159
Enhancement Training and Project)
for farmers Livelihood
Enhancement
(ii)
106 Entrepreneurial Vocational Yes Odisha Kandamal 3 0.96 0.96 NA No Kiit CSR00002635
skill Training and Technology
development Livelihood Business
for women Enhancement Incubator
(ii)
107 Skills Training Vocational Yes Odisha Sambalpur 3 0.2 0.2 NA No Mahashakti CSR00002561
and Livelihood Training and Foundation
Enhancement Livelihood
Enhancement
(ii)
108 Value chain Vocational Yes Karnataka Uttra Kannada, 3 0.3 0.3 NA No Manuvikasa CSR00002730
development Training and Uduppi
for fisher Livelihood
women Enhancement
(ii)
109 Livelihood Vocational Yes Maharashtra Mumbai 3 0.45 0.45 NA No New CSR00000754
Enhancement Training and Resolution
for women Livelihood India
Enhancement
(ii)
110 Skill Training for Vocational Yes Chandigarh Chandigarh 1 1.21 1.21 NA No Orion CSR00000597
youth Training and Educational
Livelihood Society
Enhancement
(ii)
111 Training of Vocational Yes Jharkhand Gumla, Ranchi, West 1 2.69 2.69 NA No Paniit Alumni CSR00000005
nurses Training and Singhbhum Reach
Livelihood For India
Enhancement Foundation
(ii)
112 Skill training for Vocational Yes Rajasthan Udaipur 3 0.47 0.47 NA No Professional CSR00000973
farmers Training and Assistance
Livelihood For
Enhancement Development
(ii) Action

174
 Introduction to Our How We Our Responsible Statutory Reports and
Overview HDFC Bank Performance Create Value Strategy Business Financial Statements

Sl. Name Item from the Local Location of the Project Amount Amount Amount Mode of Mode of Implementation -
No. of the list of area project dura- allocated spent in transferred Imple- Through Implementing
Project activities (Yes/ tion for the the to menta- Agency
in Schedule No) project current Unspent tion -
VII (` Cr.) financial CSR Direct
to the Act Year (` Account (Yes/No)
Cr) for the
project as
State District Name CSR
per
Registration
Section
Number
135(6)
(` Cr)

113 Skill training for Vocational Yes Bihar Kisangunj, Jamui, 3 0.39 0.39 NA No Professional CSR00000973
farmers Training and Banka & Samstipur Assistance
Livelihood For
Enhancement Development
(ii) Action
114 Livelihood Vocational Yes Chhattisgarh Dhamtari 3 1.13 1.13 NA No Professional CSR00000973
Enhancement Training and Assistance
for women Livelihood For
Enhancement Development
(ii) Action
115 Livelihood Vocational Yes Chhattisgarh Raigarh 3 1.84 1.84 NA No Professional CSR00000973
Enhancement Training and Assistance
for women Livelihood For
Enhancement Development
(ii) Action
116 Livelihood Vocational Yes Madhya Panna and 3 1.2 1.2 NA No Professional CSR00000973
Enhancement Training and Pradesh Chattarpur Assistance
for women Livelihood For
Enhancement Development
(ii) Action
117 Livelihood Vocational Yes Chhattisgarh Bastar 3 1.6 1.6 NA No Professional CSR00000973
Promotion for Training and Assistance
Farmers Livelihood For
Enhancement Development
(ii) Action
118 Livelihood Vocational Yes Jharkhand Dumka 1 1.96 1.96 NA No Professional CSR00000973
Promotion for Training and Assistance
Farmers Livelihood For
Enhancement Development
(ii) Action
119 Skills Training Vocational Yes West bengal Bankura 3 0.72 0.71 NA No Professional CSR00000973
and Livelihood Training and Assistance
Enhancement Livelihood For
Enhancement Development
(ii) Action
120 Skills Training Vocational Yes West bengal Purulia 3 0.82 0.82 NA No Professional CSR00000973
and Livelihood Training and Assistance
Enhancement Livelihood For
Enhancement Development
(ii) Action
121 Skill training for Vocational Yes Maharashtra Palghar 3 0.23 0.23 NA No Raah CSR00003673
artisans Training and Foundation
Livelihood
Enhancement
(ii)
122 Skill Training for Vocational Yes Maharashtra Mumbai, Pune, 1 0.08 0.08 NA No Red Dot CSR00005987
Health workers Training and Satara, Udipi, Goa Foundation
Livelihood
Enhancement
(ii)

HDFC Bank Limited Integrated Annual Report 2021-22 175

Directors’ Report

Sl. Name Item from the Local Location of the Project Amount Amount Amount Mode of Mode of Implementation -
No. of the list of area project dura- allocated spent in transferred Imple- Through Implementing
Project activities (Yes/ tion for the the to menta- Agency
in Schedule No) project current Unspent tion -
VII (` Cr.) financial CSR Direct
to the Act Year (` Account (Yes/No)
Cr) for the
project as
State District Name CSR
per
Registration
Section
Number
135(6)
(` Cr)

123 Farmers Vocational Yes Himachal Mandi 3 1.68 1.68 NA No Sanjeevani CSR00000466
training Training and Pradesh Vikas Evam
program Livelihood Jan Kalyan
Enhancement Samiti
(ii)
124 Skill training for Vocational Yes Uttar Varanasi 1 0.4 0.33 NA No Sarthak CSR00001093
youth Training and Pradesh Educational
Livelihood Trust
Enhancement
(ii)
125 Skill training of Vocational Yes Kerala Thiruvananpuram 1 0.35 0.34 NA No Sarthak CSR00001093
disabled youth Training and Educational
Livelihood Trust
Enhancement
(ii)
126 Skill training for Vocational Yes Jharkhand Khunti, Muzaffarpur, 3 1.18 1.18 NA No Sarva Seva CSR00000224
farmers Training and and Bihar Vaishali, Gaya, Samity
Livelihood Jehanabad, Sanstha
Enhancement Samstipur, Nawada
(ii)
127 Livelihood Vocational Yes Uttar chitrakoot 3 0.69 0.69 NA No Self Reliant CSR00001911
Enhancement Training and Pradesh Initiatives
for farmers Livelihood Through
Enhancement Joint Action
(ii)
128 Livelihood Vocational Yes Rajasthan Baran 3 2.85 2.85 NA No Self Reliant CSR00001911
Promotion for Training and Initiatives
Farmers Livelihood Through
Enhancement Joint Action
(ii)
129 Skill Training for Vocational Yes Pan India Multiple District 1 12 12 NA No Society For CSR00000829
Women Training and Development
Livelihood Alternatives
Enhancement
(ii)
130 Livelihood Vocational Yes Assam, Golaghat, Ri 3 3.45 3.44 NA No Suvidha.. CSR00000399
Development Training and Meghalaya, Bhoi, Khorda and
through Livelihood Odisha and Darbhanga
Organic Enhancement Bihar
Agriculture (ii)
131 Skill training of Vocational Yes Maharashtra Nagpur and North 3 0.11 0.11 NA No Tata CSR00002739
youth Training and & Goa Goa Community
Livelihood Initiatives
Enhancement Trust
(ii)
132 Livelihood Vocational Yes Gujarat Dahod 1 1.46 1.46 NA No Tata CSR00003775
Promotion for Training and Education
Farmers Livelihood And
Enhancement Development
(ii) Trust

176
 Introduction to Our How We Our Responsible Statutory Reports and
Overview HDFC Bank Performance Create Value Strategy Business Financial Statements

Sl. Name Item from the Local Location of the Project Amount Amount Amount Mode of Mode of Implementation -
No. of the list of area project dura- allocated spent in transferred Imple- Through Implementing
Project activities (Yes/ tion for the the to menta- Agency
in Schedule No) project current Unspent tion -
VII (` Cr.) financial CSR Direct
to the Act Year (` Account (Yes/No)
Cr) for the
project as
State District Name CSR
per
Registration
Section
Number
135(6)
(` Cr)

133 Livelihood Vocational Yes Jharkhand Dumka 1 1.02 0.7 NA No Tata CSR00003775
Promotion for Training and Education
Farmers Livelihood And
Enhancement Development
(ii) Trust
134 Livelihood Vocational Yes Odisha Kalahandi 1 0.21 0.21 NA No Tata CSR00003775
Promotion for Training and Education
Farmers Livelihood And
Enhancement Development
(ii) Trust
135 Livelihood Vocational Yes Uttarakhand Pitthoragarh 1 0.5 0.5 NA No Tata CSR00003775
Promotion for Training and Education
Farmers Livelihood And
Enhancement Development
(ii) Trust
136 Livelihood Vocational Yes Maharashtra Mumbai 3 0.29 0.29 NA No Tata Institute CSR00003475
Enhancement Training and Of Social
for socially Livelihood Sciences,
excluded and Enhancement Mumbai
stigmatised (ii)
populations
137 Skill Training for Vocational Yes Jharkhand Kharsawan 3 0.9 0.9 NA No Tata Steel CSR00001142
Youth Training and Foundation
Livelihood
Enhancement
(ii)
138 Livelihood Vocational Yes Maharashtra Ratnagiri 1 0.91 0.91 NA No The Pride CSR00001069
Promotion for Training and India
Farmers Livelihood
Enhancement
(ii)
139 Skill training for Vocational Y Yes Jharkhand Simdega, Ranchi 3 0.33 0.33 NA No Transforming CSR00000421
farmers Training and es Rural India
Livelihood es Foundation
Enhancement
(ii)
140 Skill training of Vocational Yes Delhi NCR Delhi, Gautam 1 0.21 0.21 NA No Udayan Care CSR00000619
youth Training and and UP Buddha Nagar and
Livelihood Ghaziabad
Enhancement
(ii)
141 Livelihood Vocational Yes Rajasthan Madhopur 1 0.28 0.28 NA No Udyogini CSR00001487
Promotion for Training and
Farmers Livelihood
Enhancement
(ii)
142 Skill training of Vocational Yes Pan India Multiple District 3 4.87 4.87 NA No United Way CSR00000216
youth Training and Of Delhi
Livelihood
Enhancement
(ii)

HDFC Bank Limited Integrated Annual Report 2021-22 177

Directors’ Report

Sl. Name Item from the Local Location of the Project Amount Amount Amount Mode of Mode of Implementation -
No. of the list of area project dura- allocated spent in transferred Imple- Through Implementing
Project activities (Yes/ tion for the the to menta- Agency
in Schedule No) project current Unspent tion -
VII (` Cr.) financial CSR Direct
to the Act Year (` Account (Yes/No)
Cr) for the
project as
State District Name CSR
per
Registration
Section
Number
135(6)
(` Cr)

143 Women and Vocational Yes Rajasthan Bikaner 3 2.32 2.32 NA No Urmul CSR00000567
farmers training Training and Seemant
program Livelihood Samiti
Enhancement
(ii)
144 Farmers Vocational Yes Jharkhand Gumla 3 0.95 0.95 NA No Vikas CSR00000367
training Training and Samvad
program Livelihood Samiti
Enhancement
(ii)
145 Livelihood Vocational Yes Telangana Mulungu 2 1.62 1.62 NA No Vrutti CSR00000538
Enhancement Training and
for farmers Livelihood
Enhancement
(ii)
146 Holistic Rural Rural Yes Madhya Chindwada 4 0.02 0.02 NA No Watershed CSR00000518
Development Development Pradesh Organisation
Program Projects (x) Trust
147 Holistic Rural Rural Yes Madhya Sagar 2 0.73 0.73 NA No Abhyuday CSR00000495
Development Development Pradesh Sansthan
Program Projects (x)
148 Holistic Rural Rural Yes Madhya Ratlam 4 0.19 0.19 NA No Baif CSR00000308
Development Development Pradesh Development
Program Projects (x) Research
Foundation
149 Holistic Rural Rural Yes Assam Kamrup 4 0.07 0.07 NA No Fxb India CSR00000076
Development Development Suraksha
Program Projects (x)
150 Holistic Rural Rural Yes Assam Nalbari 4 0.29 0.29 NA No Gramya CSR00000407
Development Development Vikash
Program Projects (x) Mancha
151 Holistic Rural Rural Yes Odisha Nayagarh 4 1.42 1.42 NA No Gram Vikas CSR00000596
Development Development
Program Projects (x)
152 Holistic Rural Rural Yes PUNJAB Amritsar 4 0.17 0.17 NA No Shramik CSR00000332
Development Development Bharti
Program Projects (x)
153 Holistic Rural Rural Yes PUNJAB Fazilka 4 0.52 0.52 NA No Centre For CSR00000339
Development Development Advance
Program Projects (x) Research
And
Development
154 Holistic Rural Rural Yes Uttarakhand Haridwar 4 1.57 1.57 NA No Ambuja CSR00006913
Development Development Cement
Program Projects (x) Foundation
155 Holistic Rural Rural Yes Madhya Shahdol 4 2.18 2.18 NA No Action CSR00001213
Development Development Pradesh For Social
Program Projects (x) Advan-
Cement (Asa)
156 Holistic Rural Rural Yes Meghalaya Ri-Bhoi 4 0.72 0.72 NA No Fxb India CSR00000076
Development Development Suraksha
Program Projects (x)

178
 Introduction to Our How We Our Responsible Statutory Reports and
Overview HDFC Bank Performance Create Value Strategy Business Financial Statements

Sl. Name Item from the Local Location of the Project Amount Amount Amount Mode of Mode of Implementation -
No. of the list of area project dura- allocated spent in transferred Imple- Through Implementing
Project activities (Yes/ tion for the the to menta- Agency
in Schedule No) project current Unspent tion -
VII (` Cr.) financial CSR Direct
to the Act Year (` Account (Yes/No)
Cr) for the
project as
State District Name CSR
per
Registration
Section
Number
135(6)
(` Cr)

157 Holistic Rural Rural Yes Chhattisgarh Dhamtari 4 0.48 0.46 NA No Gramin Vikas CSR00000633
Development Development Trust
Program Projects (x)
158 Holistic Rural Rural Yes Jharkhand Khunti 4 1.84 1.84 NA No Network For CSR00002858
Development Development Enterprise
Program Projects (x) Enhan-
Cement And
Develop-
Ment
Support
Needs
159 Holistic Rural Rural Yes Odisha Rayagada 4 1.97 1.97 NA No Prayatn CSR00000483
Development Development Sanstha
Program Projects (x)
160 Holistic Rural Rural Yes Bihar Vaishali 4 0.53 0.53 NA No Aga Khan CSR00004229
Development Development Rural
Program Projects (x) Support
Programme
India
161 Holistic Rural Rural Yes Jharkhand Ramgarh 4 3 3 NA No Kgvk CSR00000159
Development Development
Program Projects (x)
162 Holistic Rural Rural Yes Haryana Mahendragarh 4 0.64 0.64 NA No S M Sehgal CSR00000262
Development Development Foundation
Program Projects (x)
163 Holistic Rural Rural Yes Assam Dhemaji 3 0.16 0.16 NA No World Vision CSR00004211
Development Development India
Program Projects (x)
164 Holistic Rural Rural Yes Uttar Barabanki 4 1.47 1.46 NA No Aga Khan CSR00008713
Development Development Pradesh Foundation
Program Projects (x)
165 Holistic Rural Rural Yes Maharashtra Satara 3 0.09 0.09 NA No Action For CSR00000092
Development Development Agricultural
Program Projects (x) Renewal In
Maharashtra
Afarm
166 Holistic Rural Rural Yes Maharashtra Dhule 3 0.14 0.14 NA No Vikas Sahyog CSR00001779
Development Development Pratishthan
Program Projects (x)
167 Holistic Rural Rural Yes Kerala Idukki, Wayanadu, 3 1.27 1.27 NA No MS CSR00000470
Development Development Alapuzha, Kottayam, Swaminathan
Program Projects (x) Pathanamthitta, Research
Ernakulam Foundation
168 Holistic Rural Rural Yes Maharashtra Nanded 3 1.42 1.42 NA No Centre For CSR00000339
Development Development Advance
Program Projects (x) Research
And
Development
169 Holistic Rural Rural Yes Gujarat Sabarkantha 4 3.04 3.04 NA No Collectives CSR00000508
Development Development For
Program Projects (x) Integrated
Livelihood
Initiatives

HDFC Bank Limited Integrated Annual Report 2021-22 179

Directors’ Report

Sl. Name Item from the Local Location of the Project Amount Amount Amount Mode of Mode of Implementation -
No. of the list of area project dura- allocated spent in transferred Imple- Through Implementing
Project activities (Yes/ tion for the the to menta- Agency
in Schedule No) project current Unspent tion -
VII (` Cr.) financial CSR Direct
to the Act Year (` Account (Yes/No)
Cr) for the
project as
State District Name CSR
per
Registration
Section
Number
135(6)
(` Cr)

170 Holistic Rural Rural Yes Gujarat Narmada 3 1.73 1.73 NA No Aga Khan CSR00004229
Development Development Rural
Program Projects (x) Support
Programme
India
171 Holistic Rural Rural Yes Gujarat Kheda 3 1.66 1.66 NA No Foundation CSR00000637
Development Development For
Program Projects (x) Ecological
Security
172 Holistic Rural Rural Yes Jharkhand Dumka 4 3.06 3.06 NA No Professional CSR00000973
Development Development Assistance
Program Projects (x) For
Development
Action
173 Holistic Rural Rural Yes Assam Kamrup 3 2.16 2.16 NA No Citizens CSR00000589
Development Development Foundation
Program Projects (x)
174 Holistic Rural Rural Yes Rajasthan Jaisalmer 3 1.86 1.86 NA No Urmul Rural CSR00000546
Development Development Health
Program Projects (x) Research
And
Development
Trust
175 Holistic Rural Rural Yes Karnataka Gulberga, Bidar, 3 2.65 2.65 NA No Myrada CSR00001099
Development Development Raichur
Program Projects (x)
176 Holistic Rural Rural Yes Uttar Prayagraj (Allahabad) 3 1.88 1.88 NA No Peoples CSR00000125
Development Development Pradesh Action For
Program Projects (x) National
Integration
177 Holistic Rural Rural Yes Rajasthan Dhaulpur 3 1.95 1.95 NA No Manjari CSR00000074
Development Development Foundation
Program Projects (x)
178 Holistic Rural Rural Yes Rajasthan Karauli 3 1.64 1.64 NA No Udyogini CSR00001487
Development Development
Program Projects (x)
179 Holistic Rural Rural Yes Haryana Yamunanagar 4 1.88 1.88 NA No Centre For CSR00000339
Development Development Advance
Program Projects (x) Research
And
Development
180 Holistic Rural Rural Yes Chhattisgarh Surguja 3 0.46 0.46 NA No Ambuja CSR00006913
Development Development Cement
Program Projects (x) Foundation
181 Holistic Rural Rural Yes Madhya Barwani 3 1.37 1.37 NA No Aga Khan CSR00004229
Development Development Pradesh Rural
Program Projects (x) Support
Programme
India

180
 Introduction to Our How We Our Responsible Statutory Reports and
Overview HDFC Bank Performance Create Value Strategy Business Financial Statements

Sl. Name Item from the Local Location of the Project Amount Amount Amount Mode of Mode of Implementation -
No. of the list of area project dura- allocated spent in transferred Imple- Through Implementing
Project activities (Yes/ tion for the the to menta- Agency
in Schedule No) project current Unspent tion -
VII (` Cr.) financial CSR Direct
to the Act Year (` Account (Yes/No)
Cr) for the
project as
State District Name CSR
per
Registration
Section
Number
135(6)
(` Cr)

182 Holistic Rural Rural Yes Chhattisgarh Bilaspur 3 0.48 0.48 NA No National CSR00000206
Development Development Institute Of
Program Projects (x) Women Child
And Youth
Development
183 Holistic Rural Rural Yes Chhattisgarh Korea(Koriya) 3 0.77 0.77 NA No Watershed CSR00000518
Development Development Organisation
Program Projects (x) Trust
184 Holistic Rural Rural Yes Chhattisgarh Kanker 3 0.48 0.48 NA No Udyogini CSR00001487
Development Development
Program Projects (x)
185 Holistic Rural Rural Yes Maharashtra Yawatmal 3 1.49 1.49 NA No Sanjeevani CSR00000270
Development Development Inst. For
Program Projects (x) Empower-
Ment &
Develop-
Ment
186 Holistic Rural Rural Yes Chhattisgarh Balod 3 0.57 0.53 NA No Vrutti CSR00000538
Development Development
Program Projects (x)
187 Holistic Rural Rural Yes Rajasthan Dausa 2 2.12 2.11 NA No Baif CSR00000308
Development Development Development
Program Projects (x) Research
Foundation
188 Holistic Rural Rural Yes Maharashtra Palghar 2 1.09 1.09 NA No All India CSR00000373
Development Development Institute Of
Program Projects (x) Local Self
Government
189 Holistic Rural Rural Yes Madhya Vidisha 2 2.52 2.52 NA No Arpan Seva CSR00000826
Development Development Pradesh Sansthan
Program Projects (x)
190 Holistic Rural Rural Yes Chhattisgarh Janjgir-Champa 3 1.17 1.17 NA No Indo Global CSR00001677
Development Development Social
Program Projects (x) Service
Society
191 Holistic Rural Rural Yes Himachal Kangra 3 2.32 2.32 NA No Peoples CSR00000125
Development Development Pradesh Action For
Program Projects (x) National
Integration
192 Holistic Rural Rural Yes Assam Darang 3 1.65 1.65 NA No Fxb India CSR00000076
Development Development Suraksha
Program Projects (x)
193 Holistic Rural Rural Yes Chhattisgarh Kabeerdham 3 0.77 0.77 NA No Aroh CSR00000044
Development Development Foundation
Program Projects (x)
194 Holistic Rural Rural Yes Chhattisgarh Jashpur 3 1.59 1.59 NA No Self Reliant CSR00001911
Development Development Initiatives
Program Projects (x) Through
Joint Action
195 Holistic Rural Rural Yes Meghalaya East Khasi 3 1.45 1.45 NA No Aroh CSR00000044
Development Development Foundation
Program Projects (x)

HDFC Bank Limited Integrated Annual Report 2021-22 181

Directors’ Report

Sl. Name Item from the Local Location of the Project Amount Amount Amount Mode of Mode of Implementation -
No. of the list of area project dura- allocated spent in transferred Imple- Through Implementing
Project activities (Yes/ tion for the the to menta- Agency
in Schedule No) project current Unspent tion -
VII (` Cr.) financial CSR Direct
to the Act Year (` Account (Yes/No)
Cr) for the
project as
State District Name CSR
per
Registration
Section
Number
135(6)
(` Cr)

196 Holistic Rural Rural Yes Assam Vishwanath Chirali 4 2.14 2.14 NA No Suvidha.. CSR00000399
Development Development
Program Projects (x)
197 Holistic Rural Rural Yes Rajasthan Pali 2 1.52 1.52 NA No Self Reliant CSR00001911
Development Development Initiatives
Program Projects (x) Through
Joint Action
198 Holistic Rural Rural Yes Rajasthan Rajasmand 2 2.17 2.17 NA No Seva Mandir CSR00000288
Development Development
Program Projects (x)
199 Holistic Rural Rural Yes Chhattisgarh Durg 2 4.14 4.14 NA No Care India CSR00000786
Development Development Solutions For
Program Projects (x) Sustainable
Development
200 Holistic Rural Rural Yes Madhya Khandwa 3 1.26 1.26 NA No Indo Global CSR00001677
Development Development Pradesh Social
Program Projects (x) Service
Society
201 Holistic Rural Rural Yes Madhya Khargone 3 2.32 2.32 NA No Suvidha.. CSR00000399
Development Development Pradesh
Program Projects (x)
202 Holistic Rural Rural Yes Jharkhand Hazaribagh 4 2.89 2.89 NA No Kgvk CSR00000159
Development Development
Program Projects (x)
203 Holistic Rural Rural Yes Sikkim East Sikkim 2 1.54 1.54 NA No Citizens CSR00000589
Development Development Foundation
Program Projects (x)
204 Holistic Rural Rural Yes Bihar Nalanda 4 1.89 1.89 NA No Oxfam India CSR00000839
Development Development
Program Projects (x)
205 Holistic Rural Rural Yes Gujarat Somnath 3 0.73 0.73 NA No Tns India CSR00001337
Development Development Foundation
Program Projects (x)
206 Holistic Rural Rural Yes Odisha Koraput 3 1.26 1.26 NA No Foundation CSR00000637
Development Development For
Program Projects (x) Ecological
Security
207 Holistic Rural Rural Yes Maharashtra Jalna 3 3.47 3.47 NA No Watershed CSR00000518
Development Development Organisation
Program Projects (x) Trust
208 Holistic Rural Rural Yes Maharashtra Osmanabad 3 1.27 1.27 NA No Cohesion CSR00000148
Development Development Foundation
Program Projects (x) Trust
209 Holistic Rural Rural Yes Madhya Ujjain 2 1.81 1.81 NA No Action CSR00001213
Development Development Pradesh For Social
Program Projects (x) Advance-
Ment (Asa)
210 Holistic Rural Rural Yes Rajasthan Dholpur 1 0.31 0.31 NA No Manjari CSR00000074
Development Development Foundation
Program Projects (x)

182
 Introduction to Our How We Our Responsible Statutory Reports and
Overview HDFC Bank Performance Create Value Strategy Business Financial Statements

Sl. Name Item from the Local Location of the Project Amount Amount Amount Mode of Mode of Implementation -
No. of the list of area project dura- allocated spent in transferred Imple- Through Implementing
Project activities (Yes/ tion for the the to menta- Agency
in Schedule No) project current Unspent tion -
VII (` Cr.) financial CSR Direct
to the Act Year (` Account (Yes/No)
Cr) for the
project as
State District Name CSR
per
Registration
Section
Number
135(6)
(` Cr)

211 Holistic Rural Rural Yes Chhattisgarh Balrampur 3 1.82 1.82 NA No Udyogini CSR00001487
Development Development
Program Projects (x)
212 Holistic Rural Rural Yes Chhattisgarh Surajpur 2 1.45 1.45 NA No Indo Global CSR00001677
Development Development Social
Program Projects (x) Service
Society
213 Holistic Rural Rural Yes Chhattisgarh Sarguja 3 0.92 0.92 NA No Ambuja CSR00006913
Development Development Cement
Program Projects (x) Foundation
214 Holistic Rural Rural Yes PUNJAB Patiala 2 2.5 2.5 NA No Ambuja CSR00006913
Development Development Cement
Program Projects (x) Foundation
215 Holistic Rural Rural Yes Assam Lakhimpur 1 1.69 1.69 NA No Indo Global CSR00001677
Development Development Social
Program Projects (x) Service
Society
216 Holistic Rural Rural Yes Chhattisgarh Gariaband 2 1.41 1.4 NA No National CSR00000206
Development Development Institute Of
Program Projects (x) Women Child
And Youth
Development
217 Holistic Rural Rural Yes Uttar Gorakhpur 3 2.49 2.49 NA No Peoples CSR00000748
Development Development Pradesh Action For
Program Projects (x) National
Integration
218 Holistic Rural Rural Yes Uttar Varanasi 1 1.28 1.28 NA No Aroh CSR00000044
Development Development Pradesh Foundation
Program Projects (x)
219 Holistic Rural Rural Yes Madhya Burhanpur 2 1.74 1.64 NA No Aga Khan CSR00004229
Development Development Pradesh Rural
Program Projects (x) Support
Programme
India
220 Holistic Rural Rural Yes Jharkhand Ranchi 1 0.36 0.36 NA No Nav Bharat CSR00001693
Development Development Jagriti
Program Projects (x) Kendra
221 Holistic Rural Rural Yes Meghalaya Ri-Bhoi 2 2.73 2.73 NA No Society For CSR00000283
Development Development Action In
Program Projects (x) Community
Health
222 Holistic Rural Rural Yes Haryana Nuh 3 1.77 1.77 NA No S M Sehgal CSR00000262
Development Development Foundation
Program Projects (x)
223 Holistic Rural Rural Yes Uttar Bahraich 3 1.8 1.8 NA No Aga Khan CSR00008713
Development Development Pradesh Foundation
Program Projects (x)
224 Holistic Rural Rural Yes Rajasthan Alwar 2 1.83 1.83 NA No Ibtada CSR00002333
Development Development
Program Projects (x)

HDFC Bank Limited Integrated Annual Report 2021-22 183

Directors’ Report

Sl. Name Item from the Local Location of the Project Amount Amount Amount Mode of Mode of Implementation -
No. of the list of area project dura- allocated spent in transferred Imple- Through Implementing
Project activities (Yes/ tion for the the to menta- Agency
in Schedule No) project current Unspent tion -
VII (` Cr.) financial CSR Direct
to the Act Year (` Account (Yes/No)
Cr) for the
project as
State District Name CSR
per
Registration
Section
Number
135(6)
(` Cr)

225 Holistic Rural Rural Yes Uttarakhand Almora 3 2.76 2.76 NA No Himmotthan CSR00000081
Development Development Society
Program Projects (x)
226 Holistic Rural Rural Yes Madhya Jhabua 3 0.9 0.9 NA No Baif CSR00000259
Development Development Pradesh Institute For
Program Projects (x) Sustainable
Livelihoods
And
Development
227 Holistic Rural Rural Yes Bihar Gaya 1 1.93 1.93 NA No Nav Jagriti CSR00000824
Development Development
Program Projects (x)
228 Holistic Rural Rural Yes Madhya Guna 1 1.32 1.32 NA No End Poverty CSR00000314
Development Development Pradesh
Program Projects (x)
229 Holistic Rural Rural Yes Maharashtra Chandrapur 1 1.63 1.63 NA No Krushi Vikas CSR00001360
Development Development Va Gramin
Program Projects (x) Prashikshan
Sanstha
230 Holistic Rural Rural Yes Haryana Rewari 3 2.13 2.13 NA No End Poverty CSR00000314
Development Development
Program Projects (x)
231 Holistic Rural Rural Yes Maharashtra Hingoli 1 2.4 2.4 NA No Baif CSR00000259
Development Development Institute For
Program Projects (x) Sustainable
Livelihoods
And
Development
232 Holistic Rural Rural Yes Tamilnadu Virudhunagar 4 3.04 3.04 NA No National Agro CSR00000610
Development Development Foundation
Program Projects (x)
233 Holistic Rural Rural Yes Himachal Hamirpur 1 2.01 2.01 NA No Himmotthan CSR00000081
Development Development Pradesh Society
Program Projects (x)
234 Holistic Rural Rural Yes Karnataka Koppal 1 0.79 0.79 NA No Baif CSR00000259
Development Development Institute For
Program Projects (x) Sustainable
Livelihoods
And
Development
235 Holistic Rural Rural Yes Andhra Anantapur 1 1.14 1.14 NA No Foundation CSR00000637
Development Development pradesh For
Program Projects (x) Ecological
Security
236 Holistic Rural Rural Yes Uttar Sitapur 1 2.25 2.25 NA No Aga Khan CSR00008713
Development Development Pradesh Foundation
Program Projects (x)
237 Holistic Rural Rural Yes Madhya Rajgarh 1 1.14 1.14 NA No Arpan Seva CSR00000826
Development Development Pradesh Sansthan
Program Projects (x)

184
 Introduction to Our How We Our Responsible Statutory Reports and
Overview HDFC Bank Performance Create Value Strategy Business Financial Statements

Sl. Name Item from the Local Location of the Project Amount Amount Amount Mode of Mode of Implementation -
No. of the list of area project dura- allocated spent in transferred Imple- Through Implementing
Project activities (Yes/ tion for the the to menta- Agency
in Schedule No) project current Unspent tion -
VII (` Cr.) financial CSR Direct
to the Act Year (` Account (Yes/No)
Cr) for the
project as
State District Name CSR
per
Registration
Section
Number
135(6)
(` Cr)

238 Holistic Rural Rural Yes Gujarat Kheda 1 1.96 1.96 NA No Foundation CSR00000637
Development Development For
Program Projects (x) Ecological
Security
239 Holistic Rural Rural Yes Uttar Lalitpur 1 1.2 1.2 NA No Centre For CSR00000339
Development Development Pradesh Advance
Program Projects (x) Research
And
Development
240 Holistic Rural Rural Yes Uttar Pratapgarh 1 1.31 1.31 NA No Peoples CSR00000125
Development Development Pradesh Action For
Program Projects (x) National
Integration
241 Holistic Rural Rural Yes Chhattisgarh Balod 3 1.19 1.19 NA No Vrutti CSR00000538
Development Development
Program Projects (x)
242 Holistic Rural Rural Yes Maharashtra Satara 1 1.35 1.35 NA No Action For CSR00000092
Development Development Agricultural
Program Projects (x) Renewal In
Maharashtra
Afarm
243 Holistic Rural Rural Yes Maharashtra Nasik 1 2.37 2.37 NA No Sanjeevani CSR00000270
Development Development Inst. For
Program Projects (x) Empower-
Ment &
Develop-
Ment
244 Holistic Rural Rural Yes Bihar Sitamarhi 1 0.82 0.82 NA No Oxfam India CSR00000839
Development Development
Program Projects (x)
245 Holistic Rural Rural Yes Uttar Agra 3 1.92 1.92 NA No Ambuja CSR00006913
Development Development Pradesh Cement
Program Projects (x) Foundation
246 Holistic Rural Rural Yes Kerala Ernakualam 3 1.51 1.51 NA No MS CSR00000470
Development Development Swaminathan
Program Projects (x) Research
Foundation
247 Holistic Rural Rural Yes Uttar Shrawasti 3 2.16 2.16 NA No Gorakhpur CSR00000748
Development Development Pradesh Environ-
Program Projects (x) Mental Action
Group
248 Holistic Rural Rural Yes Uttar Chandauli 3 1.43 1.42 NA No Sahbhagi CSR00000486
Development Development Pradesh Shikshan
Program Projects (x) Kendra
249 Holistic Rural Rural Yes Sikkim W Sikkim 3 1.98 1.98 NA No Gramin Vikas CSR00000633
Development Development Trust
Program Projects (x)
250 Holistic Rural Rural Yes Bihar Sheikhpura 3 1.07 1.07 NA No Integrated CSR00000268
Development Development Development
Program Projects (x) Foundation
251 Holistic Rural Rural Yes Odisha Jagatsinghpur 1 1.59 1.59 NA No Harsha Trust CSR00001106
Development Development
Program Projects (x)

HDFC Bank Limited Integrated Annual Report 2021-22 185

Directors’ Report

Sl. Name Item from the Local Location of the Project Amount Amount Amount Mode of Mode of Implementation -
No. of the list of area project dura- allocated spent in transferred Imple- Through Implementing
Project activities (Yes/ tion for the the to menta- Agency
in Schedule No) project current Unspent tion -
VII (` Cr.) financial CSR Direct
to the Act Year (` Account (Yes/No)
Cr) for the
project as
State District Name CSR
per
Registration
Section
Number
135(6)
(` Cr)

252 Holistic Rural Rural Yes Odisha Kalahandi 3 2.41 2.34 NA No Oxfam India CSR00000839
Development Development
Program Projects (x)
253 Holistic Rural Rural Yes Odisha Puri 4 0.98 0.98 NA No Prayatn CSR00000483
Development Development Sanstha
Program Projects (x)
254 Holistic Rural Rural Yes Chhattisgarh Korea 3 1.69 1.69 NA No Watershed CSR00000518
Development Development Organisation
Program Projects (x) Trust
255 Holistic Rural Rural Yes Chhattisgarh Balrampur 3 1.73 1.73 NA No Udyogini CSR00001487
Development Development
Program Projects (x)
256 Holistic Rural Rural Yes Gujarat Amreli 3 0.89 0.89 NA No Coastal CSR00002590
Development Development Salinity
Program Projects (x) Prevention
Cell
257 Holistic Rural Rural Yes Gujarat Panchmahals 3 1.46 1.46 NA No Navin- CSR00000285
Development Development Chandra
Program Projects (x) Mafatlal
Sadguru
Water And
Develop-
Ment
Foundation
258 Holistic Rural Rural Yes Chhattisgarh BALODA BAZAR 3 0.71 0.67 NA No Gramin Vikas CSR00000633
Development Development Trust
Program Projects (x)
259 Holistic Rural Rural Yes Assam Baksa 3 1.34 1.34 NA No Gramya CSR00000407
Development Development Vikash
Program Projects (x) Mancha
260 Holistic Rural Rural Yes Jharkhand Palamu 4 2.07 2.07 NA No Aident Social CSR00000766
Development Development Welfare
Program Projects (x) Organisation
261 Holistic Rural Rural Yes Jharkhand Bokaro 3 1.19 1.19 NA No Life CSR00000579
Development Development Education
Program Projects (x) And
Development
Support
262 Holistic Rural Rural Yes Uttar Mathura 3 1.21 1.21 NA No S M Sehgal CSR00000262
Development Development Pradesh Foundation
Program Projects (x)
263 Holistic Rural Rural Yes Uttar Jhansi 1 0.86 0.86 NA No Self Reliant CSR00001911
Development Development Pradesh Initiatives
Program Projects (x) Through
Joint Action
264 Holistic Rural Rural Yes Uttar Sitapur 3 0.58 0.58 NA No Aga Khan CSR00008713
Development Development Pradesh Foundation
Program Projects (x)
265 Holistic Rural Rural Yes Uttar Lakhimpur 3 0.6 0.6 NA No Aga Khan CSR00008713
Development Development Pradesh Foundation
Program Projects (x)

186
 Introduction to Our How We Our Responsible Statutory Reports and
Overview HDFC Bank Performance Create Value Strategy Business Financial Statements

Sl. Name Item from the Local Location of the Project Amount Amount Amount Mode of Mode of Implementation -
No. of the list of area project dura- allocated spent in transferred Imple- Through Implementing
Project activities (Yes/ tion for the the to menta- Agency
in Schedule No) project current Unspent tion -
VII (` Cr.) financial CSR Direct
to the Act Year (` Account (Yes/No)
Cr) for the
project as
State District Name CSR
per
Registration
Section
Number
135(6)
(` Cr)

266 Holistic Rural Rural Yes Uttar Ayodhya 3 1.07 1.07 NA No Peoples CSR00000125
Development Development Pradesh Action For
Program Projects (x) National
Integration
267 Holistic Rural Rural Yes Uttar Bulandshahr 3 1.36 1.36 NA No End Poverty CSR00000314
Development Development Pradesh
Program Projects (x)
268 Holistic Rural Rural Yes Jharkhand Koderma 3 1.72 1.72 NA No Support. CSR00007700
Development Development
Program Projects (x)
269 Holistic Rural Rural Yes Jharkhand Saraikela Kharsawan 3 1.22 1.22 NA No Centre CSR00008062
Development Development For World
Program Projects (x) Solidarity
270 Holistic Rural Rural Yes Jharkhand Latehar 3 1.27 1.27 NA No Vikas Bharti CSR00001499
Development Development
Program Projects (x)
271 Holistic Rural Rural Yes Odisha Nabarangpur 3 0.46 0.46 NA No Agragamee CSR00008478
Development Development
Program Projects (x)
272 Holistic Rural Rural Yes Bihar Begusarai 3 0.77 0.77 NA No Nirdesh CSR00008272
Development Development
Program Projects (x)
273 Holistic Rural Rural Yes Bihar Aurangabad 3 1.72 1.72 NA No Rashtriye CSR00002390
Development Development Gramin Vikas
Program Projects (x) Nidhi
274 Holistic Rural Rural Yes Maharashtra Amravati 3 1.13 1.13 NA No Vikas Sahyog CSR00001779
Development Development Pratishthan
Program Projects (x)
275 Holistic Rural Rural Yes Madhya Dhar 1 1.47 1.47 NA No Watershed CSR00000518
Development Development Pradesh Organisation
Program Projects (x) Trust
276 Holistic Rural Rural Yes Maharashtra Wardha 3 0.16 0.16 NA No Aga Khan CSR00001277
Development Development Agency For
Program Projects (x) Habitat India
277 Holistic Rural Rural Yes Uttar Saharanpur 3 0.86 0.86 NA No Centre For CSR00000339
Development Development Pradesh Advance
Program Projects (x) Research
And
Development
278 Holistic Rural Rural Yes Madhya Sehore 3 1.4 1.4 NA No Arpan Seva CSR00000826
Development Development Pradesh Sansthan
Program Projects (x)
279 Holistic Rural Rural Yes Madhya Dewas 4 0.74 0.74 NA No Samaj CSR00002541
Development Development Pradesh Pragati
Program Projects (x) Sahayog
280 Holistic Rural Rural Yes Chhattisgarh Bemetara 1 0.5 0.5 NA No Samerth CSR00000832
Development Development Charitable
Program Projects (x) Trust

HDFC Bank Limited Integrated Annual Report 2021-22 187

Directors’ Report

Sl. Name Item from the Local Location of the Project Amount Amount Amount Mode of Mode of Implementation -
No. of the list of area project dura- allocated spent in transferred Imple- Through Implementing
Project activities (Yes/ tion for the the to menta- Agency
in Schedule No) project current Unspent tion -
VII (` Cr.) financial CSR Direct
to the Act Year (` Account (Yes/No)
Cr) for the
project as
State District Name CSR
per
Registration
Section
Number
135(6)
(` Cr)

281 Holistic Rural Rural Yes Uttar Kaushambi 3 0.87 0.87 NA No Baif CSR00000259
Development Development Pradesh Institute For
Program Projects (x) Sustainable
Livelihoods
And
Development
282 Holistic Rural Rural Yes Jharkhand Godda 3 0.58 0.58 NA No Professional CSR00000973
Development Development Assistance
Program Projects (x) For
Development
Action
283 Holistic Rural Rural Yes PUNJAB Partner 1 1.25 1.25 NA No Centre For CSR00000339
Development Development Advance
Program Projects (x) Research
And
Development
284 Holistic Rural Rural Yes Himachal Una 3 0.23 0.23 NA No Ambuja CSR00006913
Development Development Pradesh Cement
Program Projects (x) Foundation
285 Holistic Rural Rural Yes Haryana Mahendragarh 3 0.41 0.41 NA No S M Sehgal CSR00000262
Development Development Foundation
Program Projects (x)
286 Holistic Rural Rural Yes Madhya Shajapur 1 1.26 1.26 NA No Arpan Seva CSR00000826
Development Development Pradesh Sansthan
Program Projects (x)
287 Holistic Rural Rural Yes Madhya Chhindwara 1 1.55 1.55 NA No Naman Sewa CSR00008347
Development Development Pradesh Samiti
Program Projects (x)
288 Holistic Rural Rural Yes Madhya Indore 1 0.65 0.65 NA No Sai Jyoti CSR00007807
Development Development Pradesh Gramodoyog
Program Projects (x) Samaj Sewa
Samiti
289 Holistic Rural Rural Yes Andhra Andhra 3 0.66 0.66 NA No Foundation CSR00000637
Development Development pradesh For
Program Projects (x) Ecological
Security
290 Holistic Rural Rural Yes Andhra Prakasam 3 0.28 0.28 NA No Baif CSR00000259
Development Development pradesh Institute For
Program Projects (x) Sustainable
Livelihoods
And
Development
291 Holistic Rural Rural Yes Karnataka Krishnagiri 3 0.18 0.18 NA No Myrada CSR00001099
Development Development
Program Projects (x)
292 Holistic Rural Rural Yes Karnataka Gulbarga 3 0.7 0.7 NA No Myrada CSR00001099
Development Development
Program Projects (x)
293 Holistic Rural Rural Yes Karnataka Yadgiri 3 0.68 0.67 NA No Myrada CSR00001099
Development Development
Program Projects (x)

188
 Introduction to Our How We Our Responsible Statutory Reports and
Overview HDFC Bank Performance Create Value Strategy Business Financial Statements

Sl. Name Item from the Local Location of the Project Amount Amount Amount Mode of Mode of Implementation -
No. of the list of area project dura- allocated spent in transferred Imple- Through Implementing
Project activities (Yes/ tion for the the to menta- Agency
in Schedule No) project current Unspent tion -
VII (` Cr.) financial CSR Direct
to the Act Year (` Account (Yes/No)
Cr) for the
project as
State District Name CSR
per
Registration
Section
Number
135(6)
(` Cr)

294 Holistic Rural Rural Yes Karnataka Bidar 3 0.51 0.51 NA No Myrada CSR00001099
Development Development
Program Projects (x)
295 Holistic Rural Rural Yes Kerala Wayanadu,Idukki 3 0.32 0.32 NA No MS CSR00000470
Development Development Swaminathan
Program Projects (x) Research
Foundation
296 Holistic Rural Rural Yes Kerala Thiruvananthapuram 3 0.38 0.38 NA No Dhan CSR00000273
Development Development Foundation
Program Projects (x)
297 Holistic Rural Rural Yes Maharashtra Nanded 3 0.43 0.43 NA No Centre For CSR00000339
Development Development Advance
Program Projects (x) Research
And
Development
298 Holistic Rural Rural Yes Maharashtra Bhandara 3 0.36 0.36 NA No Vikas Sahyog CSR00001779
Development Development Pratishthan
Program Projects (x)
299 Holistic Rural Rural Yes Meghalaya Ri Bhoi 3 0.14 0.14 NA No Fxb India CSR00000076
Development Development Suraksha
Program Projects (x)
300 Holistic Rural Rural Yes Odisha Bolangir 3 0.7 0.7 NA No Gram Vikas CSR00000596
Development Development
Program Projects (x)
301 Holistic Rural Rural Yes West bengal South 24 Paraganas 3 0.33 0.33 NA No Sabuj CSR00000299
Development Development Sangha
Program Projects (x)
302 Holistic Rural Rural Yes Odisha Kendrapara 3 0.18 0.18 NA No Youth CSR00016873
Development Development Council For
Program Projects (x) Development
Alternative
(Ycda)
303 Holistic Rural Rural Yes Bihar Nawada 3 0.33 0.33 NA No Bhartiya CSR00001501
Development Development Jan Uthan
Program Projects (x) Parishad
304 Holistic Rural Rural Yes Jharkhand Khunti 2 0.39 0.39 NA No Network For CSR00002858
Development Development Enterprise
Program Projects (x) Enhance-
Ment And
Develop-
Ment
Support
Needs
305 Holistic Rural Rural Yes Jharkhand Lohardaga 3 0.44 0.44 NA No Baif CSR00000259
Development Development Institute For
Program Projects (x) Sustainable
Livelihoods
And
Development
306 Holistic Rural Rural Yes Jharkhand Sahebganj 3 0.54 0.54 NA No Pravah CSR00002347
Development Development
Program Projects (x)

HDFC Bank Limited Integrated Annual Report 2021-22 189

Directors’ Report

Sl. Name Item from the Local Location of the Project Amount Amount Amount Mode of Mode of Implementation -
No. of the list of area project dura- allocated spent in transferred Imple- Through Implementing
Project activities (Yes/ tion for the the to menta- Agency
in Schedule No) project current Unspent tion -
VII (` Cr.) financial CSR Direct
to the Act Year (` Account (Yes/No)
Cr) for the
project as
State District Name CSR
per
Registration
Section
Number
135(6)
(` Cr)

307 Holistic Rural Rural Yes Bihar Munger 3 0.15 0.15 NA No Baif CSR00000259
Development Development Institute For
Program Projects (x) Sustainable
Livelihoods
And
Development
308 Holistic Rural Rural Yes Jharkhand Giridih 3 0.24 0.24 NA No Jan Jagran CSR00000161
Development Development Kendra
Program Projects (x)
309 Financial Rural Yes Pan India Multiple districts 1 157.54 157.54 NA Yes Direct NA
Literacy Development
Program Projects (x)
310 Dairy Support Rural Yes Pan India 1 19.19 19.19 NA Yes Direct NA
Program Development
Projects (x)
Total 613.02 *612.16 NA*

* Bank has overachieved it’s 2% mandatory CSR obligation for FY 2021-22. Hence, unspent balance of INR 0.86 Cr. against the excess fund disbursed
will not be transferred to unspent CSR account for FY 2021-22 and same will be treated as opening balance for FY 2022-23.

(c) Details of CSR amount spent against other than ongoing projects for the financial year:

Sl. Name Item from the Local Location of the Amount Mode of Mode of Implementation -
No. of the list of activities area project spent Imple- Through Implementing
Project in Schedule VII (Yes/ for the menta- Agency
to the Act No) project tion -
(` Cr) Direct
(Yes/No)

State District Name CSR Registration

Number
1 COVID Relief Preventive and Curative Yes Madhya Sagar 0.08 No Abhyuday Sansthan CSR00000495
Program Healthcare (i)/ Disaster Pradesh
Management (xii)
2 COVID Relief Preventive and Curative Yes Maharashtra Satara 0.01 No Action For CSR00000092
Program Healthcare (i)/ Disaster Agricultural Renewal
Management (xii) In Maharashtra Farm
3 COVID Relief Preventive and Curative Yes Madhya Ujjain 0.01 No Action For Social CSR00001213
Program Healthcare (i)/ Disaster Pradesh Advancement (Asa)
Management (xii)
4 COVID Relief Preventive and Curative Yes Madhya Shahdol 0.03 No Action For Social CSR00001213
Program Healthcare (i)/ Disaster Pradesh Advancement (Asa)
Management (xii)
5 COVID Relief Preventive and Curative Yes Tamilnadu Melmaruvathur 0.56 No Adhiparasakthi CSR00000466
Program Healthcare (i)/ Disaster Charitable Medical
Management (xii) Educational And
Cultural Trust
6 COVID Relief Preventive and Curative Yes Uttar Barabanki 0.01 No Aga Khan CSR00008713
Program Healthcare (i)/ Disaster Pradesh Foundation
Management (xii)

190
 Introduction to Our How We Our Responsible Statutory Reports and
Overview HDFC Bank Performance Create Value Strategy Business Financial Statements

Sl. Name Item from the Local Location of the Amount Mode of Mode of Implementation -
No. of the list of activities area project spent Imple- Through Implementing
Project in Schedule VII (Yes/ for the menta- Agency
to the Act No) project tion -
(` Cr) Direct
(Yes/No)

State District Name CSR Registration

Number
7 COVID Relief Preventive and Curative Yes Uttar Bahraich 0.09 No Aga Khan CSR00008713
Program Healthcare (i)/ Disaster Pradesh Foundation
Management (xii)
8 COVID Relief Preventive and Curative Yes Bihar Vaishali 0.03 No Aga Khan Rural CSR00004229
Program Healthcare (i)/ Disaster Support Programme
Management (xii) India
9 COVID Relief Preventive and Curative Yes Madhya Barwani 0.04 No Aga Khan Rural CSR00004229
Program Healthcare (i)/ Disaster Pradesh Support Programme
Management (xii) India
10 COVID Relief Preventive and Curative Yes Gujarat Narmada 0.03 No Aga Khan Rural CSR00004229
Program Healthcare (i)/ Disaster Support Programme
Management (xii) India
11 Incubator Contribution to Yes Odisha Bhubaneswar 0.25 No Aic Cv Raman CSR00017678
Support Incubators or Research College Of
Program (ix - a) Engineering
Foundation
12 Incubator Contribution to Yes PUNJAB Mohali 0.5 No Aic Isb Association CSR00004912
Support Incubators or Research
Program (ix - a)
13 Incubator Contribution to Yes Rajasthan Jaipur 0.25 No Aic Jklu Foundation CSR00018265
Support Incubators or Research
Program (ix - a)
14 Incubator Contribution to Yes Gujarat Ahmedabad 0.1 No Aic Lmcp Foundation CSR00005955
Support Incubators or Research
Program (ix - a)
15 Incubator Contribution to Yes Maharashtra Pune 0.5 No Aic Mitadt Incubator CSR00003125
Support Incubators or Research Forum
Program (ix - a)
16 Incubator Contribution to Yes Karnataka Bangalore 0.98 No Aic Ncore CSR00017882
Support Incubators or Research Developmental
Program (ix - a) Impact Foundation
17 Incubator Contribution to Yes Andhra Anantapur 0.25 No Aic Sku CSR00017704
Support Incubators or Research pradesh Confederation
Program (ix - a)
18 Incubator Contribution to Yes Sikkim Majitar 0.25 No Aic Smu Technology CSR00004563
Support Incubators or Research Business Incubation
Program (ix - a) Foundation
19 Incubator Contribution to Yes Delhi New Delhi 0.9 No Aic Stpinext CSR00019475
Support Incubators or Research Initiatives
Program (ix - a)
20 COVID Relief Preventive and Curative Yes Uttarakhand Haridwar 0.08 No Ambuja Cement CSR00006913
Program Healthcare (i)/ Disaster Foundation
Management (xii)
21 COVID Relief Preventive and Curative Yes Chhattisgarh Sarguja 0.00 No Ambuja Cement CSR00006913
Program Healthcare (i)/ Disaster Foundation
Management (xii)
22 Incubator Contribution to Yes Uttar Noida 0.5 No Amity Technology CSR00018123
Support Incubators or Research Pradesh Incubator
Program (ix - a)

HDFC Bank Limited Integrated Annual Report 2021-22 191

Directors’ Report

Sl. Name Item from the Local Location of the Amount Mode of Mode of Implementation -
No. of the list of activities area project spent Imple- Through Implementing
Project in Schedule VII (Yes/ for the menta- Agency
to the Act No) project tion -
(` Cr) Direct
(Yes/No)

State District Name CSR Registration

Number
23 Incubator Contribution to Yes Kerala Kollam 0.5 No Amrita Technology CSR00018348
Support Incubators or Research Business Incubator
Program (ix - a)
24 COVID Relief Preventive and Curative Yes Maharashtra Raigad 0.73 No Annada CSR00000749
Program Healthcare (i)/ Disaster
Management (xii)
25 COVID Relief Preventive and Curative Yes Uttar Varanasi 0.08 No Aroh Foundation CSR00000044
Program Healthcare (i)/ Disaster Pradesh
Management (xii)
26 COVID Relief Preventive and Curative Yes Chhattisgarh Kawardha 0.03 No Aroh Foundation CSR00000044
Program Healthcare (i)/ Disaster
Management (xii)
27 COVID Relief Preventive and Curative Yes Madhya Rajgrah 0.02 No Arpan Seva CSR00000826
Program Healthcare (i)/ Disaster Pradesh Sansthan
Management (xii)
28 COVID Relief Preventive and Curative Yes Madhya Vidisha 0.07 No Arpan Seva CSR00000826
Program Healthcare (i)/ Disaster Pradesh Sansthan
Management (xii)
29 COVID Relief Preventive and Curative Yes Pan India Guwahati 1 No Assam Arogya Nidhi CSR00009814
Program Healthcare (i)/ Disaster
Management (xii)
30 Incubator Contribution to Yes Gujarat Surat 0.5 No Association CSR00003499
Support Incubators or Research For Harnessing
Program (ix - a) Innovation And
Entrepreneurship
31 COVID Relief Preventive and Curative Yes Madhya Dhar 0 No Baif Development CSR00000308
Program Healthcare (i)/ Disaster Pradesh Research Foundation
Management (xii)
32 COVID Relief Preventive and Curative Yes Madhya Jhabua 0.28 No Baif Institute CSR00000259
Program Healthcare (i)/ Disaster Pradesh For Sustainable
Management (xii) Livelihoods And
Development
33 COVID Relief Preventive and Curative Yes Maharashtra Hingoli 0.01 No Baif Institute CSR00000259
Program Healthcare (i)/ Disaster For Sustainable
Management (xii) Livelihoods And
Development
34 COVID Relief Preventive and Curative Yes Karnataka Koppal 0.01 No Baif Institute CSR00000259
Program Healthcare (i)/ Disaster For Sustainable
Management (xii) Livelihoods And
Development
35 Support to Preventive and Curative Yes Pan India Jaipur 0.72 No Bhagwan Mahaveer CSR00001480
person with Healthcare (i) Viklang Sahayata
disability Samiti
36 COVID Relief Preventive and Curative Yes Maharashtra Mumbai 0.12 Yes Direct NA
Program Healthcare (i)/ Disaster
Management (xii)
37 COVID Relief Preventive and Curative Yes Himachal Pan India 5.73 Yes Direct NA
Program Healthcare (i)/ Disaster Pradesh
Management (xii)

192
 Introduction to Our How We Our Responsible Statutory Reports and
Overview HDFC Bank Performance Create Value Strategy Business Financial Statements

Sl. Name Item from the Local Location of the Amount Mode of Mode of Implementation -
No. of the list of activities area project spent Imple- Through Implementing
Project in Schedule VII (Yes/ for the menta- Agency
to the Act No) project tion -
(` Cr) Direct
(Yes/No)

State District Name CSR Registration

Number
38 COVID Relief Preventive and Curative Pan India Separate list 12.99 No Buddy4study India CSR00000121
Program Healthcare (i)/ Disaster provided Foundation
Management (xii)
39 COVID Relief Preventive and Curative Yes Pan India PATNA 3 No Care India Solutions CSR00000786
Program Healthcare (i)/ Disaster For Sustainable
Management (xii) Development
40 COVID Relief Preventive and Curative Yes Chhattisgarh Durg 0.04 No Care India Solutions CSR00000786
Program Healthcare (i)/ Disaster For Sustainable
Management (xii) Development
41 COVID Relief Preventive and Curative Yes Uttar Lalitpur 0.04 No Centre For Advance CSR00000339
Program Healthcare (i)/ Disaster Pradesh Research And
Management (xii) Development
42 COVID Relief Preventive and Curative Yes Haryana Yamuna Nagar 0.03 No Centre For Advance CSR00000339
Program Healthcare (i)/ Disaster Research And
Management (xii) Development
43 COVID Relief Preventive and Curative Yes Maharashtra Nanded 0.04 No Centre For Advance CSR00000339
Program Healthcare (i)/ Disaster Research And
Management (xii) Development
44 COVID Relief Preventive and Curative Yes Maharashtra Mumbai 0.18 Yes Direct NA
Program Healthcare (i)/ Disaster
Management (xii)
45 COVID Relief Preventive and Curative Yes Maharashtra Osmanabad 0.02 No Cohesion Foundation CSR00000148
Program Healthcare (i)/ Disaster Trust
Management (xii)
46 COVID Relief Preventive and Curative Yes Gujarat Sabarkantha 0.02 No Collectives For CSR00000508
Program Healthcare (i)/ Disaster Integrated Livelihood
Management (xii) Initiatives
47 COVID Relief Preventive and Curative PUNJAB Ludhiana, Khargone 1.19 No Concern India CSR00000898
Program Healthcare (i)/ Disaster and Kendrapada Foundation
Management (xii)
48 COVID Relief Preventive and Curative Yes Pan India Multiple districts 1 No Csc Academy CSR00006887
Program Healthcare (i)/ Disaster
Management (xii)
49 Training on Vocational Training and Yes Maharashtra Multiple districts 0.25 No Csc Academy CSR00006887
Phlebetomy Livelihood Enhancement
(ii)
50 Digitization in Promoting Education (ii) Yes Odisha Angul, Pali 2 No Csc Academy CSR00006887
villages
51 Incubator Contribution to Yes Karnataka Bangalore 0.9 No Derbi Foundation CSR00010231
Support Incubators or Research
Program (ix - a)
52 COVID Relief Preventive and Curative Yes Maharashtra Mumbai 1.15 Yes Direct NA
Program Healthcare (i)/ Disaster
Management (xii)
53 Flood Relief Disaster Management Yes Maharashtra Sangli 0.05 No Donatekart CSR00005168
program (xii) Foundation

HDFC Bank Limited Integrated Annual Report 2021-22 193

Directors’ Report

Sl. Name Item from the Local Location of the Amount Mode of Mode of Implementation -
No. of the list of activities area project spent Imple- Through Implementing
Project in Schedule VII (Yes/ for the menta- Agency
to the Act No) project tion -
(` Cr) Direct
(Yes/No)

State District Name CSR Registration

Number
54 COVID Relief Preventive and Curative Yes Uttar Gorakhpur 0 Yes Direct NA
Program Healthcare (i)/ Disaster Pradesh
Management (xii)
55 COVID Relief Preventive and Curative Yes Madhya Guna 0.17 No End Poverty CSR00000314
Program Healthcare (i)/ Disaster Pradesh
Management (xii)
56 COVID Relief Preventive and Curative Yes Haryana Rewari 0.18 No End Poverty CSR00000314
Program Healthcare (i)/ Disaster
Management (xii)
57 Incubator Contribution to Yes Maharashtra Pune 1 No Entrepreneurship CSR00000220
Support Incubators or Research Development Center
Program (ix - a)
58 Incubator Contribution to Yes Telangana Hyderabad 0.25 No Foundation For Cfhe CSR00001821
Support Incubators or Research
Program (ix - a)
59 COVID Relief Preventive and Curative Yes Odisha Koraput 0.02 No Foundation For CSR00000637
Program Healthcare (i)/ Disaster Ecological Security
Management (xii)
60 COVID Relief Preventive and Curative Yes Gujarat Kheda 0.02 No Foundation For CSR00000637
Program Healthcare (i)/ Disaster Ecological Security
Management (xii)
61 COVID Relief Preventive and Curative Yes Gujarat Kheda 0.02 No Foundation For CSR00000637
Program Healthcare (i)/ Disaster Ecological Security
Management (xii)
62 COVID Relief Preventive and Curative Yes Andhra Ananthpur 0.09 No Foundation For CSR00000637
Program Healthcare (i)/ Disaster pradesh Ecological Security
Management (xii)
63 Support to Training to Promote Yes Pan India Multiple District 1.5 No Foundation For CSR00001100
Olympiads Sports (vii) Promotion Of Sports
And Games
64 Incubator Contribution to Yes Karnataka Hubballi 0.25 No Foundation For CSR00001469
Support Incubators or Research Sandboxstartup
Program (ix - a) Initiatives
65 COVID Relief Preventive and Curative Yes Maharashtra Mumbai, Thane 0.79 Yes Direct NA
Program Healthcare (i)/ Disaster
Management (xii)
66 COVID Relief Preventive and Curative Yes Punjab Ludhiana 0.01 Yes Direct NA
Program Healthcare (i)/ Disaster
Management (xii)
67 COVID Relief Preventive and Curative Yes Gujarat Ahmedabad 0.5 No Gcs Med College CSR00000688
Program Healthcare (i)/ Disaster Hosp And Research
Management (xii) Centre
68 COVID Relief Preventive and Curative Yes Karnataka Ranchi 0.15 Yes Direct NA
Program Healthcare (i)/ Disaster
Management (xii)
69 COVID Relief Preventive and Curative Yes Pan India Partner 3.04 No Giveindia CSR00000389
Program Healthcare (i)/ Disaster
Management (xii)

194
 Introduction to Our How We Our Responsible Statutory Reports and
Overview HDFC Bank Performance Create Value Strategy Business Financial Statements

Sl. Name Item from the Local Location of the Amount Mode of Mode of Implementation -
No. of the list of activities area project spent Imple- Through Implementing
Project in Schedule VII (Yes/ for the menta- Agency
to the Act No) project tion -
(` Cr) Direct
(Yes/No)

State District Name CSR Registration

Number
70 COVID Relief Preventive and Curative Yes West bengal Washim 0.53 No Giveindia CSR00000389
Program Healthcare (i)/ Disaster
Management (xii)
71 COVID Relief Preventive and Curative Yes Pan India Pan India 4.78 No Giveindia CSR00000389
Program Healthcare (i)/ Disaster
Management (xii)
72 COVID Relief Preventive and Curative Yes Pan India Pan India 8.78 No Giveindia CSR00000389
Program Healthcare (i)/ Disaster
Management (xii)
73 Payroll Giving Eradicating Poverty (i)/ Yes Pan India Pan India 0.41 No Giveindia CSR00000389
Programme Promoting Education (ii)/
Gender Equality (iii)
74 COVID Relief Preventive and Curative Yes Chhattisgarh Dhamtari 0.07 No Gramin Vikas Trust CSR00000633
Program Healthcare (i)/ Disaster
Management (xii)
75 COVID Relief Preventive and Curative Yes Assam Nalbari 0.05 No Gramya Vikash CSR00000407
Program Healthcare (i)/ Disaster Mancha
Management (xii)
76 Incubator Contribution to Yes Gujarat Ahmedabad 0.9 No Gujarat Student CSR00023347
Support Incubators or Research Startup And
Program (ix - a) Innovation Hub
77 COVID Relief Preventive and Curative Yes Uttarakhand Almora 0.01 No Himmotthan Society CSR00000081
Program Healthcare (i)/ Disaster
Management (xii)
78 Incubator Contribution to Yes Telangana Hyderabad 0.5 No I Tic Foundation Iit CSR00003816
Support Incubators or Research Hyderabad
Program (ix - a)
79 COVID Relief Preventive and Curative Yes Rajasthan Alwar 0.01 No Ibtada CSR00002333
Program Healthcare (i)/ Disaster
Management (xii)
80 Incubator Contribution to Yes Karnataka Bangalore 0.5 No Indian Institute CSR00003458
Support Incubators or Research Of Management
Program (ix - a) Bangalore
81 Incubator Contribution to Yes Chhattisgarh Bhilai 0.76 No Indian Institute Of CSR00018467
Support Incubators or Research Technology Bhilai
Program (ix - a)
82 Incubator Contribution to Yes Delhi New Delhi 0.5 No Indian Society CSR00000109
Support Incubators or Research Of Agribusiness
Program (ix - a) Professionals
83 COVID Relief Preventive and Curative Yes Uttar Bhadohi, Varanasi, 1.27 Yes Direct NA
Program Healthcare (i)/ Disaster Pradesh Lucknow
Management (xii)
84 COVID Relief Preventive and Curative Yes Chhattisgarh Surajpur 0.1 No Indo Global Social CSR00001677
Program Healthcare (i)/ Disaster Service Society
Management (xii)
85 COVID Relief Preventive and Curative Yes Chhattisgarh Champa 0.1 No Indo Global Social CSR00001677
Program Healthcare (i)/ Disaster Service Society
Management (xii)

HDFC Bank Limited Integrated Annual Report 2021-22 195

Directors’ Report

Sl. Name Item from the Local Location of the Amount Mode of Mode of Implementation -
No. of the list of activities area project spent Imple- Through Implementing
Project in Schedule VII (Yes/ for the menta- Agency
to the Act No) project tion -
(` Cr) Direct
(Yes/No)

State District Name CSR Registration

Number
86 COVID Relief Preventive and Curative Yes Madhya Khandwa 0.06 No Indo Global Social CSR00001677
Program Healthcare (i)/ Disaster Pradesh Service Society
Management (xii)
87 COVID Relief Preventive and Curative Yes Himachal Mandi 0.01 Yes Direct NA
Program Healthcare (i)/ Disaster Pradesh
Management (xii)
88 Purchase Preventive and Curative Yes Uttarakhand Dehradun 0.27 Yes Direct NA
of Medical Healthcare (i)
Equipment
89 COVID Relief Preventive and Curative Yes Bihar Samastipur 0.02 No Integrated CSR00000268
Program Healthcare (i)/ Disaster Development
Management (xii) Foundation
90 Incubator Contribution to Yes Telangana Hyderabad 0.5 No International Institute CSR00005001
Support Incubators or Research Of Information
Program (ix - a) Technology
Hyderabad
Foundation
91 COVID Relief Preventive and Curative Yes Kerala Thrissur 0.62 Yes Direct NA
Program Healthcare (i)/ Disaster
Management (xii)
92 COVID Relief Preventive and Curative Pan India Assam - KAMRUP 12.35 No Karuna Trust CSR00000946
Program Healthcare (i)/ Disaster (Rural), Tinsukia,
Management (xii) Biswanath,
NAGAON, Sonitpur,
Morigaon, Morigaon.
Manipur - Imphal
East, Thoubal,
Tamenglong.
Meghalaya - West
Jaintia Hills, West
Khasi Hills, East
Garo Hills. Nagaland
- Dimapur. Sikkim
- East Sikkim. WB -
KTiruppur, Alimpong,
Koochbehar,
Karnataka - Kurg,
Shimogga, Kolar,
Srinivaspur,
Gulbarga, Bellari,
Arunachal -
TAWANG, West
Tripura, Tamil Nadu
- Virudhunagar,
Thanjavur, Vellore,
Tirunelveli, Mizoram -
Aizwal, Saiha
93 COVID Relief Preventive and Curative Yes Punjab Patiala 0 Yes Direct NA
Program Healthcare (i)/ Disaster
Management (xii)

196
 Introduction to Our How We Our Responsible Statutory Reports and
Overview HDFC Bank Performance Create Value Strategy Business Financial Statements

Sl. Name Item from the Local Location of the Amount Mode of Mode of Implementation -
No. of the list of activities area project spent Imple- Through Implementing
Project in Schedule VII (Yes/ for the menta- Agency
to the Act No) project tion -
(` Cr) Direct
(Yes/No)

State District Name CSR Registration

Number
94 Incubator Contribution to Yes Odisha Bhubaneswar 0.26 No Kiit Technology CSR00002635
Support Incubators or Research Business Incubator
Program (ix - a)
95 COVID Relief Preventive and Curative Yes Kerala Wayanadu,Idukki, 0.05 No M S Swaminathan CSR00000470
Program Healthcare (i)/ Disaster Kuttanadu, Enakulam Research Foundation
Management (xii)
96 COVID Relief Preventive and Curative Yes Rajasthan Dholpur 0.07 No Manjari Foundation CSR00000074
Program Healthcare (i)/ Disaster
Management (xii)
97 Incubator Contribution to Yes Maharashtra Aurangabad 0.5 No Marathwada CSR00012590
Support Incubators or Research Accelerator For
Program (ix - a) Growth And
Incubation Council
98 Purchase of Preventive and Curative Yes Tamilnadu Kolkata 0.9 No Medical Research CSR00002370
Machinery for Healthcare (i) Foundation
Hospital
99 COVID Relief Preventive and Curative Yes Maharashtra Mumbai 0.34 Yes Direct NA
Program Healthcare (i)/ Disaster
Management (xii)
100 COVID Relief Preventive and Curative Yes Chhattisgarh Bilaspur 0.02 Yes Direct NA
Program Healthcare (i)/ Disaster
Management (xii)
101 Promoting Promoting Education (ii) Yes Uttarakhand Dehradun 0.51 No Meerabo Global CSR00005114
Quality Foundation
Education
102 Support Preventive and Curative Yes Uttar Madan 1.5 No Msbsv Mahamana CSR00001287
to Cancer Healthcare (i) Pradesh Pandit Madan Mohan
Patients Malviya Cancer
Centre Tata Memorial
103 COVID Relief Preventive and Curative Yes Karnataka Gulberga, Bidar, 0.1 No Myrada CSR00001099
Program Healthcare (i)/ Disaster Raichur
Management (xii)
104 COVID Relief Preventive and Curative Yes Tamilnadu Virudhunagar 0.03 No National Agro CSR00000610
Program Healthcare (i)/ Disaster Foundation
Management (xii)
105 COVID Relief Preventive and Curative Yes Chhattisgarh Pendra 0.07 No National Institute Of CSR00000206
Program Healthcare (i)/ Disaster Women Child And
Management (xii) Youth Development
106 COVID Relief Preventive and Curative Yes Chhattisgarh Gariabandh 0.02 No National Institute Of CSR00000206
Program Healthcare (i)/ Disaster Women Child And
Management (xii) Youth Development
107 COVID Relief Preventive and Curative Yes Bihar Gaya 0.03 No Nav Jagriti CSR00000824
Program Healthcare (i)/ Disaster
Management (xii)
108 COVID Relief Preventive and Curative Yes Jharkhand Khunti 0.04 No Network For CSR00002858
Program Healthcare (i)/ Disaster Enterprise
Management (xii) Enhancement
And Development
Support Needs

HDFC Bank Limited Integrated Annual Report 2021-22 197

Directors’ Report

Sl. Name Item from the Local Location of the Amount Mode of Mode of Implementation -
No. of the list of activities area project spent Imple- Through Implementing
Project in Schedule VII (Yes/ for the menta- Agency
to the Act No) project tion -
(` Cr) Direct
(Yes/No)

State District Name CSR Registration

Number
109 Distribution Ensuring Environmental Yes Jharkhand Lucknow 2.62 Yes Direct NA
of E- Sustainability (iv)
Rikshaws
110 Promoting Promoting Education (ii) Yes Rajasthan Alwar 0.2 No Orion Educational CSR00000597
Quality Society
Education
111 COVID Relief Preventive and Curative Yes Bihar Nalanda 0.12 No Oxfam India CSR00000839
Program Healthcare (i)/ Disaster
Management (xii)
112 COVID Relief Preventive and Curative Yes Bihar Sitamarhi 0.08 No Oxfam India CSR00000839
Program Healthcare (i)/ Disaster
Management (xii)
113 Incubator Contribution to Yes Gujarat Gandhinagar 0.5 No Pdeu Innovation And CSR00001317
Support Incubators or Research Incubation Centre
Program (ix - a)
114 COVID Relief Preventive and Curative Yes Uttar Prayagraaj 0.04 No Peoples Action For CSR00000125
Program Healthcare (i)/ Disaster Pradesh National Integration
Management (xii)
115 COVID Relief Preventive and Curative Yes Uttar Gorakhpur 0.04 No Peoples Action For CSR00000125
Program Healthcare (i)/ Disaster Pradesh National Integration
Management (xii)
116 COVID Relief Preventive and Curative Yes Uttar Pratapgarh 0.01 No Peoples Action For CSR00000125
Program Healthcare (i)/ Disaster Pradesh National Integration
Management (xii)
117 Solar Stree Ensuring Environmental Yes Himachal Kullu 0.22 No Peoples Action For CSR00000125
Light Sustainability (iv) Pradesh National Integration
118 Promotion Ensuring Environmental Yes Uttar Kaushambi and 0.6 No Peoples Action For CSR00000125
of Clean and Sustainability (iv) Pradesh Shahjahapur National Integration
Renewable
Energy
119 Water Supply Preventive and Curative Yes Himachal Bilaspur 0.24 No Peoples Action For CSR00000125
Management Healthcare (i) Pradesh National Integration
120 Tree Ensuring Environmental Yes Pan India Prayagraj 0.02 Yes Direct NA
Plantation Sustainability (iv)
Program
121 COVID Relief Preventive and Curative Yes Odisha Rayagada 0.12 No Prayatn Sanstha CSR00000483
Program Healthcare (i)/ Disaster
Management (xii)
122 COVID Relief Preventive and Curative Tamilnadu Chennai 0.45 Yes Direct NA
Program Healthcare (i)/ Disaster
Management (xii)
123 COVID Relief Preventive and Curative Yes Jharkhand Dumka 0.03 No Professional CSR00000973
Program Healthcare (i)/ Disaster Assistance For
Management (xii) Development Action
124 Infrastructure Training to Promote Yes West bengal Kolkata 0.73 Yes Direct NA
for sports Sports (vii)
complex

198
 Introduction to Our How We Our Responsible Statutory Reports and
Overview HDFC Bank Performance Create Value Strategy Business Financial Statements

Sl. Name Item from the Local Location of the Amount Mode of Mode of Implementation -
No. of the list of activities area project spent Imple- Through Implementing
Project in Schedule VII (Yes/ for the menta- Agency
to the Act No) project tion -
(` Cr) Direct
(Yes/No)

State District Name CSR Registration

Number
125 COVID Relief Preventive and Curative Yes Haryana Nuh 0.04 No S M Sehgal CSR00000262
Program Healthcare (i)/ Disaster Foundation
Management (xii)
126 COVID Relief Preventive and Curative Yes Haryana Mahendragarh 0.02 No S M Sehgal CSR00000262
Program Healthcare (i)/ Disaster Foundation
Management (xii)
127 Controlling Ensuring Environmental Yes Chhattisgarh Bilaspur 0.2 Yes Direct NA
Air Pollution Sustainability (iv)
128 COVID Relief Preventive and Curative Yes Maharashtra Yavatmal 0.02 No Sanjeevani Inst. For CSR00000270
Program Healthcare (i)/ Disaster Empowerment &
Management (xii) Development
129 COVID Relief Preventive and Curative Yes Maharashtra Nasik 0.05 No Sanjeevani Inst. For CSR00000270
Program Healthcare (i)/ Disaster Empowerment &
Management (xii) Development
130 Carbon Ensuring Environmental Yes Himachal Mandi 2.56 No Sanjeevani Vikas CSR00000466
Footprint Sustainability (iv) Pradesh Evam Jan Kalyan
Mitigation Samiti
131 Incubator Contribution to Yes Maharashtra Pune 1 No Science And CSR00003979
Support Incubators or Research Technology Park
Program (ix - a) University Of Pune
132 Incubator Contribution to Yes Kerala Trivandrum 0.2 No Sctimst Technology CSR00008116
Support Incubators or Research Business Incubator
Program (ix - a) For Medical Devices
And Biomaterials
133 COVID Relief Preventive and Curative Yes Rajasthan Pali 0.06 No Self Reliant Initiatives CSR00001911
Program Healthcare (i)/ Disaster Through Joint Action
Management (xii)
134 COVID Relief Preventive and Curative Yes Chhattisgarh Jashpur 0.03 No Self Reliant Initiatives CSR00001911
Program Healthcare (i)/ Disaster Through Joint Action
Management (xii)
135 COVID Relief Preventive and Curative Yes Karnataka Rajanna Sircilla 1.5 Yes Direct NA
Program Healthcare (i)/ Disaster
Management (xii)
136 COVID Relief Preventive and Curative Yes Pan India Pan India 0.05 No Setu Charitable Trust CSR00001063
Program Healthcare (i)/ Disaster
Management (xii)
137 COVID Relief Preventive and Curative Yes Rajasthan Rajasmand 0.01 No Seva Mandir CSR00000288
Program Healthcare (i)/ Disaster
Management (xii)
138 COVID Relief Preventive and Curative Yes Maharashtra Mumbai 0.01 Yes Direct NA
Program Healthcare (i)/ Disaster
Management (xii)
139 Skill training Vocational Training and Yes Uttar Lucknow 0.3 Yes Direct NA
for youth Livelihood Enhancement Pradesh
(ii)
140 Incubator Contribution to Yes Maharashtra Mumbai 0.5 No Social Entrepreneurs CSR00001257
Support Incubators or Research Foundation India
Program (ix - a)

HDFC Bank Limited Integrated Annual Report 2021-22 199

Directors’ Report

Sl. Name Item from the Local Location of the Amount Mode of Mode of Implementation -
No. of the list of activities area project spent Imple- Through Implementing
Project in Schedule VII (Yes/ for the menta- Agency
to the Act No) project tion -
(` Cr) Direct
(Yes/No)

State District Name CSR Registration

Number
141 COVID Relief Preventive and Curative Tamilnadu Viluppuram 0.49 No Sri Aurobindo CSR00000200
Program Healthcare (i)/ Disaster Society
Management (xii)
142 Scholarship Promoting Education (ii) Yes Maharashtra Mumbai 0.34 No Sri Sathya Sai Trust CSR00001704
support
program
143 Felicitating Armed Force Veterans Yes Pan India Multiple District 0.25 No Sri Shanmukhananda CSR00001777
martyrs and (vi) Fine Arts &
disabled Sangeetha Sabha
soldiers
144 COVID Relief Preventive and Curative Maharashtra Mumbai 0.67 Yes Direct NA
Program Healthcare (i)/ Disaster
Management (xii)
145 COVID Relief Preventive and Curative Yes Assam Golaghat 0.17 No Suvidha.. CSR00000399
Program Healthcare (i)/ Disaster
Management (xii)
146 COVID Relief Preventive and Curative Yes Assam Biswanath 0.03 No Suvidha.. CSR00000399
Program Healthcare (i)/ Disaster
Management (xii)
147 COVID Relief Preventive and Curative Yes Madhya Khargone 0.04 No Suvidha.. CSR00000399
Program Healthcare (i)/ Disaster Pradesh
Management (xii)
148 COVID Relief Preventive and Curative Uttarakhand Almoda and Tehri 0.38 No Suvidha.. CSR00000399
Program Healthcare (i)/ Disaster
Management (xii)
149 COVID Relief Preventive and Curative Yes Pan India Pune 1.75 No Symbiosis Society CSR00005192
Program Healthcare (i)/ Disaster
Management (xii)
150 COVID Relief Preventive and Curative Yes Maharashtra Mumbai 0.2 No Taj Public Service CSR00000540
Program Healthcare (i)/ Disaster Welfare Trust
Management (xii)
151 Support Preventive and Curative Yes Pan India Multiple districts 0.5 No Tata Memorial Centre CSR00001287
to Cancer Healthcare (i)
Patients
152 COVID Relief Preventive and Curative Yes Gujarat Somnath 0.08 No Tns India Foundation CSR00001337
Program Healthcare (i)/ Disaster
Management (xii)
153 COVID Relief Preventive and Curative Yes Rajasthan Karauli 0.04 No Udyogini CSR00001487
Program Healthcare (i)/ Disaster
Management (xii)
154 COVID Relief Preventive and Curative Yes Chhattisgarh Balrampur 0.01 No Udyogini CSR00001487
Program Healthcare (i)/ Disaster
Management (xii)
155 COVID Relief Preventive and Curative Yes Chhattisgarh Kanker 0.01 No Udyogini CSR00001487
Program Healthcare (i)/ Disaster
Management (xii)
156 COVID Relief Preventive and Curative Yes Rajasthan Jaisalmer 0.01 No Urmul Rural Health CSR00000546
Program Healthcare (i)/ Disaster Research And
Management (xii) Development Trust

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Sl. Name Item from the Local Location of the Amount Mode of Mode of Implementation -
No. of the list of activities area project spent Imple- Through Implementing
Project in Schedule VII (Yes/ for the menta- Agency
to the Act No) project tion -
(` Cr) Direct
(Yes/No)

State District Name CSR Registration

Number
157 Water Preventive and Curative Yes Pan India Multiple District 0.01 Yes Direct NA
Management Healthcare (i)
tool
158 Sanitation Preventive and Curative Yes Tamilnadu Venkatapuram 0.49 No Voice Foundation CSR00000951
project Healthcare (i)
159 COVID Relief Preventive and Curative Yes Chhattisgarh Balod 0 No Vrutti CSR00000538
Program Healthcare (i)/ Disaster
Management (xii)
160 COVID Relief Preventive and Curative Yes Madhya Chhindwara 0.02 No Watershed CSR00000518
Program Healthcare (i)/ Disaster Pradesh Organisation Trust
Management (xii)
161 COVID Relief Preventive and Curative Yes Maharashtra Jalna 0.01 No Watershed CSR00000518
Program Healthcare (i)/ Disaster Organisation Trust
Management (xii)
162 COVID Relief Preventive and Curative Yes Gujarat Ahmedabad, 2 No Yuva Unstoppable CSR00000473
Program Healthcare (i)/ Disaster Gandhinagar
Management (xii)
163 COVID Relief Preventive and Curative Yes Maharashtra Lonavala 0 No Yuva Unstoppable CSR00000473
Program Healthcare (i)/ Disaster
Management (xii)
164 Smart Class Promoting Education (ii) Yes Chhattisgarh Raipur, Korba, 0.47 No Yuva Unstoppable CSR00000473
project Mahasamund,
Bilaspur,
Rajnandgaon,
Dhamtari,
Kabirdham, Raigarh,
Janjgir Champa,
Durg, Bastar,
Kondagaon, Kanker,
Jashpur, Mungeli,
Surguja, Dantevada,
Bijapur, Koriya,
165 Smart Class Promoting Education (ii) Yes PUNJAB Amritsar 0.5 No Yuva Unstoppable CSR00000473
project
166 Smart Class Promoting Education (ii) Yes Odisha Angul, Khurda, 2.2 No Yuva Unstoppable CSR00000473
project Nayagarh,
Jagatsinghpur,
Kendrapara, Bolangir,
Boudh, Kandhamal,
Jharsuguda,
Keonjhar,
Mayurbhanj,
Sambalpur, Cuttack,
Jagatsinghpur, Puri,
Bargarh, Kalahandi,
Koraput, Malkangiri,
Rayagada, Balasore,
Bhadrak, Ganjam,
Khurda, Jajpur
167 Smart Class Promoting Education (ii) Yes Delhi Delhi 0.22 No Yuva Unstoppable CSR00000473
project

HDFC Bank Limited Integrated Annual Report 2021-22 201

Directors’ Report

Sl. Name Item from the Local Location of the Amount Mode of Mode of Implementation -
No. of the list of activities area project spent Imple- Through Implementing
Project in Schedule VII (Yes/ for the menta- Agency
to the Act No) project tion -
(` Cr) Direct
(Yes/No)

State District Name CSR Registration

Number
168 Smart Class Promoting Education (ii) Yes Delhi Delhi 1.53 No Yuva Unstoppable CSR00000473
project
169 Smart Class Promoting Education (ii) Yes PUNJAB Rajpura 0.75 No Yuva Unstoppable CSR00000473
project
170 Smart Class Promoting Education (ii) Yes PUNJAB Amritsar 0.95 No Yuva Unstoppable CSR00000473
project
171 Community Preventive and Curative Yes Uttar Siddharth Nagar 0.12 No Yuva Unstoppable CSR00000473
Toilets Healthcare (i) Pradesh
172 Digitisation of Promoting Education (ii) Yes Uttar Varanasi, Lucknow, 0.34 No Yuva Unstoppable CSR00000473
government Pradesh Kaasganj, Kakori,
schools Gorakhpur,
Total 110.83

(d) Amount spent in Administrative Overheads: ` 12.53 Cr

(e) Amount spent on Impact Assessment, if applicable: ` 0.49 Cr

(f) Total amount spent for the Financial Year (8b+8c+8d+8e): ` 736.01 Cr

(g) Excess amount for set off, if any

Sl. Particular Amount

No. (` Cr.)
(i) Two percent of average net profit of the company as per section 135(5) 733.86
(ii) Total amount spent for the Financial Year 736.01
(iii) Excess amount spent for the financial year [(ii)-(i)] 2.15
(iv) Surplus arising out of the CSR projects or programmes or activities of the NA
previous financial years, if any
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] 2.15

9 (a) Details of Unspent CSR amount for the preceding three financial years: NA

(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s): NA

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 Introduction to Our How We Our Responsible Statutory Reports and
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10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through CSR
spent in the financial year (asset-wise details) : No capital assets have been created or acquired in the name of the Bank
through CSR Spend in the financial year.

(a) Date of creation or acquisition of the capital asset(s): NA

(b) Amount of CSR spent for creation or acquisition of capital asset: NA

(c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their address
etc: NA

(d) Provide details of the capital asset(s) created or acquired (including complete address and location of the capital asset): NA

11. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per section 135(5): NA

Sashidhar Jagdishan Dr. (Mrs.) Sunita Maheshwari

Managing Director & CEO (Chairperson, CSR and ESG Committee)

HDFC Bank Limited Integrated Annual Report 2021-22 203

Directors’ Report

Annexure 3 to the Directors’ Report

Form No. AOC – 2

(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014)

Form for disclosure of particulars of contracts/arrangements entered into by the company with related parties referred to in sub-
section (1) of section 188 of the Companies Act, 2013 including certain arm’s length transactions under third proviso thereto

1. Details of contracts or arrangements or transactions not at arm’s length basis: Nil

2. Details of material contracts or arrangement or transactions at arm’s length basis:

(a) Name(s) of the related party Housing Development Finance Corporation Limited
Nature of relationship Promoter of the Bank
(b) Nature of contracts/arrangements/transactions Purchase of home loans
(c) Duration of the contracts / arrangements/ 1 year
transactions
d) Salient terms of the contracts or arrangements or The Bank has an option to purchase up to 70% of the loans sourced by it.
transactions including the value, if any: Housing Development Finance Corporation Limited continues servicing of the
assigned portfolio for which the Bank pays servicing fees.

Home loans purchased: ` 28,205.24 crs

(e) Date(s) of approval by the Board, if any: N.A.
(f) Amount paid as advances, if any: Nil
Note: The above mentioned transactions were entered into by the Bank in its ordinary course of business. Materiality threshold is as prescribed in
Rule 15 (3) of the Companies (Meetings of Board and its Powers) Amendment Rules, 2019.

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Overview HDFC Bank Performance Create Value Strategy Business Financial Statements

Annexure 4 to the Directors’ Report

Performance and financial position of subsidiaries of the Bank as on March 31, 2022
(` crore)
Name of entity Net assets as of March 31, 2022 Profit for the
year ended March 31, 2022
As % of Amount*** As % of Amount***
consolidated net consolidated
assets** profit
Parent:
HDFC Bank Limited 97.08% 240,092.94 97.13% 36,961.33
Subsidiaries*:
1. HDFC Securities Limited 0.66% 1,644.71 2.62% 995.94
2. HDB Financial Services Limited 3.97% 9,823.61 2.68% 1,020.19
Minority Interest in all subsidiaries 0.29% 720.42 0.26% 98.15

* The subsidiaries are domestic entities

** Consolidated net assets are total assets minus total liabilities including minority interest
*** Amounts are before inter-company adjustments

HDFC Bank Limited Integrated Annual Report 2021-22 205

Directors’ Report

Annexure 5 to the Directors’ Report

Disclosures on Remuneration by relevant RBI guidelines [presently at ` 20,00,000

(Rupees Twenty Lakhs Only) per annum for each Non-
1. Ratio of Remuneration of each director to the Executive Director has been considered. Mr. Atanu
median employees’ remuneration for the FY Chakraborty, Part Time Chairman and Independent
2021-22 Director is not eligible for the same pursuant to the
RBI guidelines and is entitled to a remuneration as
Name and Designation Ratio
separately approved by the RBI. During the year,
Atanu Chakraborty, Part-Time Chairman and 14.42 : 1 Mr. Chakraborty was paid such remuneration of
Independent Director
` 31,70,698.96 (i.e. ` 35,00,000 per annum) on
Renu Karnad, Non-Executive Director (Nominee of 16.17 : 1 proportionate basis.
HDFC Ltd)
Srikanth Nadhamuni, Non-Executive Director 15.37 : 1
2. Percentage increase in remuneration of each
Malay Patel, Independent Director 15.96 : 1 Director, CFO, CEO, CS or Manager, if any, in
Umesh Chandra Sarangi, Independent Director 15.01 : 1 the FY 2021-22
Sanjiv Sachar, Independent Director 16.49 : 1
Designation Percentage
Sandeep Parekh, Independent Director 13.42 : 1
Managing Director A
0.00
MD Ranganath, Independent Director 17.86 : 1
Executive DirectorB 0.00
Sunita Maheshwari, Independent Director 8.67 : 1
Chief Financial Officer 3.37
Lily Vadera, Independent Director 2.73 : 1
Company Secretary 2.75
Sashidhar Jagdishan, Managing Director & CEO 147 : 1*
A&B
As per the salary review approval process of the Reserve Bank of
Kaizad Bharucha, Executive Director 136 : 1*
India, the salary increment proposal to be effected from April 01 in a
*In case of Managing Director & CEO and the Executive Director, the given financial year can only be made in the subsequent financial year
Bank has considered the annualised fixed pay for the computation of post assessment of performance for the reference financial year. For
ratios. Fixed pay includes - salary, allowances, retiral benefits as well e.g. salary increment proposal to be made to the RBI effective April
as value of perquisites as approved by the Reserve Bank of India. 01, 2020 can only be made post assessment of performance for the
Variable Pay has been excluded from the same. financial year 2020 – 2021. The approval received from the RBI will
therefore be retrospectively applied from April 01, 2020. Therefore,
For the Directors other than Managing Director & CEO and Executive due to this process, the salary increase given in the particular year will
Director, the actual remuneration paid during the year 2021–22 has always be reported as zero.
been considered while calculating the ratio of remuneration to the
median employees’ remuneration. The salary increase for previous financial year i.e. 2020 – 2021 paid
retrospectively from April 01, 2020 was approved by the RBI on March
Note: 23, 2022.
1. Mr. Atanu Chakraborty was appointed as the Part A
Mr. Sashidhar Jagdishan, the current Managing Director & CEO,
Time Chairman and Independent Director of the Bank held the title of Group Head- Finance prior to his appointment as the
with effect from May 5, 2021. Managing Director & CEO of the Bank with effect from October 27,
2020. The percentage increase mentioned in previous year disclosures
2. Mrs. Lily Vadera was appointed as an Independent of 6.66 % is the increase he received in his previous role as Group
Director of the Bank with effect from November Head. No salary increase or variable pay in the financial year 2021-
2022 has been recommended or approved so far for the Managing
26, 2021.
Director as an application for the same would be submitted to the
3. Mr. Srikanth Nadhamuni tendered his resignation as RBI post approval by the NRC and the Board after due performance
assessment for the year 2021-2022.
Non-Executive (Non-Independent) Director of the
Bank with effect from February 18, 2022. B
Mr. Kaizad Bharucha the current Executive Director received an 8.00%
increase on Fixed Pay effective April 01, 2020, the approval for which
4. All employees of the Bank, including overseas was received on March 23, 2022. The components considered for
employees, have been considered. Fixed Pay increase were as follows: Basic, Consolidated Allowances,
Leave Travel Allowance, Provident Fund, Superannuation and Gratuity.
5. In case of non-executive directors, sitting fees paid There was no increase given on Perquisites.
for attending Board and Committee meetings during
FY 2021-22 and fixed remuneration paid as permitted

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Non-executive / Independent Directors:

The Non-Executive Directors are paid sitting fees of ` 50,000 or 5. Average percentage increase already made
` 100,000 per meeting for attending Committee & Board meetings. in the salaries of employees other than the
The Board of Directors increased the sitting fees of certain key managerial personnel in the last financial
Committee meetings to ` 100,000 per meeting with effect from
year and its comparison with the percentage
April 1, 2021, namely, Audit Committee, Risk Policy & Monitoring
Committee, Nomination & Remuneration Committee, Credit Approval increase in the managerial remuneration and
Committee and IT Strategy Committee. Subsequently, sitting fees justification thereof and point out if there are
payable for attending Independent Directors Meeting and Customer any exceptional circumstances for increase in
Service Committee meeting were increased to ` 1,00,000 with effect
from August 14, 2021 and November 26, 2021 respectively. The
the managerial remuneration
Non-Executive Directors, other than the Chairman, are paid fixed The average percentage increase for Key Managerial
remuneration of ` 20,00,000 (Rupees Twenty Lakh Only) per annum
for each Non-Executive Director, on proportionate basis. Personnel : 3.06%*

Mr. Atanu Chakraborty, Part Time Chairman & Independent Director

The average percentage increase for Non-Managerial
was paid remuneration of ` 31,70,698.96 (i.e. ` 35,00,000 per annum) Staff : 8.91%
on proportionate basis, during FY 2021-22 as approved by the RBI, in
addition to sitting fees and provision of car for official and personal use. The average percentage increase in the salaries is inclusive
of front line sales and overseas staff and is primarily on
3. Percentage Increase in the median account of annual fixed pay increase and promotions.
remuneration of employees in the FY 2021-22
*The average percentage increase is only for Company
The percentage increase in median remuneration of employees in the Secretary and Chief Financial Officer. Whole Time Directors
FY 2021-22 was 1.21%. This includes front line sales and overseas
are excluded from the calculation since they did not receive
staff.
increment for the financial year 2021 - 2022. For more
details please refer to the foot notes of point number 2.
4. The number of permanent employees on the
rolls of the Bank
6. Affirmation that the remuneration is as per the
As of March 31, 2022, the number of permanent employees on the remuneration policy of the company
rolls of the Bank was 1,41,579.
Yes

HDFC Bank Limited Integrated Annual Report 2021-22 207

Directors’ Report

Annexure 6 to the Directors’ Report

FORM NO. MR 3 (v) The following Regulations and Guidelines prescribed under
SECRETARIAL AUDIT REPORT the Securities and Exchange Board of India Act, 1992
FOR THE FINANCIAL YEAR ENDED (‘SEBI Act’), as amended from time to time:
31ST MARCH, 2022
a) The Securities and Exchange Board of India
[Pursuant to section 204(1) of the Companies Act, 2013 and (Substantial Acquisition of Shares and Takeovers)
Rule No.9 of the Companies (Appointment and Remuneration Regulations, 2011;
of Managerial Personnel) Rules, 2014]
b) The Securities and Exchange Board of India
To, (Prohibition of Insider Trading) Regulations, 2015;
The Members,
c) The Securities and Exchange Board of India
HDFC Bank Limited
(Issue of Capital and Disclosure Requirements)
We have conducted the Secretarial Audit of the compliance Regulations, 2018;
of applicable statutory provisions and the adherence to
d) The Securities and Exchange Board of India (Share
good corporate practices by HDFC Bank Limited (CIN:
Based Employee Benefits and Sweat Equity)
L65920MH1994PLC080618) (hereinafter called “the Bank”).
Regulations, 2021 (erstwhile The Securities and
The Secretarial Audit was conducted in a manner that provided Exchange Board of India (Share Based Employee
us a reasonable basis for evaluating the corporate conduct, Benefits) Regulations, 2014 (repealed w.e.f. August
statutory compliances and expressing our opinion thereon. 13, 2021);

Based on our verification of the Bank's statutory registers, e) The Securities and Exchange Board of India (Issue and
books, papers, minute books, forms and returns filed and other Listing of Non-Convertible Securities) Regulations,
records maintained by the Bank and the information provided 2021 (erstwhile The Securities and Exchange Board of
by the Bank, its officers, agents and authorized representatives India (Issue and Listing of Debt Securities) Regulations,
during the conduct of secretarial audit, we hereby report that in 2008 (repealed w.e.f. August 9, 2021);
our opinion, the Bank has, during the audit period covering the
f) The Securities and Exchange Board of India
financial period ended on 31st March, 2022, complied with the
(Registrars to an Issue and Share Transfer Agents)
statutory provisions listed hereunder and also that the Bank has
Regulations, 1993 regarding the Companies Act and
followed proper Board processes and has required compliance
dealing with client - Not applicable as the Bank
mechanism in place to the extent, in the manner and subject to
is not registered as Registrar to issue and
the reporting made hereinafter:
Share Transfer Agent during the financial year
We have examined the books, papers, minutes books, forms under review;
and returns filed and other records maintained by the Bank for
g) The Securities and Exchange Board of India (Delisting
the financial period ended on 31st March, 2022 in accordance
of Equity Shares) Regulations, 2021 - Not applicable
with the provisions of:
as the Bank has not delisted / proposed to delist
(i) The Companies Act, 2013 (the Act) and the Rules its equity shares from any stock exchange
made thereunder; during the financial year under review;

(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) h) The Securities and Exchange Board of India (Buyback
and the Rules made thereunder; of Securities) Regulations, 2018 - Not applicable
as the Bank has not bought back / proposed
(iii) The Depositories Act, 1996 and the Regulations and Bye-
to buy-back any of its securities during the
laws framed thereunder;
financial year under review;
(iv) Foreign Exchange Management Act, 1999 and the
i) The Securities and Exchange Board of India
Rules and Regulations made thereunder for compliance
(Depositories and Participants) Regulations, 2018;
to the extent of Foreign Direct Investment, Overseas
Direct Investment and External Commercial Borrowings, j) The Securities and Exchange Board of India (Bankers
as applicable; to an issue) Regulations, 1994;

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k) The Securities and Exchange Board of India (Merchant 3. RBI, vide its order dated December 02, 2020 with regard
Bankers) Regulations, 1992; to on certain incidents of outages in the internet banking
/ mobile banking / payment utilities of the Bank over the
l) The Securities and Exchange Board of India (Foreign
past 2 years, had advised the Bank (a) to stop all digital
Portfolio Investors) Regulations, 2019
business generating activities planned under its ‘Digital
(vi) Other specific business/industry related laws applicable 2.0’ and proposed Business generating applications digital
to the Bank - The Bank has complied with the provisions also imposed restrictions and (b) to stop sourcing of new
of the Banking Regulation Act, 1949, Master Circulars, credit card customers with regard to on certain incidents of
Notifications and Guidelines and other directions pertaining outages in the internet banking / mobile banking / payment
to commercial banking issued by Reserve Bank of India utilities of the Bank over the past 2 years. Further, basis
(RBI) from time to time. Further, the Bank has complied with the Bank’s submission, RBI vide its letter dated August
other applicable general business laws, rules, regulations 17, 2021, have relaxed the restriction placed on sourcing
and guidelines. of new credit cards customers and further vide its letter
dated March 11, 2022 have lifted the restrictions on the
We have also examined compliance with the applicable clauses
business generating activities planned under the Bank’s
of the following:
Digital 2.0 program.
i. Secretarial Standards with regard to Meeting of Board of
We further report that:
Directors (SS-1) and General Meetings (SS-2) issued by The
Institute of Company Secretaries of India; and (a) The Board of Directors of the Bank is duly constituted with
proper balance of Executive Directors, Non-Executive
ii. The Securities and Exchange Board of India
Directors and Independent Directors.
(Listing Obligations and Disclosure Requirements)
Regulations, 2015. (b) The changes in the composition of the Board of Directors
that took place during the period under review were carried
During the period under review, the Bank has complied with
out in compliance with the provisions of the Act.
the provisions of the Act, Rules, Regulations, Guidelines and
Standards mentioned above subject to the following observations: (c) Adequate notice is given to all directors to schedule the
Board Meetings, agenda and detailed notes on agenda
1. Reserve Bank of India (RBI) has imposed, by an order dated
were sent in advance as prescribed under the applicable
May 27, 2021 (as received by the Bank on May 28, 2021), a
Secretarial Standards, and a system exists for seeking
monetary penalty of `10.00 crore (Rupees ten crore only)
and obtaining further information and clarifications on
on HDFC Bank Limited (‘Bank’). As per the said order, the
the agenda items before the meeting and for meaningful
penalty has been imposed in exercise of powers vested
participation at the meeting.
in RBI under the provisions of Section 47A(1)(c) read with
Section 46(4)(i) of the Banking Regulation Act, 1949 (Act), (d) The minutes of the Board meetings and Committee
for marketing / sale of third party non-financial products Meetings have not identified any dissent by members of
in contravention of provisions of Section 6(2) and Section the Board /Committee of the Board respectively hence we
8 of the Act. The Bank has discontinued the sale of said have no reason to believe that the decisions by the Board
third-party non-financial product since October, 2019. The were not approved by all the directors/members present.
penalty was paid by the Bank.
We further report that, there are adequate systems and
2. SEBI issued final order on January 21, 2021, levying a processes in the Bank commensurate with the size and operations
penalty of ` 1 crore on the Bank, in the matter of invocation of the Bank to monitor and ensure compliance with applicable
of securities pledged by BMA Wealth Creators (BRH Wealth laws, rules, regulations and guidelines. As informed, the Bank
Kreators) for availing credit facilities. SEBI has also directed has responded appropriately to communication received from
the Bank to transfer sale proceeds of Rs.158.68 crores various statutory / regulatory authorities including initiating
on invocation of securities, along with interest to escrow actions for corrective measures, wherever found necessary.
account with a nationalised bank by marking lien in favour
We further report that during the audit period the following
of SEBI. The Bank had challenged SEBI's order before
events / actions have taken place, having a major bearing on
Securities Appellate Tribunal (SAT) and SAT, vide its interim
the Bank’s affairs in pursuance of the above referred laws, rules,
order, have stayed operation of SEBI’s order. SAT, vide its
regulations, guidelines and standards:
final order dated February 18, 2022, allowed the Bank’s
appeal and quashed SEBI’s Order. 1. The Bank has raised U.S.$ 1,000,000,000 (U.S.$ One
Billion) by the issue and allotment of Direct, Subordinated,

HDFC Bank Limited Integrated Annual Report 2021-22 209

Directors’ Report

Unsecured 3.70% Basel III Compliant Additional Tier I Notes Annexure A

(“Notes”) to overseas investors in reliance on Rule 144A
To
under the U.S. Securities Act of 1933, as amended (the
The Members,
“Securities Act”) and outside the United States in offshore
HDFC Bank Limited
transactions as defined in and in reliance on Regulation S
under the Securities Act. The Notes will be listed on the Secretarial Audit Report of even date is to be read along with
India International Exchange (IFSC) Limited and the NSE this letter.
IFSC Limited (NSE International Exchange).
1. The compliance of provisions of all laws, rules, regulations,
2. Approval of the Shareholders was obtained at the Annual standards applicable to HDFC Bank Limited (hereinafter
General Meeting held on 17th July, 2021: called ‘the Bank’) is the responsibility of the management
of the Bank. Our examination was limited to the verification
a. to borrow or raise funds in Indian Currency by issue
of records and procedures on test check basis for the
of Unsecured Perpetual Debt Instruments (part of
purpose of issue of the Secretarial Audit Report.
Additional Tier I Capital), Tier II Capital Bonds and
Long-Term Bonds (Financing of Infrastructure & 2. Maintenance of secretarial and other records of applicable
affordable Housing) on a private placement basis for laws is the responsibility of the management of the Bank.
an amount in aggregate not exceeding Rs.50,000 Cr; Our responsibility is to issue Secretarial Audit Report,
based on the audit of the relevant records maintained and
b. to amend the HDFC Bank Limited Employees’ Stock
furnished to us by the Bank, along with explanations where
Option Scheme, 2007 (“ESOS-Plan D-2007”);
so required.
c. to amend the HDFC Bank Limited Employees’ Stock
3. We have followed the audit practices and processes as
Option Scheme, 2010 (“ESOS-Plan E-2010”);
were appropriate to obtain reasonable assurance about
d. to amend the HDFC Bank Limited Employees’ Stock the correctness of the contents of the secretarial and other
Option Scheme, 2013 (“ESOS-Plan F-2013”); legal records, legal compliance mechanism and corporate
conduct. Further part of the verification was done on the
e. to amend the HDFC Bank Limited Employees’ Stock
basis of electronic data provided to us by the Bank due to
Option Scheme, 2016 (“ESOS-Plan G-2016”);
COVID-19 Pandemic restrictions and on test check basis to
3. The Bank has issued and allotted 6.44% Unsecured, ensure that correct facts as reflected in secretarial and other
Redeemable Long Term, Fully Paid-up, Non-Convertible records produced to us. We believe that the processes
Bonds in the nature of Debentures amounting to Rs.5000 and practices we followed, provides a reasonable basis
Crore (50000 Bonds of face value Rs.10,00,000/- each) on for our opinion for the purpose of issue of the Secretarial
a private placement basis, on September 27, 2021. Audit Report.

4. The Bank has allotted 3,27,64,494 Equity Shares of Re.1/- 4. We have not verified the correctness and appropriateness
each under “Employee Stock Option Schemes” of the Bank. of financial records and Books of Accounts of the Bank.

Place : Mumbai ALWYN JAY & Co. 5. Wherever required, we have obtained the management
Date : June 10, 2022 Company Secretaries representation about list of applicable laws, compliance
of laws, rules and regulations and major events during the
Office Address : [Alwyn D’Souza, FCS.5559] audit period.
Annex-103, Dimple Arcade, [Partner]
6. The Secretarial Audit Report is neither an assurance as
Asha Nagar, Kandivali (East), [Certificate of Practice No.5137]
to the future viability of the Bank nor of the efficacy or
Mumbai 400101. [UDIN : F005559D000481232]
effectiveness with which the management has conducted
the affairs of the Bank.

Note: This report is to be read with our letter of even date Place : Mumbai ALWYN JAY & Co.
which is annexed as Annexure A and forms an integral part of Date : June 10, 2022 Company Secretaries
this report.
Office Address : [Alwyn D’Souza, FCS.5559]
Annex-103, Dimple Arcade, [Partner]
Asha Nagar, Kandivali (East), [Certificate of Practice No.5137]
Mumbai 400101. [UDIN : F005559D000481232]

210