+ All Categories
Home > Documents > HDFC Marketing

HDFC Marketing

Date post: 13-Nov-2014
Category:
Upload: deeptimaan-dutta
View: 1,273 times
Download: 3 times
Share this document with a friend
108
PROJECT REPORT ON AN “IN-DEPTH ANALYSIS OF HDFC BANK IN THE FIELD OF MARKETING” A report submitted towards the partial fulfillment of the requirements of the two years full-time Post Graduate Diploma in Management. SUBMITTED BY: SUNITA DEVI PROGRAMME: PGDM ROLL NO: 2K6/DM/051 SESSION: 2006-08 SUBMITTED TO: PIALI HALDAR
Transcript
Page 1: HDFC Marketing

PROJECT REPORT ON AN

“IN-DEPTH ANALYSIS OF HDFC BANK IN

THE FIELD OF MARKETING”

A report submitted towards the partial fulfillment of the requirements of the two years

full-time Post Graduate Diploma in Management.

SUBMITTED BY: SUNITA DEVI

PROGRAMME: PGDM

ROLL NO: 2K6/DM/051

SESSION: 2006-08

SUBMITTED TO: PIALI HALDAR

ASIA-PACIFIC INSTITUTE OF MANAGEMENT 3 & 4 Institutional Area, Jasola, New Delhi 110025

Page 2: HDFC Marketing

TABLE OF CONTENTS

Subject Page No.

1) Executive Summary 2

2) Research Methodology 4

i) Primary Objective

ii) Research Design

iii) Sample Design

iv) Scope of the Study

v) Limitations

3) Critical Review of Literature 6

4) Company Profile 24

i) Industry Profile 31

ii) SWOT Analysis 50

5) Data 52

i) Collection

ii) Primary Data

iii) Secondary Data

6) Findings & Analysis 53

7) Recommendations 66

8) Bibliography 70

9) Annexure 71

10) Case Study 86

11) Synopsis 92

1

Page 3: HDFC Marketing

EXECUTIVE SUMMARY

From a modest beginning of Rs 7.1 cores in home loan approvals in its

first year of operations to over Rs. 1,00,000 crores in cumulative home

loan approvals in 28 years, HDFC has come a long way. As an

institution that introduced an unknown concept in the late 1970s, it

has defined and spearheaded many of the changes that have given

shape to the housing industry through the years and has turned the

dream of owning a home into reality for over 2.7 million families across

the country. The journey began as a thought that took shape in the

mind of HDFC’s founder Chairman, Mr. H.T. Parekh, who laid a solid

foundation. This thought grew to become a reality in the form of HDFC

to enable Indian households access housing in their prime earning

days through institutional finance. At the time of its commencement,

HDFC was the first private sector housing finance institution in India.

Since the early years, it clearly defined the company’s core values -

integrity, transparency and trust, ingraining it throughout the

organization and in all its activities. It focused on a future that it

needed to make, rather than wait for it to happen and went on to

transform the concept of providing retail finance to middle class

families in India into a world class institution. Its success encouraged

the creation of a number of housing finance institutions in India.

HDFC offers a wide range of deposit products, a secure investment

option, with attractive returns. Deposits are accepted from Charitable

Trusts, Religious Trusts, Educational Institutions, Employees' Welfare

Trusts and others as decided by the management.

The primary objective of the project is to study, understand and

analyze various aspects related to the Investment patterns of Trusts

2

Page 4: HDFC Marketing

and Societies. The research is based on the information collected by

the help of the questionnaires filled by various Trusts and Societies

visited. The questionnaire was formulated with the aim of finding about

the preferences of the societies when they go in for the investment of

surpluses generated by them. Due to lack of time the survey was

limited to South Delhi. I visited over 250 Trusts and Societies during

my survey. An attempt was made to judge on the basis of the response

generated, the scope to expand the services of HDFC Ltd. in the area

of Trust Deposit. The survey helped to draw a general trend of the

investment pattern of the Trusts and Societies.

RESEARCH METHODOLOGY

3

Page 5: HDFC Marketing

Primary Objective:

The primary objective is to study, understand and analyze various

aspects related to the Investment patterns of Trusts and Societies.

Research Design:

The research is based on the information collected by the help of the

questionnaires filled.

The first three questions aim at the basic introductory information of

the organization and the person being interviewed thus rendering the

follow up work easier. The fourth question is about the financial

standing of an organization, it gives an idea about the financial status

of the society being approached. The fifth question aims at generating

information about the various sources of funds of the societies. The

sixth and seventh questions deal about the financial performance of

the societies. The eighth question is to find out about what a society

does with the surplus amount generated by them. The ninth question

is meant to gather information about the people who are instrumental

in advising and putting to action the investment plans for the society.

The tenth question is about what kind of investments are preferred by

the society, on the basis of the organization or on the basis of the time

period. The eleventh question talks about the institutions in which the

societies make their investments in, say the banks or other institutes.

The twelfth question tries to assess what is it exactly that the societies

look for, while investing. For example do they prefer a high rate of

interest, or safety, or location, etc..

Thus the research is based only on the basis of the information

gathered with the help of the questionnaires.

4

Page 6: HDFC Marketing

Sample design:

The objective is to study the investment pattern of various Trusts and

Societies. For this purpose I obtained a list of all the trusts situated in

Delhi. Due to lack of time I had to focus my study on all the Societies

situated in South Delhi. I made a list of all the trusts situated in the

south and targeted them in order to generate the required information.

Scope of the study:

I have focused my study on HDFC Ltd. and based my study primarily

on the investment patterns of various Trusts and Societies situated in

South Delhi. For this purpose I visited over 250 societies. I interviewed

the person concerned and got the questionnaire filled. Even though I

visited around 250 societies. I was not able to get the required

information from all of them as many of them refused to provide me

with any information giving no reason at all reasons.

Limitations:

There is no authenticity of the data available. No way of accessing the

truth of the statement. The people who have filled the questionnaire

might not have provided me with the right information.

No statistical tool has been used due to lack of time.

CRITICAL REVIEW OF LITERATURE

Trusts

5

Page 7: HDFC Marketing

A trust is an agreement under which money or other assets are held

and managed by one person for the benefit of another. Different types

of trusts may be created to accomplish specific goals. Each kind may

vary in the degree of flexibility and control it offers.

The common benefits that trust arrangements offer include:

Providing personal and financial safeguards for family and other

beneficiaries;

Postponing or avoiding unnecessary taxes;

Establishing a means of controlling or administering property; and

Meeting other social or commercial goals.

Creating A Trust

Certain elements are necessary to create a legal trust, including a

trustor, trustee, beneficiary, trust property and trust agreement.

The person who provides property and creates a trust is called a

trustor. This person may also be referred to as the "grantor," "donor"

or "settlor."

The trustee is the individual, institution or organization that holds

legal title to the trust property and is responsible for managing and

administering those assets. If not designated by name, a trustee will

be appointed by the court. In some cases, a trustor can serve as the

trustee. It is also possible for two or more trustees to serve together, or

6

Page 8: HDFC Marketing

for both an individual and an organization to act as co-trustees.

Separate trustees may also be named to manage different parts of a

trust estate.

The beneficiary is the person who is to receive the benefits or

advantages (such as income) of a trust. In general, any person or

entity may be a beneficiary, including individuals, corporations,

associations or units of government.

The general duties and obligations of the beneficiary, the trustee and

the trustor are summarized elsewhere in this pamphlet.

To be valid, a trust must hold some property to be administered. The

trust property may be any asset, such as stocks, real estate, cash, a

business or insurance. In other words, either "real" or "personal"

property may constitute trust property (which may also be called the

"trust corpus," "trust res," "trust estate" or "trust principal"). Trust

property may also include some future interest or right to future

ownership, such as the right to receive proceeds under a life-insurance

policy when the insured dies (discussed under "Insurance Trusts").

Property is made subject to the trust by transfer to the trustee,

commonly called a "gift in trust."

The trust agreement is a contract that formally expresses the

understanding between the trustor and trustee. It generally contains a

set of instructions to describe the manner in which the trust property is

to be held and invested, the purposes for which its benefits (such as

income or principal) are to be used, and the duration of the agreement.

7

Page 9: HDFC Marketing

Trust agreements may be expressed in writing, by oral agreement or

may be implied, and the trustor usually has considerable latitude in

setting the terms of the trust. To be enforceable, a trust involving an

interest in land must be in writing.

Types Of Trusts

Many kinds of trusts are available. Trusts may be classified by their

purposes, by the ways in which they are created, by the nature of the

property they contain, and by their duration. One common way to

describe trusts is by their relationship to the trustor's life. In this

regard, trusts are generally classified as either living trusts ("inter

vivos" trusts), or testamentary trusts.

Living Trusts

Living trusts are created during the lifetime of the trustor. Property

held in a living trust is not normally subject to probate (the court-

supervised process to validate a will and transfer property on the

death of the trustor). In Washington, because such property is not

subject to probate, it need not be disclosed in the court record and

confidentiality may be maintained. Such trusts are widely used

because they allow the trustor to designate a trustee to provide

professional management.

Under some circumstances, living trusts will allow income to be taxed

to a beneficiary and result in income tax savings to the trustor.

However, it should be noted that income earned by a trust established

for a beneficiary under the age of 14 may be taxed at the beneficiary's

8

Page 10: HDFC Marketing

parent's tax rate. The transfer of property to a living trust may also be

subject to a gift tax.

Testamentary Trusts

Testamentary trusts are created as part of a will and must conform

to the statutory requirements that govern wills. This type of trust

becomes effective upon the death of the person making the will (the

"decedent") and is commonly used to conserve or transfer wealth. The

will provides that part or all of the decedent's estate will go to a

trustee who is charged with administering the trust property and

making distributions to designated beneficiaries according to the

provisions of the trust.

Before the trust property becomes subject to the testamentary trust, it

will normally pass through the decedent's estate. When the estate is

probated, those trust assets will be subject to probate. The assets,

which will form the corpus of a testamentary trust, also are potentially

subject to an estate and generation-skipping transfer tax at the time of

the decedent's death.

A testamentary trust gives the trustor substantial control over his or

her estate distribution. It also may be used to achieve significant

savings in the future. For example, by using a testamentary trust, a

trustor can provide for a child's education or can delay the receipt of

property by a child until the child gains financial maturity. Moreover,

given the proper form of trust, property may be exempted from death

taxation on the later death of a trust beneficiary. However, a

generation-skipping transfer tax may still apply.

9

Page 11: HDFC Marketing

Living trusts can be "revocable" or "irrevocable." The trustor may

change the terms or cancel a revocable living trust. Upon

revocation, the trustor resumes ownership of the trust property.

In general, a revocable living trust is used when the trustor does not

want to lose permanent control of the trust property, is unsure of how

well the trust will be administered, or is uncertain of the proper

duration for the trust. With a properly drafted revocable trust, you

may:

1. Add or withdraw some assets from the trust during your lifetime;

2. Change the terms and the manner of administration of the trust;

and 

3. Retain the right to make the trust irrevocable at some future

time.

The assets in this type of trust will generally be includable in the

trustor's taxable estate, but may not be subject to probate.

An irrevocable living trust may not be altered or terminated by the

trustor once the agreement is signed. There are two distinct

advantages of irrevocable trusts:

1. The income may not be taxable to the trustor; and

2. The trust assets may not be subject to death taxes in the

trustor's estates.

However, these benefits will be lost if the trustor is entitled to (1)

receive any income; (2) use the trust assets; or (3) otherwise control

10

Page 12: HDFC Marketing

the administration of the trust in a manner that is inconsistent with the

requirements of the Internal Revenue Code.

Since a will may be revoked or amended at any time prior to death, a

testamentary trust may be changed or canceled. Revisions can be

made by drafting a new will or by using a simple document called a

"codicil" to make changes or additions to your will. However, to be

effective, any such modifications must be executed in the same

manner required for wills. The trust instrument should be explicit

regarding revocability or irrevocability. If it is not, the trust will be

considered irrevocable.

Establishing A Trust

Depending on a number of circumstances, trusts may be established

orally, in writing or by conduct. Most trusts involve a number of

technical legal concepts relating to ownership, taxes and control. A

lawyer can assist in explaining options, considering contingencies and

preparing documents.

In creating a trust, you should consider several factors and obligations,

including:

Your personal situation, including age, health and financial status;

Your family relationships and your family's financial circumstances;

Personal financial data: personal property, real estate holdings,

securities, and other property — as well as your tax situation and any

debts or obligations;

The purpose of the trust: your goals, or what you hope to accomplish

by the arrangement;

11

Page 13: HDFC Marketing

The type of trust, and how versatile or flexible your plans are.

The amount and type of property it will contain;

The duration, or how long the trust will last;

The beneficiaries and their specific needs;

Any conditions that must be met by a beneficiary to receive benefits

(such as attaining a certain age);

Alternatives for disposing of assets in case the trust conditions are not

met or circumstances change; and

The trustee, and the conditions or guidelines under which he or she will

function.

Dependency exemptions, capital gains and losses, income, gift, estate

and generation-skipping transfer taxes also should be considered when

planning certain types of trusts. Likewise, you may want to think about

naming alternative or contingent beneficiaries and trustees.

Once a trust has been established, a periodic review of the status of

the trust is advisable; you may want to obtain professional assistance

appropriate to the requirements of the trust.

Location Of A Trust

The location of the trust is usually determined by the residence of either the trustor or the trustee. In deciding where to establish the trust, it must be remembered that each state has different laws governing the operation of trusts and trustees' powers.

12

Page 14: HDFC Marketing

Circumstances may sometimes warrant moving the trust location.

Relocation, called a "change of situs," may be desirable or necessary

for either tax or nontax reasons (e.g., the trustee moves to another

state). Whether or not a move can be made, and how the move is

accomplished, will be dictated by each state's laws.

DUTIES AND OBLIGATIONS OF A TRUSTEE

A trustee — whether an individual or institution — holds legal title to

the trust property and is given broad powers over maintenance and

investment. To ensure that these duties are properly carried out, the

law requires that the trustee act in a certain manner. In general, a

trustee must:

Act in accord with the express terms of the trust instrument;

Act impartially, administering the trust for the benefit of all trust

beneficiaries;

Administer the trust property with reasonable care and skill,

considering both its safety and the amount of income it produces;

Maintain complete accounts and records; and

Perform taxpayer duties, such as filing tax returns for the trust and

paying required taxes.

The trustee must administer the trust property only for the designated

beneficiaries and may not use trust principal or income for his or her

own benefit. In other words, a trustee is usually prohibited from

borrowing or buying from the trust, from selling his or her own

property to it, and from using the trust assets as collateral for a

personal debt.

13

Page 15: HDFC Marketing

In selecting a trustee you should consider the potential trustee's

competence and experience in managing business or financial matters

and the potential trustee's availability and willingness to serve.

Individuals and certain corporations (or a combination of both) may

serve as trustee. Each selection offers distinct advantages and

drawbacks that should be considered. For example, an institution, such

as a bank, usually offers specially trained managers to provide

administrative, counseling and tax services. Other typical advantages

include the institution's continuity and reliability of service, and its

ready availability. Most banks charge a fee for trust services, and some

may not want to manage small trusts, so you may want to compare

options.

As an alternative, an individual, such as a relative, family friend or

business associate, may serve as trustee. An individual, unlike an

institution, may be willing to serve for little or no fee. Furthermore, this

person could add a more personal touch for special understanding to

the needs of the beneficiaries. However, you will want to be certain

that any nominated individual has the skill and experience necessary

to properly manage the trust property.

Insurance Trusts

Insurance trusts may take various forms, such as business insurance

trusts (which may be used to protect the "key men," proprietor or

partners of a business), or personal insurance trusts (which involve no

business interests). These types of trusts are usually intended to

provide assistance in the management of insurance proceeds from

estate taxation. Insurance trusts may be revocable or irrevocable, and

14

Page 16: HDFC Marketing

various types of agreements are available to accommodate an

individual's circumstances and desires, or the requirements of a

business.

Another form of insurance trust is the life-insurance trust. This trust,

similar to a living trust, is created to receive proceeds payable under a

life-insurance policy. It is normally established to exclude those

proceeds from taxation in the decedent's estate. A life-insurance trust

can also be used to provide a vehicle for continued management and

distribution of insurance proceeds for a beneficiary who may need

assistance in those matters.

To obtain the tax benefits of having the proceeds excluded from the

decedent's estate, it is imperative that the insured divest himself or

herself of all interest in the policy, and place those rights in the hands

of the trustee. For this reason, it is preferable to have an individual

other than the insured act as trustee.

This type of trust cannot be revocable, and the insured cannot retain

any right to trust income. To ensure the tax advantages are retained, it

is important that the document be properly drafted. The tax rules in

this area are quite complex, so professional legal assistance may be

helpful in the preparation of such a document.

Charitable Trusts

A charitable trust is also called a "public trust," because it

benefits‚ immediately or eventually, members of the general public

through charitable means. It can offer many tax advantages to the

15

Page 17: HDFC Marketing

trustor not available to other "private" trusts. Unlike private trusts, it

can be established to last indefinitely.

Although sometimes complicated in their arrangement, charitable

trusts offer considerable flexibility in providing benefits from the

trustor or other trust beneficiaries, while at the same time meeting

charitable goals. Charitable trusts must be carefully drafted, however,

to ensure advantageous tax treatment. A commonly used charitable

trust is the "charitable remainder trust."

Charitable Remainder Trusts

This type of trust allows you to give a future interest in an asset to

charity, while keeping an income stream for yourself or for another

beneficiary.

A trustor may specify that a certain portion of the trust income be

distributed to a noncharitable beneficiary for a certain period of time,

with the charity to receive the money or property thereafter (e.g., upon

the death of the noncharitable beneficiary).

In addition to offering an immediate tax deduction for the charitable

contribution, the charitable remainder trust can help lower your estate

taxes. To qualify for a charitable deduction, specific formats must be

followed, and the charitable beneficiary must meet standards set by

the Internal Revenue Service.

The amount of the charitable deduction is based on complex tax laws

that consider such factors as the age of the beneficiary, the value of

the property, and the expected income from the trust. Because of the

detailed legal concepts and changing IRS regulations, it is advisable to

consult a lawyer when considering such arrangements.

16

Page 18: HDFC Marketing

Longevity Of A Trust

There is no specified time during which a trust must remain in effect.

Each situation must be evaluated separately. In general, however,

Washington State law will not allow a private trust to continue longer

than 21 years after the death of a person living at the time the trust

was established. Charitable trusts, on the other hand, may continue

indefinitely.

Taxes

The use of a trust may help you achieve certain goals, such as

reduction of taxes. However, while trusts can offer a number of tax

advantages, tax avoidance should not be the sole motivation for using

this estate-planning tool.

It also should be recognized that the laws governing trusts and their

taxation are complex and subject to change. As an example, under the

Tax Reform Act of 1986, income earned in a trust which has a

beneficiary under the age of 14 will be taxed at that beneficiary's

marginal tax rate. This is a significant departure from prior tax law,

which provided that such income be taxed to the child at his or her

own tax rate, often resulting in little or no tax being due.

Because of the new tax rules, an individual contemplating a trust for

tax purposes should consult with his or her accountant or attorney to

determine whether the trust can be structured in a way to meet the

tax objectives. By carefully choosing the proper type of investments

within a trust, it may still be possible to accomplish tax goals, but

careful planning and drafting are required. These facts, coupled with

the numerous financial considerations involved in estate planning,

17

Page 19: HDFC Marketing

suggest that professional legal and financial assistance may be

necessary to help you make an informed decision.

Fees And Costs

The cost of creating and administering a trust can vary considerably,

depending on its type and duration. A lawyer's fees to create a trust,

for example, will usually be based on the time involved in consulting

with you, and in planning and preparing documents. Therefore, before

you hire a lawyer, you should discuss fees (for example, whether

hourly or flat fees are charged). Ask for an estimate or arrange a

written fee agreement.

A trustee's fee may vary with the skill and expertise the trustee offers.

Charges may also be influenced by the size and complexity of the trust

estate. This affects the nature and amount of services required, such

as record-keeping, asset management and tax planning.

In addition to legal and trustee expenses, there may be accounting,

real estate management or other service fees. Other common charges

include annual, minimum, withdrawal and termination fees.

 

18

Page 20: HDFC Marketing

HDFC BANKING WITH TRUSTS AND SOCIETIES

Trusts

HDFC offers a wide range of deposit products, a secure investment

option, with attractive returns. Deposits are accepted from Charitable

Trusts, Religious Trusts, Educational Institutions, Employees' Welfare

Trusts and others as decided by the management.

Trusts can choose from any of the following products depending on

their need.

Trust Deposits:

1) Fixed Rate Deposits

Following options are available under Fixed Rate Deposit -

i) Monthly Income Plan

ii) Non-Cumulative Deposits

iii) Annual Income Plan

iv) Cumulative Deposits

19

Page 21: HDFC Marketing

2) Variable Rate Deposits

Variable Rate Deposit is a new addition to the wide range of deposit

products offered by HDFC to enable the depositors to take advantage

of movements in interest rates.

  Following options are available under Variable Rate Deposit –

  i) Monthly Income Plan

  ii) Non-Cumulative Deposits

  iii) Annual Income Plan

  iv) Cumulative Deposits

Benefits of an HDFC Trust Deposit:

1. Highest Safety

2. Attractive Returns

3. Tax Benefits

4. Quick Loan Facility

5. High Service Standards

6. Demand Draft Facility

7. Electronic Clearing Service

Highest Safety:

'FAAA' and 'MAAA' rating affirmed for the eleventh consecutive year

by CRISIL and ICRA respectively.

20

Page 22: HDFC Marketing

Attractive Returns: HDFC deposits are Available throughout the year

and offer Attractive, Assured returns to investors

Tax benefits:

1. HDFC Trust Deposits is a specified investment under Section

11(5) (ix) of the Income Tax Act, 1961.

2. No tax deduction at source from Interest on deposits upto Rs.

5,000/- per branch in a financial year.

Quick Loan Facility: Loan against deposit is available after 3 months

from the date of deposit upto 75% of the deposit amount subject to the

other terms and conditions framed by HDFC. Interest on such loans will

be 2% above the deposit rate.

High Service Standards: Depositors are offered across the counter

services for new deposits, renewals, repayments and loan against

deposit facility. Further, all enquiries through email, post, telephone

and in person are attended to immediately.

Demand Draft Facility: Outstation depositors can send demand

drafts after deducting demand draft charges. This facility is applicable

for places where HDFC does not have an office.

Electronic Clearing Service: This facility is provided to depsoitors in

select centres whereby the interest will be credited directly to the

depositors' bank account. The depositor would receive a credit entry

"ECS HDFC" in his passbook/bank statement. Intimation of interest

credited would be sent on an annual basis. Your bank will not levy any

charge for this facility as per present RBI guidelines.

21

Page 23: HDFC Marketing

Presently this facility is being offered by us at the following centers –

ECS Centres :

Ahmedabad, Bangalore, Bhubaneshwar, Kolkata, Chandigarh, Chennai,

Hyderabad, Jaipur, Kanpur, Mumbai, Nagpur, Nasik, New Delhi, Pune

and Vadodara

Corporate Governance

The concept of corporate governance is entering a phase of global

convergence. The driver behind this is the recognition that companies

need to attract and protect all stakeholders, especially investors – both

domestic and foreign. Global capital seeks its own equilibrium and

naturally flows to where it is best protected and bypasses where

protection is limited or non-existent. Companies stand to gain by

adopting systems that bolster investor trust through transparency,

accountability and fairness.

The tide of regulation has risen to a high watermark and while there is

compelling evidence of financial benefits to companies which adopt

good governance practices, it has often been felt that the ethos of

corporate governance still needs to sink in. Corporate irregularities

continue to plague investors as regulators relentlessly strive to cleanse

the system. Financial scandals often prompt an overhaul of regulation.

But the efficacy of regulation can get negated when compliance

becomes a box-ticking exercise with prohibitive costs. Again, there is

no single model of good corporate governance. Principles, values and

ethics cannot be typecast into a universal one-size-fits-all framework.

‘Spreading the Word: Changing Rules in Asia’, the title of Corporate

Governance Watch 2004, an annual collaborative study of the

22

Page 24: HDFC Marketing

corporate governance landscape of Asian markets undertaken by CLSA

Asia Pacific Markets and the Asian Corporate Governance Association

has concluded that there appears to be a clear correlation between

companies and markets with strong corporate governance and

superior returns over the long term. According to the study, India ranks

among the top three in terms of corporate governance. With

increasingly integrated capital markets, good corporate governance is

of paramount importance for companies seeking to distinguish

themselves in the global economy.

HDFC, within its web of relationships with its borrowers, depositors,

agents, shareholders and other stakeholders has always maintained its

fundamental principles of corporate governance – that of integrity,

transparency and fairness. For HDFC, corporate governance is a

continuous journey, seeking to provide an enabling environment to

harmonise the goals of maximising shareholder value and maintaining

a customer centric focus.

HDFC maintains that efforts to institutionalise corporate governance

practices cannot solely rest upon adherence to a regulatory

framework. HDFC’s corporate governance compass has been its

business practices, its values and personal beliefs, reflected in the

actions of each of its employees.

The Board of Directors fully support and endorse corporate governance

practices as per the provisions of the listing agreements as applicable

from time to time. The Corporation has complied with the said

provisions and listed below is the Report of the Directors of HDFC on

Corporate Governance

23

Page 25: HDFC Marketing

COMPANY PROFILE

With years, banks are also adding services to their customers. The

Indian banking industry is passing through a phase of customers

market. The customers have more choices in choosing their banks. A

competition has been established within the banks operating in India.

With stiff competition and advancement of technology, the services

provided by banks has become more easy and convenient. The past

days are witness to an hour wait before withdrawing cash from

accounts or a cheque from north of the country being cleared in one

month in the south.

HDFC was incorporated in 1977 with the primary objective of meeting

a social need – that of promoting home ownership by providing long-

term finance to households for their housing needs. HDFC was

promoted with an initial share capital of Rs. 100 million.

Business Objectives

The primary objective of HDFC is to enhance residential housing stock

in the country through the provision of housing finance in a systematic

and professional manner, and to promote home ownership. Another

objective is to increase the flow of resources to the housing sector by

integrating the housing finance sector with the overall domestic

financial markets.

Organisational Goals

24

Page 26: HDFC Marketing

HDFC’s main goals are to :-

The primary objective of HDFC is to enhance residential housing stock

and to promote home ownership.

To acquire by purchase, lease, exchange, hire or otherwise lands &

property or any interest in the same in India.

To advance money to any person/ persons, company or corporation,

society or association either at interest without, and or with or without

any security and in particular to advance money to shareholders of the

company or to oth4r persons to enable the person to erect, or

purchase, or enlarge, or repair any house or building or any part or

portions thereof or to purchase any freehold or leasehold or any lands

or estate or property in India upon the terms and conditions as laid by

the company.

To develop & turn to account any land acquired by the company or in

which the company is interested, and in particular by laying out and

preparing the same for building purposes, constructing, altering pulling

down, decorating, maintaining; furnishing, fitting up and improving

buildings, and by planting, paving draining, farming, cultivating, letting

on building lease or building agreement, and by advancing money and

entering into contracts and agreements of all kinds with builders,

tenants and others.

Subject to the provisions of the Banking Regulation Act 1949, to

receive moneys on deposits, loans or otherwise with or without interest

and to secure the same in such manner and on such terms and

conditions as the company may think fit and proper and to guarantee

the debts, obligations and contracts of any person, firm, company, or

corporation whatsoever.

25

Page 27: HDFC Marketing

To negotiate loans of every description.

To finance or assist in financing the sale of house, buildings, flats,

either furnished or otherwise, by way of hire purchase or deferred

payment or similar transactions and to institute, enter into, carry on,

subsidize finance or assist in subsidizing or financing he sale of these

houses, buildings, flats, furnished or otherwise, upon any term

whatsoever.

Besides these the company has certain objectives incidental or

ancillary to the attainment of the main objective. These are :

To aid any government, state, or any municipal corporation, or

company or association or individual with capital, credit, means or

resources for the prosecution of any work, undertakings, project or

enterprises which are conducive to all or any of the object of the

company.

To adopt such means of making known to the business of the company

as may seen expedient, and in particular by the advertisement in the

press, by circulars, by purchase and exhibition of work, of art of

interest, by publication of books and periodicals, by granting prices,

rewards and donations.

To provide for the welfare of the employees or ex employees of the

company and the wives, widows and the children or the dependents of

such persons in such manner as the company deems fit and proper.

To effect and maintain insurance against loss of or inuuryt to any

property of or any persons employed by the company or against any

other loss to the company.

26

Page 28: HDFC Marketing

To undertake and carry on the business in India or abroad of Merchant

Banking including consultancy services of all kinds and description,

investment counseling, portfolio management, providing of financial

and investment assistance, syndication of loans, counseling, and tie-up

for project and working capital finance, syndication of financial

arrangements wheth4er in domestic or international markets, handling

of mergers and amalgamations, assisting in the setting up of joint

ventures, foreign currency lending, tax consultancy, underwriting of

any securities, whether singly or in consortium and without prejudice

to the generality of the foregoing to act as advisors and consultants,

managers to the issue of shares, debentures, stocks, bonds and

securities.

ORGANISATION AND MANAGEMENT

HDFC is a professionally managed organisation with a board of

directors consisting of eminent persons who represent various fields

including finance, taxation, construction and urban policy &

development. The board primarily focuses on strategy formulation,

27

Page 29: HDFC Marketing

policy and control, designed to deliver increasing value to

shareholders.

Board of Directors

 Mr. D S Parekh - Chairman 

 Mr. Keshub Mahindra - Vice Chairman 

 Ms. Renu S. Karnad - Executive Director 

 Mr. K M Mistry - Managing Director 

 Mr. Shirish B Patel

 Mr. B S Mehta

 Mr. D M Sukthankar

  Mr. D N Ghosh

 Dr. S A Dave

 Mr. S Venkitaramanan

 Dr. Ram S Tarneja

 Mr. N M Munjee

 Mr. D M Satwalekar

28

Page 30: HDFC Marketing

FOUNDER OF HDFC

Man with a Mission

An extract from the book 'A Tribute' If ever there was a man with a

mission it was Hasmukhbhai Parekh, our Founder and Chairman-

Emeritus, who left this earthly abode on November

18, 1994.

Born in a traditional banking family in Surat, Gujarat,

Mr. Parekh started his financial career at Harkisandass

Lukhmidass – a leading stock broking firm. The firm

closed down in the late seventies, but, long before

that, he went on to become a towering figure on the

Indian financial scene.

In 1956 he began his lifelong financial affair with the economic world,

as General Manager of the newly-formed Industrial Credit and

Investment Corporation of India (ICICI). He rose to become Chairman

and continued so till his retirement in 1972.

At the ripe age of 60, Hasmukhbhai started his second dynamic life,

even more illustrious than his first. His vision for mortgage finance for

housing, gave birth to the Housing Development Finance Corporation –

it was a trend-setter for housing finance in the whole Asian continent.

He was a true development banker. His building up HDFC without any

government assistance, is itself a brilliant chapter in financial history.

His wisdom and warmth drew people from all walks of life to him, for

advice, guidance and inspiration.

29

Page 31: HDFC Marketing

A soft spoken man of few words, Mr. Parekh nevertheless held strong

and definite views with a quiet conviction. He was always concerned

with building bridges, improving and encouraging communication

between people.

As Henry W. Longfellow said:

Lives of great men all remind us

We can make our life sublime,

And, departing leave behind us

Footprints on the sands of time.

30

Page 32: HDFC Marketing

INDUSTRY PROFILE

History

Banking in India originated in the first decade of 18th century with The

General Bank of India coming into existence in 1786. This was followed

by Bank of Hindustan. Both these banks are now defunct. The oldest

bank in existence in India is the State Bank of India being established

as "The Bank of Calcutta" in Calcutta in June 1806. Couple of decades

later, foreign banks like HSBC and Credit Lyonnais started their

Calcutta operations in the 1850s. At that point of time, Calcutta was

the most active trading port, mainly due to the trade of the British

Empire, and due to which banking activity took roots there and

prospered. The first fully Indian owned bank was the Allahabad Bank

set up in 1865.

By the 1900s, the market expanded with the establishment of banks

like Punjab National Bank, in 1895 in Lahore; Bank of India, in 1906, in

Mumbai - both of which were founded under private onwership. Indian

banking sector was formally regulated by Reserve Bank of India from

1935. After India's independence in 1947, the Reserve Bank was

nationalized and given broader powers.

The next significant milestone in Indian Banking happened in the late

1960s when the then Indira Gandhi government nationalizd, on 19th

July, 1969, 14 major commercial Indian banks, followed by

nationalization of 6 more commercial Indian banks in 1980. The stated

reason for the nationalisation was more control of credit delivery. After

this, until the 1990s, the nationalised banks grew at a leisurely pace of

around 4%-also called as the Hindu growth of the Indian economy.

31

Page 33: HDFC Marketing

Banking Reforms since 1992

Financial sector reforms were initiated as part of overall economic

reforms in the country and wide ranging reforms covering industry,

trade, taxation, external sector, banking and financial markets have

been carried out since mid 1991. A decade of economic and financial

sector reforms has strengthened the fundamentals of the Indian

economy and transformed the operating

environment for banks and financial institutions in the country. The

sustained and gradual pace of reforms has helped avoid any crisis and

has actually fuelled growth. As pointed out in the RBI Annual Report

2001-02, GDP growth in the 10 years after reforms i.e. 1992-93 to

2001-02 averaged 6.0% against 5.8% recorded during 1980-81 to

1989-90 in the pre-reform period.

The most significant achievement of the financial sector reforms has

been the marked impovement in the financial health of commercial

banks in terms of capital adequacy, profitability and asset quality as

also greater attention to risk management. Further, deregulation has

opened up new opportunities for banks to increase revenues by

diversifying into investment banking, insurance, credit cards,

depository services, mortgage financing, securitisation, etc. At the

same time, liberalisation has brought greater competition among

banks, both domestic and foreign, as well as competition from mutual

funds, NBFCs, post office, etc. Post-WTO, competition will only get

intensified, as large global players emerge on the scene. Increasing

competition is squeezing

profitability and forcing banks to work efficiently on shrinking spreads.

A positive fallout of competition is the greater choice available to

32

Page 34: HDFC Marketing

consumers, and the increased level of sophistication and technology in

banks. As banks benchmark themselves against global standards,

there has been a marked increase in disclosures and transparency in

bank balance sheets as also greater

focus on corporate governance.

Trends

The Indian banking industry is currently in a transition phase. On the

one hand, the public sector banks, which are the mainstay of the

Indian banking system, are in the process of consolidating their

position by capitalising on the strength of their huge networks and

customer bases. On the other, the private sector banks are venturing

into a whole new game of mergers and acquisitions to expand their

bases.

The system is slowly moving from a regime of “large number of small

banks” to “small number of large banks.” The new era will be one of

consolidation around identified core competencies.

In India, one of the largest financial institutions, ICICI, took the lead

towards universal banking with its reverse merger with ICICI Bank a

couple of years ago. Another mega financial institution, IDBI, has also

adopted the same strategy and has already transformed itself into a

universal bank. This trend may lead to promoting the concept of a

financial super market chain, making available all types of credit and

non-fund facilities under one roof or specialised subsidiaries under one

umbrella organisation.

Growth statistics

33

Page 35: HDFC Marketing

Scheduled Commercial Banks (SCBs) in India are categorised into five

different groups according to their ownership and / or nature of

operation. These bank groups are (i) State Bank of India and its

associates (ii) other nationalised banks (iii) regional rural banks(iv)

foreign banks and (v) other Indian SCBs (in the private sector).

The banking sector witnessed strong growth in deposits and advances

during the year 2004-05. As of March 2005, the number of commercial

banks stood at 289. The aggregate deposits of SCBs increased from

US$ 331 billion in March 2004 to US$ 374 billion in March 2005; credit

increased from US$ 185 billion to US$ 242 billion; and investments

swelled from US$ 149 billion to US$ 162 billion.

Net domestic credit in the banking system has witnessed a steady

increase of 17.5 per cent from US$ 445 billion on January 21, 2005 to

US$ 523 billion on January 20, 2006. The growth in net domestic credit

during the current financial year up to January 20, 2006 was 14.4 per

cent.

Nationalised banks were the largest contributors to total bank credit at

47.8 per cent as of September 2005. While foreign banks' contribution

to total bank credit was low at 6.7 per cent, the contribution of State

Bank of India and its associates accounted for 23.8 per cent of the total

bank credit. Credit extended by other SCBs stood at 18.9 per cent.

Banks and consumer finance

Indian banks, particularly private banks, are riding high on the retail

business. ICICI Bank and HDFC Bank have witnessed over 70 per cent

year-on-year growth in retail loan assets in the second quarter of 2005-

06. Annual revenues in the domestic retail banking market are

34

Page 36: HDFC Marketing

expected to more than double to US$ 16.5 billion by 2010 from about

US$ 6.4 billion at present, says a McKinsey study.

The home loan sector is also on a smooth course. The average loan

size of home finance companies is increasing. HDFC, the second

largest player in the home finance business, has seen average loan

increase from US$ 10,773 in FY04 to US$ 13,467 in FY05, a change of

almost 25 per cent. For ICICI Bank, which is the largest player in the

business, the average ticket size is about US$ 13,467 – US$ 15,711

and has increased by 10-15 per cent over last year.

Foreign banks are working on expanding their bases in the country.

The Ministry of Finance and Reserve Bank of India have agreed to allow

foreign banks to open 20 branches a year as against 12 now. At

present, 40 odd foreign banks have over 225 branches in India. At the

end of 2004-05, the total assets of foreign banks aggregated US$ 30

billion or 6.9 per cent of the assets of all scheduled commercial banks.

They will also be allowed 74 per cent stake in private banks. After

2009, the local subsidiaries of foreign banks will be treated on par with

domestic banks.

Challenges facing Banking industry in India

The banking industry in India is undergoing a major transformation due

to changes in economic conditions and continuous deregulation. These

multiple changes happening one after other has a ripple effect on a

bank trying to graduate from completely regulated sellers market to

completed

deregulated customers market.

Deregulation: This continuous deregulation has made the Banking

market extremely competitive with greater autonomy, operational

35

Page 37: HDFC Marketing

flexibility, and decontrolled interest rate and liberalized norms for

foreign exchange. The deregulation of the industry coupled with

decontrol in interest rates has led to entry of a number of players in

the banking industry. At the same time reduced corporate credit off

take thanks to sluggish economy has resulted in large number of

competitors battling for the same pie.

New rules: As a result, the market place has been redefined with new

rules of the game. Banks are transforming to universal banking, adding

new channels with lucrative pricing and freebees to offer. Natural fall

out of thist. skill building has led to a series of innovative product

offerings catering to various customer segments, specifically retail

credit.

Efficiency: This in turn has made it necessary to look for efficiencies in

the business. Banks need to access low cost funds and simultaneously

improve the efficiency. The banks are facing pricing pressure, squeeze

on spread and have to give thrust on retail assets.

Diffused Customer loyalty: This will definitely impact Customer

preferences, as they are bound to react to the value added offerings.

Customers have become demanding and the loyalties are diffused.

There are multiple choices, the wallet share is reduced per bank with

demand on flexibility and customization. Given the relatively low

switching costs; customer retention calls for customized service and

hassle free, flawless service delivery.

Improving profitability: There is increasing competition and

narrowing of spreads and it is having an impact on the profitability of

banks. The challenge for banks is how to manage with thinning

margins while at the same time working to improve productivity which

36

Page 38: HDFC Marketing

remains low in relation to global standards. This is particularly

important because with dilution in banks’

equity, analysts and shareholders now closely track their performance.

Thus, with falling spreads, rising provision for NPAs and falling interest

rates, greater attention will need to be paid to reducing transaction

costs. This will require tremendous efforts in the area of technology

and

for banks to build capabilities to handle much bigger volumes.

Risk management: The deregulated environment brings in its wake

risks along with profitable opportunities, and technology plays a crucial

role in managing these risks. In addition to being exposed to credit

risk, market risk and operational risk, the business of banks would be

susceptible to country risk, which will be heightened as controls on the

movement of capital are eased. In this context, banks are upgrading

their credit assessment and risk management

skills and retraining staff, developing a cadre of specialists and

introducing technology driven management information systems.

Corporate governance: Besides using their strengths and strategic

initiatives for creating shareholder value, banks have to be conscious

of their responsibilities towards

corporate governance. Following financial liberalisation, as the

ownership of banks gets broadbased, the importance of institutional

and individual shareholders will increase.

In such a scenario, banks will need to put in place a code for corporate

governance for benefiting all stakeholders of a corporate entity.

Misaligned mindset: These changes are creating challenges, as

employees are made to adapt to changing conditions. There is

resistance to change from employees and the Seller market mindset is

37

Page 39: HDFC Marketing

yet to be changed coupled with Fear of uncertainty and Control

orientation. Acceptance of technology is slowly creeping in but the

utilization is not maximised.

Competency Gap: Placing the right skill at the right place will

determine success. The competency gap needs to be addressed

simultaneously otherwise there will be missed opportunities. The focus

of people will be on doing work but not providing solutions, on

escalating problems rather than solving them and on disposing

customers instead of using the opportunity to

cross sell.

Investment in India - Banking System

The last decade witnessed the maturity of India's financial markets.

Since 1991, every governments of India took major steps in reforming

the financial sector of the country. The important achievements in the

following fields is discussed under serparate heads:

Financial markets

Regulators

The banking system

Non-banking finance companies

The capital market

38

Page 40: HDFC Marketing

Mutual funds

Overall approach to reforms

Deregulation of banking system

Capital market developments

Consolidation imperative

Now let us discuss each segment seperately.

Financial Markets

In the last decade, Private Sector Institutions played an important role. They grew rapidly in commercial banking and asset management business. With the openings in the insurance sector for these institutions, they started making debt in the market.Competition among financial intermediaries gradually helped the interest rates to decline. Deregulation added to it. The real interest rate was maintained. The borrowers did not pay high price while depositors had incentives to save. It was something between the nominal rate of interest and the expected rate of inflation.

RegulatorsThe Finance Ministry continuously formulated major policies in the field of financial sector of the country. The Government accepted the important role of regulators. The Reserve Bank of India (RBI) has become more independant. Securities and Exchange Board of India (SEBI) and the Insurance Regulatory and Development Authority (IRDA) became important institutions. Opinions are also there that there should be a super-regulator for the financial services sector instead of multiplicity of regulators.

The Banking System

Almost 80% of the business are still controlled by Public Sector Banks

(PSBs). PSBs are still dominating the commercial banking system.

Shares of the leading PSBs are already listed on the stock exchanges.

The RBI has given licences to new private sector banks as part of the

liberalisation process. The RBI has also been granting licences to

39

Page 41: HDFC Marketing

industrial houses. Many banks are successfully running in the retail and

consumer segments but are yet to deliver services to industrial

finance, retail trade, small business and agricultural finance.

The PSBs will play an important role in the industry due to its number

of branches and foreign banks facing the constrait of limited number of

branches. Hence, in order to achieve an efficient banking system, the

onus is on the Government to encourage the PSBs to be run on

professional lines.

Development Finance Institutions

FIs's access to SLR funds reduced. Now they have to approach the

capital market for debt and equity funds.

Convertibility clause no longer obligatory for assistance to corporates

sanctioned by term-lending institutions.

Capital adequacy norms extended to financial institutions.

DFIs such as IDBI and ICICI have entered other segments of financial

services such as commercial banking, asset management and

insurance through separate ventures. The move to universal banking

has started.

Non-Banking Finance Companies

In the case of new NBFCs seeking registration with the RBI, the

requirement of minimum net owned funds, has been raised to Rs.2

crores.

40

Page 42: HDFC Marketing

Until recently, the money market in India was narrow and

circumscribed by tight regulations over interest rates and participants.

The secondary market was underdeveloped and lacked liquidity.

Several measures have been initiated and include new money market

instruments, strengthening of existing instruments and setting up of

the Discount and Finance House of India (DFHI).

The RBI conducts its sales of dated securities and treasury bills through

its open market operations (OMO) window. Primary dealers bid for

these securities and also trade in them. The DFHI is the principal

agency for developing a secondary market for money market

instruments and Government of India treasury bills. The RBI has

introduced a liquidity adjustment facility (LAF) in which liquidity is

injected through reverse repo auctions and liquidity is sucked out

through repo auctions.

On account of the substantial issue of government debt, the gilt- edged

market occupies an important position in the financial set- up. The

Securities Trading Corporation of India (STCI), which started operations

in June 1994 has a mandate to develop the secondary market in

government securities.

Long-term debt market: The development of a long-term debt market

is crucial to the financing of infrastructure. After bringing some order to

the equity market, the SEBI has now decided to concentrate on the

development of the debt market. Stamp duty is being withdrawn at the

time of dematerialisation of debt instruments in order to encourage

paperless trading.

The Capital Market

41

Page 43: HDFC Marketing

The number of shareholders in India is estimated at 25 million.

However, only an estimated two lakh persons actively trade in stocks.

There has been a dramatic improvement in the country's stock market

trading infrastructure during the last few years. Expectations are that

India will be an attractive emerging market with tremendous potential.

Unfortunately, during recent times the stock markets have been

constrained by some unsavoury developments, which has led to retail

investors deserting the stock markets.

Mutual Funds

The mutual funds industry is now regulated under the SEBI (Mutual

Funds) Regulations, 1996 and amendments thereto. With the issuance

of SEBI guidelines, the industry had a framework for the establishment

of many more players, both Indian and foreign players. The Unit Trust

of India remains easily the biggest mutual fund controlling a corpus of

nearly Rs.70,000 crores, but its share is going down. The biggest shock

to the mutual fund industry during recent times was the insecurity

generated in the minds of investors regarding the US 64 scheme. With

the growth in the securities markets and tax advantages granted for

investment in mutual fund units, mutual funds started becoming

popular.

The foreign owned AMCs are the ones which are now setting the pace

for the industry. They are introducing new products, setting new

standards of customer service, improving disclosure standards and

experimenting with new types of distribution.

42

Page 44: HDFC Marketing

The insurance industry is the latest to be thrown open to competition

from the private sector including foreign players. Foreign companies

can only enter joint ventures with Indian companies, with participation

restricted to 26 per cent of equity. It is too early to conclude whether

the erstwhile public sector monopolies will successfully be able to face

up to the competition posed by the new players, but it can be expected

that the customer will gain from improved service.

The new players will need to bring in innovative products as well as

fresh ideas on marketing and distribution, in order to improve the low

per capita insurance coverage. Good regulation will, of course, be

essential.

Overall Approach To Reforms

The last ten years have seen major improvements in the working of

various financial market participants. The government and the

regulatory authorities have followed a step-by-step approach, not a big

bang one. The entry of foreign players has assisted in the introduction

of international practices and systems. Technology developments have

improved customer service. Some gaps however remain (for example:

lack of an inter-bank interest rate benchmark, an active corporate debt

market and a developed derivatives market). On the whole, the

cumulative effect of the developments since 1991 has been quite

encouraging. An indication of the strength of the reformed Indian

financial system can be seen from the way India was not affected by

the Southeast Asian crisis.

However, financial liberalisation alone will not ensure stable economic

growth. Some tough decisions still need to be taken. Without fiscal

control, financial stability cannot be ensured. The fate of the Fiscal

Responsibility Bill remains unknown and high fiscal deficits continue. In

43

Page 45: HDFC Marketing

the case of financial institutions, the political and legal structures hve

to ensure that borrowers repay on time the loans they have taken. The

phenomenon of rich industrialists and bankrupt companies continues.

Further, frauds cannot be totally prevented, even with the best of

regulation. However, punishment has to follow crime, which is often

not the case in India.

Deregulation Of Banking System

Prudential norms were introduced for income recognition, asset

classification, provisioning for delinquent loans and for capital

adequacy. In order to reach the stipulated capital adequacy norms,

substantial capital were provided by the Government to PSBs.

Government pre-emption of banks' resources through statutory

liquidity ratio (SLR) and cash reserve ratio (CRR) brought down in

steps. Interest rates on the deposits and lending sides almost entirely

were deregulated.

New private sector banks allowed to promote and encourage

competition. PSBs were encouraged to approach the public for raising

resources. Recovery of debts due to banks and the Financial

Institutions Act, 1993 was passed, and special recovery tribunals set

up to facilitate quicker recovery of loan arrears.

Bank lending norms liberalised and a loan system to ensure better

control over credit introduced. Banks asked to set up asset liability

44

Page 46: HDFC Marketing

management (ALM) systems. RBI guidelines issued for risk

management systems in banks encompassing credit, market and

operational risks.

A credit information bureau being established to identify bad risks.

Derivative products such as forward rate agreements (FRAs) and

interest rate swaps (IRSs) introduced.

Capital Market Developments

The Capital Issues (Control) Act, 1947, repealed, office of the Controller

of Capital Issues were abolished and the initial share pricing were

decontrolled. SEBI, the capital market regulator was established in

1992.

Foreign institutional investors (FIIs) were allowed to invest in Indian

capital markets after registration with the SEBI. Indian companies were

permitted to access international capital markets through euro issues.

The National Stock Exchange (NSE), with nationwide stock trading and

electronic display, clearing and settlement facilities was established.

Several local stock exchanges changed over from floor based trading

to screen based trading

Private Mutual Funds Permitted

The Depositories Act had given a legal framework for the

establishment of depositories to record ownership deals in book entry

form. Dematerialisation of stocks encouraged paperless trading.

Companies were required to disclose all material facts and specific risk

45

Page 47: HDFC Marketing

factors associated with their projects while making public issues.

To reduce the cost of issue, underwriting by the issuer were made

optional, subject to conditions. The practice of making preferential

allotment of shares at prices unrelated to the prevailing market prices

stopped and fresh guidelines were issued by SEBI.

SEBI reconstituted governing boards of the stock exchanges,

introduced capital adequacy norms for brokers, and made rules for

making client or broker relationship more transparent which included

separation of client and broker accounts.

Buy Back Of Shares Allowed

The SEBI started insisting on greater corporate disclosures. Steps were

taken to improve corporate governance based on the report of a

committee.

SEBI issued detailed employee stock option scheme and employee

stock purchase scheme for listed companies.

Standard denomination for equity shares of Rs. 10 and Rs. 100 were

abolished. Companies given the freedom to issue dematerialised

shares in any denomination.

Derivatives trading starts with index options and futures. A system of

rolling settlements introduced. SEBI empowered to register and

regulate venture capital funds.

The SEBI (Credit Rating Agencies) Regulations, 1999 issued for

regulating new credit rating agencies as well as introducing a code of

conduct for all credit rating agencies operating in India.

Consolidation Imperative

46

Page 48: HDFC Marketing

Another aspect of the financial sector reforms in India is the

consolidation of existing institutions which is especially applicable to

the commercial banks. In India the banks are in huge quantity. First,

there is no need for 27 PSBs with branches all over India. A number of

them can be merged. The merger of Punjab National Bank and New

Bank of India was a difficult one, but the situation is different now. No

one expected so many employees to take voluntary retirement from

PSBs, which at one time were much sought after jobs. Private sector

banks will be self consolidated while co-operative and rural banks will

be encouraged for consolidation, and anyway play only a niche role.

In the case of insurance, the Life Insurance Corporation of India is a

behemoth, while the four public sector general insurance companies

will probably move towards consolidation with a bit of nudging. The UTI

is yet again a big institution, even though facing difficult times, and

most other public sector players are already exiting the mutual fund

business. There are a number of small mutual fund players in the

private sector, but the business being comparatively new for the

private players, it will take some time.

We finally come to convergence in the financial sector, the new

buzzword internationally. Hi-tech and the need to meet increasing

consumer needs is encouraging convergence, even though it has not

always been a success till date. In India organisations such as IDBI,

ICICI, HDFC and SBI are already trying to offer various services to the

customer under one umbrella. This phenomenon is expected to grow

rapidly in the coming years. Where mergers may not be possible,

alliances between organisations may be effective. Various forms of

bancassurance are being introduced, with the RBI having already come

out with detailed guidelines for entry of banks into insurance. The LIC

has bought into Corporation Bank in order to spread its insurance

distribution network. Both banks and insurance companies have

47

Page 49: HDFC Marketing

started entering the asset management business, as there is a great

deal of synergy among these businesses. The pensions market is

expected to open up fresh opportunities for insurance companies and

mutual funds.

It is not possible to play the role of the Oracle of Delphi when a vast

nation like India is involved. However, a few trends are evident, and

the coming decade should be as interesting as the last one.

48

Page 50: HDFC Marketing

49

Page 51: HDFC Marketing

Strengths

Right strategy for the right

products.

Superior customer service vs.

competitors.

Great Brand Image

Products have required

accreditations.

High degree of customer

satisfaction.

Good place to work

Lower response time with

efficient and effective

service.

Dedicated workforce aiming

at making a long-term career

in the field.

Weaknesses

Some gaps in range for

certain sectors.

Customer service staff need

training.

Processes and systems, etc

Management cover

insufficient.

Sectoral growth is

constrained by low

unemployment levels and

competition for staff

Opportunities

Profit margins will be good.

Could extend to overseas

broadly.

New specialist applications.

Could seek better customer

deals.

Threats

Legislation could impact.

Great risk involved

Very high competition

prevailing in the industry.

Vulnerable to reactive attack

by major competitors.

50

SWOT ANALYSIS

Page 52: HDFC Marketing

Fast-track career

development opportunities

on an industry-wide basis.

An applied research centre to

create opportunities for

developing techniques to

provide added-value services

Lack of infrastructure in rural

areas could constrain

investment.

High volume/low cost market

is intensely competitive.

DATA

51

Page 53: HDFC Marketing

Collection:

Data has been collected from sources like books, periodicals, journals,

newspapers, Internet and through the questionnaires.

Primary Data:

The primary data has been collected by raising a questionnaire with a

sample size of 65.

The questionnaire is based on the evaluation of investment pattern of

Trusts and Societies.

Secondary Data:

The secondary data has been collected from various books, magzines,

journals, information brochures and internet web sites.

FINDINGS & ANALYSIS

52

Page 54: HDFC Marketing

The survey helped to draw a general trend of the investment pattern of

the various Trusts and Societies

Question no. 1 to 3

The first three questions being self explanatory do not need to be

elaborated upon. They aim at the basic introductory information of the

organization and the person being interviewed thus rendering the

follow up work easier.

Question no. 4

The financial standing of an organization is instrumental in the

advisory council deciding upon the investments to be opted for.

Further the future decisions regarding the use of the funds generated

and important all the more, the decisions relating to the fund raising

procedure of the society are reviewed in wake of the correct position of

the finances of the society. Hence the forth question which helps to

give an idea about the financial status of the society being

approached, thus enabling the organization to market the appropriate

scheme.

Quantitative Analysis

From the responses generated the following results were draw:

The societies lying under the category of:

53

Page 55: HDFC Marketing

Very strong 14%

Strong 55%

Moderately strong 31%

Conclusion

A good majority of the investors questioned were of the view that the

organization they are currently dealing with is financially strong.

Question no. 5

The financial position of the society depends a lot on its ability to

successfully raise funds for its working. Also a regular and steady

source of funds enables the society to successfully manage the

expenses and earn a decent amount of surplus that can be

54

Page 56: HDFC Marketing

apportioned in many ways, one of those ways definitely being

investing into some profitable and safe deposit schemes, which forms

the base of the survey conducted. Therefore the fifth question aims at

generating information about the various sources of funds of the

societies approached.

Quantitative Analysis

From the responses generated the following results were drawn:Donations 75%Income from the institutions 4%Aid 8%Others 13%

Conclusion

Mainly the source of income has been found to be Donations received

by the trusts. The share of other income sources is very low as

compared to Donations.

Question no. 6

The funds earned by the society need to be consistent and should be

able to meet the expenses of the society satisfactorily. The fact

whether the society is able to meet the expenses by the funds raised

by them, easily or not, points in the direction of the sound or not so

sound position of the society. Thus giving an idea about the surplus or

the deficit being earned by the society. Hence the sixth question

55

Page 57: HDFC Marketing

enables us to judge which societies to approach while targeting a

particular scheme.

Quantitative Analysis

From the responses generated the following results were drawn:

Yes 80%

No 20%

Conclusion

The management of most of the Societies visited accepted that the

funds they are collecting, are meeting the expenses satisfactorily.

Question no. 7

The financial consistency of the society is the indicator of the growth of

the society. The change in the consistency in any direction, requires

the reviewing of the financial policies of the society. The more

consistent the society over the longer period, the stronger the financial

position of the society. Consistency gives a solid base to the financial

working of the society. Hence consistency is the criteria for judgement

56

Page 58: HDFC Marketing

and has been incorporated in the questionnaire in the form of seventh

question. It was observed that the officials did not give a straight

forward answer to this question, most of them preferring not to answer

the question.

The second part in the question which aimed at finding about any

significant happenings in the working of the society, good or bad, for

such happening affects the working and the financial position of the

society. The general response to this question was “nothing in

particular”, with a couple of responses bringing out the good aspects of

the changes brought about by certain happenings. It was observed

that the officials did not come out with the information about any

adverse happening.

Question no. 8

What the societies do with the excess funds is of utmost importance to

both the society and the companies that aim to market their schemes

to these societies. The amount of excess funds that remain with these

societies determines the uses to which it is put. These could be

towards the development of the society or for expansion purposes or

for investment purposes. Therefore this question has been included to

enable the attainment of further information on the investment pattern

of the surveyed societies which would form the base for deciding upon

the marketing of the offered investment schemes to these societies.

Quantitative Analysis

The results obtained were in the following fashion:

The surplus is mainly used for the following purposes:

Development 8%

Expansion 19%

Investment 73%

57

Page 59: HDFC Marketing

Conclusion

The surplus generated by the society is mostly being used for making

investments.

A very small percentage of the societies are using these funds for the

expansion activities or developmental activities. It was seen that none

of the societies funded to the parent institution

The main reason cited for this attitude may be that these societies rely

heavily on the interest accrued out of these deposits. In other terms it

is there main source of income.

Question no. 9

The ninth question is meant to gather information about people who

are instrumental in advising and putting to action the investment plans

for the society. These could be people belonging to the accounts and

finance department, the trustees or the governing body, auditors,

chartered accountants, etc.

Quantitative Analysis

From the responses generated the following results were drawn:

Accounts and finance department 11%

Chartered accountants/consultants 6%

58

Page 60: HDFC Marketing

Auditors 7%

Trustees or Governing bodies 76%

Conclusion

The trustees or the governing body of the societies play the key role in

recommending investments to the society.

Question no. 11

This question aims at gathering information about where these

societies like to invest their surplus money. It tries to find out if

investments are made only in banks or they are made in other

organizations as well. Incase they prefer only the banks then what is

the reason behind it.

Incase the answer turned out to be negative, then the next part tries to

bring out specific preferences of these societies apart from banks.

Quantitative Analysis

The results obtained from the first part of the question are:

Yes 88%

59

Page 61: HDFC Marketing

No 12%

Conclusion

A very large majority of the societies believe in investing their surplus

in banks, as they feel that the investments made with the banks are

safe and secure and yield a high rate of interest.

Results from the second part are:

PSU’s 22%

Financial institutions 40%

UTI 11%

Housing Finance Institutions 16%

Non Banking Finance Companies 11%

60

Page 62: HDFC Marketing

Conclusion

It is a case with those societies who don’t invest in the banks.

In such cases the second most favoured option is the various financial

institutions.

Question no. 10

Each organization or society has its own preferences for investing its

excess funds. These preferences and consequent decisions could be

guided by certain rules and regulations laid down by the department

with which they are registered, along with their own reasons which

would justify their investment decisions as being in the best interest of

the society. The first part of the question deals with the choices of

61

Page 63: HDFC Marketing

these societies with regards to the decision for investing in public or

private sector.

Quantitative Analysis

The results showed the following:

Public sector 80%

Private sector 20%

Conclusions

A huge majority of the respondents agreed to have made/ willing to

make investments in a public sector organisation.

The next part of the question deals with the preferences of the society

to invest in various deposit schemes differentiated from each other on

the basis of the time period.

Quantitative Analysis

The results showed the following:

Long term 32%

Medium term 52%

Short term 32%

62

Page 64: HDFC Marketing

Conclusions

Almost half of the responses were in the favour of medium range

investments. And approximately one third of the respondents were in

the favour of either short range or long range investments.

Question no.12

There are various dimensions which are thoroughly scrutinized before

the investment decisions are implemented. Hence the twelfth question

tries to assess what is it exactly that the trusts look for, while

investing. For example do they prefer a high rate of interest, or better

service, or safety, etc.. these are the aspects which are dealt in the

last question.

Quantitative Analysis

63

Page 65: HDFC Marketing

From the responses generated the following results were drawn:

Rate of interest 95%

Flexibility of Withdrawal 50%

Minimum Period of Deposit 50%

Minimum Amount for Deposit 50%

Safety Ratings 90%

Good Service 80%

Location of the Institution 70%

Conclusions

The four most important and critical considerations from the investors

point of view found to be are:

64

Page 66: HDFC Marketing

1. Rate of interest

2. Safety

3. Good service

4. Location of the institution

RECOMMENDATIONS

The following are the points of consideration :-

It is required that the depositor trust and the potential depositor trust

be sent a comparative interest rate table showing the rate of interest

being offered by the various housing finance companies and other

such institutions.

It is so because when HDFC cuts interest rates the media publicizes it

widely, while when other housing finance companies do the same it

goes unnoticed. This has given an impression to the trusts that HDFC is

paying lower rate of interest.

The fact that people consider banks to be more safe than any other

institution and safety being the most preferred criteria for their

selection of investment schemes, HDFC Ltd can bank upon advertising

in a manner that emphasizes the company’s advantage in this aspect.

65

Page 67: HDFC Marketing

The role of advertising has been very limited in collecting deposits.

This needs to change, for more advertising brings more deposits.

The deposit schemes can be advertised to the trusts by post. A

brochure giving details of the deposit schemes can be sent to the

trusts who have not been participating in the deposit scheme of HDFC.

It is known that HDFC is at a disadvantage as are other housing finance

companies when it comes to advertising due to the restriction by the

NHB. But still the deposits schemes must be advertised within the

framework laid down by the NHB.

Most people known HDFC as a lending institution and do not know that

HDFC also accepts deposits. This fact makes it very important to

advertise vigorously, the deposit schemes of the corporation.

To increase the goodwill of the corporation further in the minds of the

depositors. HDFC should send greetings to its depositors on such

occasions as festivals. Small New Year gifts such as cards, calendars,

diaries, etc can also be sent to the depositors who place a somewhat

large deposit with the corporation.

66

Page 68: HDFC Marketing

CONCLUSIONS

The trusts can participate in fixed deposits of only those institutions

which have the “Trustee Security and Benefit Status” under Sec. 11(5)

(ix)). Due to this legal compulsion the options with the trusts to invest

in the fixed deposits gets restricted. All the more, the trusts usually

have very large amounts and placing these deposits with small and not

very reliable companies is not advisable because of safety reasons.

HDFC enjoys a reputation of never having defaulted in its interest

payments or refund of deposits. With ‘FAAA’ & ‘MAAA’ rating affirmed

to the corporation for 11 consecutive years by CRISIL & ICRA

respectively. HDFC holds the ‘Numero Uno’ position. As was said

earlier with the people considering banks to be the safest options for

deposits all that HDFC needs to do is to bank upon its unquestionable

strength.

An awareness needs to be created amongst the masses about the

importance of “Credit Ratings” and what it actually means to earn such

67

Page 69: HDFC Marketing

credible ratings as ‘FAAA’ & ‘MAAA’ for 11 consecutive years which has

been a significant achievement of HDFC over the years.

The additional questions that formed a part of the post interview

discussion brought into light the fact that the people come to know

about the various schemes offered by the financial institutions through

the newspapers, magazines and journals. With the response available,

it was seen that HDFC needs to strengthen upon the reach of its

advertisements.

A lot of stress has been laid on spreading the information regarding the

fixed deposits schemes in the report. In this context HDFC is

constrained because it can advertise only in a statutory format

approved by the NHB. But advertising is absolutely essential and the

corporation must advertise within the framework prescribed by the

NHB.

To conclude, it can be said that the biggest asset of HDFC is its

goodwill and the corporation must exploit this goodwill to the

maximum possible extent to increase the participation of the general

public at large and the trust sin particular in its fixed deposits

schemes.

68

Page 70: HDFC Marketing

BIBLIOGRAPHY

1. www.hdfc.com

2. www.nmc.com

3. www.hdfcfunds.com

4. www.google.com

5. www.yahoosearch.com

69

Page 71: HDFC Marketing

ANNEXURES

70

Page 72: HDFC Marketing

71

Page 73: HDFC Marketing

ANNEXURE-1 Trusts & Societies

S.No

.

Name Address

1. Humanity Welfare Foundation N-118, G.K.-I

2. National Safai Karamchari

Finance & Development Corp.

B-2, 1st Floor, G.K.

Enclave

Part-II

3. Panchtarni S-525, G.K.-II

4. Retina Associates Eye

Foundation

G.K. Enclave-II

5. Betterment of Human Trust S-228, G.K.-II

6. Subhash Sushila Lakhotia Trust S-228, G.K.-II

7. Shree Jain Kaushal Suri Jain

Khatragachh Dada Bari Trust

Jain Dada Bari, R-Block

South Ex. Part-II

8. Bal Vikash Foundation E-63, South Ex Part-I

9. BSB Educational Trust A-68, NDSE Part-I

10. D.V. Nirmal & Mangal Sain Trust C-3/3 Vasant Vihar

11. Helpage India Qutab Institutional Area

12. Indian Society for Training and

Development

Qutab Institutional Area

13. Sanjivani Qutab Institutional Area

14. Chinnaya Sewa Trust 89, Lodhi Estate, Lodhi

Road

15. Council of Architecture Core 6A, 1st floor,

India Habitat Centre,

Lodhi Road

16. Council of Architecture

Employees Group Gratuity

Scheme

Core 6A, 1st floor,

India Habitat Centre,

Lodhi Road

72

Page 74: HDFC Marketing

17. Council for Social Development 53, Lodhi Estate

18. Company Secretaries Benevolent

Fund

The ICSI House,

22 Institutional Area,

Lodhi Road

19. Namdev Mission Trust 16 Institutional Area,

Lodhi Road

20. Om SAi Sadhna Sansthan D-138 Defence Colony

21. Namgyal Institute for Research

on Ladakhi Arts & Culture

X-14, Green Park

22. Parivar National Federation of

Parents Association

C-4/5, S.D.A., 1st floor

23. Rahat Ch. and Medieval Research

Trust

C-7/226 S.D.A.

24. Social out Reach Foundation N-128, Panchsheel Park

25. D.D. Foundation Trust Society N-56, Panchsheel Park

26. Balaji Ch. Trust C-4, Shivalik,

near Malviya Nagar

27. Diabetic Self Care Foundation 13, Sheikh Sarai, Phase-I

Malviya Nagar

28. Children Education Foundation C-451, C.R. Park

29. Holy Child Trust 3-B SFS Block,

East of Kailash

30. Bhartiya Yatri Awas Vikas Samiti B-38, Kailash Colony

31. Pratab Ch. Trust D-50, East of Kailash

32. Sukhdevraj Soin Hospital Trust 164, Kailash Hills,

East of Kailash

33. Blue Bells Education Society Kailash Colony

34. Chandra Educational & Welfare

Society

B-94, Okhla Industrial

Area

Phase-II

73

Page 75: HDFC Marketing

35. Sponge Iron Manufacturer’s

Associatio

IS01, Hemkunt Press

36. Bhandari Ch. Trust 203, Pragati House

47-48 Nehru Place

37. CEEFI Supply Centre Trust 805/92 Deepali Building,

Nehru Place

38. Gyan Educational Society D-1/1 Hauz Khas

39. Centre for Development &

Human Rights

Q-1A Hauz Khas Enclave

40. Kali for Women K-92, 1st Floor

Hauz Khas Enclave

41. Old Cottonian Association 1 Aurobindo Marg

Hauz Khas

42. NIILM Trust B-11/66, NC-19

Delhi-Mathura Road

43. Path A-9, Qutab Institutional

Area

44. Banarsidas Chandiwala Sewa

Smarak Trust Society

Chandiwala Estate,

Maa Anandmai Marg,

Kalkaji

45. USO USO House, USO Marg

Jeet Singh Marg

Annexure-2

Hospitals

74

Page 76: HDFC Marketing

S.No

.

Name Address

1. Pushpawati Singhania Research

Institute

Press Enclave Marg

Sheikh Sarai II

2. Sama Nursing Home 8, Siri Fort Road

3. Escorts Heart Institute &

Research Centre

Okhla Road

4. Apollo Hospital Sarita Vihar, Delhi-

Mathura Road

5. Venu Eye Institute & Research

Centre

Sheikh Sarai

Institutional Area

6. Indian Radiological & Imaging

Association

IRIA House,

C-5, Qutab Institutional

Area

7. Skan Institute & School of

Dermatology

Zamindpur, N- Block

8. R G Stone Urological Research

Institute

F-12 East of Kailash

9. Well Spring A-28 Kailash Colony

10. Dr Sharma’s Nursing Home A-19/A Kailash Colony

11. Phoenix Hospital E-60, GK I

12. National Heart Institute 49-50, Community

Centre

East of Kailash

13. Focus Imaging & Research

Centre Pvt. Ltd

C-10 Green Park

Extension

14. Lifeline Laboratory H-11 Green Park

Extension

15. Spring Meadows Hospital F-44 East of Kailash

16. Mohinder Hospital C-5 Green Park

75

Page 77: HDFC Marketing

Extension

17. Rockland Hospital Qutab Institutional Area

18. Max Care Pushp Vihar, Saket

19. AIIMS

20. Safdurjung

21. G.B. Pant

22. Lok Nayak

23. S.S.K. Hospital

24. Kalawati Saran Children’s

Hospital

25. Ram Manohar Lohia

Annexure-3

Trusts & societies

S.No

.

Name Address

76

Page 78: HDFC Marketing

1. Stint Trial N-221, G.K.-I

2. Health Education & Research

Trust

B-26, G.K.-I

3. Business & Communication

Foundation

E-46, G.K.-I

4. B.I. Educational Society B-117, G.K.-I

5. Balak Ram Puri Charitable Trust B-49, G.K.-I

6. Narendra Nath Bhargava Ch.

Trust

R-9, G.K.-I

7. New Delhi Television Jai Fund W-17, G.K.-I

8. Ramnivas Asha Rani Lakhotia

Trust

S-228, G.K.-I

9. Dewan Shri Family Charity Trust B-75, G.K.-I

10. Bhardwaj Welfare Trust E-18, G.K.-I

11. Rameshwari Devi Trust B-22, Pumposh Enclave

G.K.-I

12. St. Janki Devi Trust N-217, G.K.-I

13. Sri Premji Maharaj Ch. Trust R-258-A, G.K.-I

14. Springdale Educational Society Benito Juareg Marg

Dhaula Kuan

15. Himalayan R&D Society A-101, SOS Vihar

Sector-13, R.K. Puram

16. Defence Accounts Sports Control

Board

West Block-V, R.K. Puram

17. Safe Blood Organisation E-410, G.K.-II

18. Shri Guru Singh Sabha E- Block Gurudwara

G.K.-II

19. Shri Bindra Ban Dass Vimal

Kishore Jain Dharmarth Trust

M-13, G.K.-II

20. Spiritual Clubs International S-288, G.K.-II

21. Humanity Welfare Trust S-228, G.K.-II

77

Page 79: HDFC Marketing

22. Babulal Aggarwal Ch. Trust W-39, G.K.-II

23. B.D. Rukhmani Khosla Charitable

Trust

M-235, G.K.-II

24. Ashwat Teerthraj Sammedshikhir

Trust

G.K. Enclave Part II

25. National Cancer Institute M-129, G.K.-II

26. Bhimsen Shanti Devi Trust G.K.-II

27. Sudesh Madhok Public Ch. Trust M-14, G.K.-II

28. Sai Kirpa 210, South Ex. Plaza-I

389, Masjid Moth, NDSE-III

29. Hedgewar Smarak Nyas C-99, South Ex Part-II

30. Dental Education Society of India C-56, South Ex. Part-II

31. Centra Education Society B-48, South Ex. Part-I

32. Bharat Mata Ch. Trust M-14-B, South Ex. Part-II

33. Sundale Educational Society B-37, South Ex. Part-II

34. Marchhea Devi Memorial Trust C-39, South Ex. Part-II

35. Balfeet Memorial Ch. Trust A-9/27, Vasant Vihar

36. Chaudhary Raja Ram Jakhar

Memorial Pubic Ch. Turst

E-1/1 Vasant Vihar

37. Country First C-6/4, Vasant Vihar

38. C&N Charitable Trust E-4/5 , Vasant Vihar

39. Guru Amardas Memorail Trust F-4/10, Vasant Vihar

40. Goodwill Trust and Endownment

Fund

2 Vasant Marg, Vasant Vihar

41. Parkinsonism and Related

Disorders Awareness Network

D-319, Vasant Vihar

42. Shri Kannashankar Nandlal Dave

Educationa Trust

A-51, Vasant Vihar

43. Sunder Amarsheel Ch. Trust A-10/16, Vasant Vihar

44. Tara Tak Employees Provident

Fund Trust

B-32, Tara Crescent

Qutab Institutional Area

78

Page 80: HDFC Marketing

45. Society for Automotive Fitness &

Environment

Core - 4B, 5th Floor

India Habitat Centre

Lodhi Road

46. Health Fitness Trust B-307, Pragati Alhar Hostle,

Lodhi Road

47. BSF Special Relief Fund Room - 616, Block - 10

CGO Complex, Lodhi Road

48. BSF Contributory Benevolent

Fund

Room - 616, Block - 10

CGO Complex, Lodhi Road

49. BSF Wives Welfare Association Room - 616, Block - 10

CGO Complex, Lodhi Road

50. BSF Education Fund Room - 616, Block - 10

CGO Complex, Lodhi Road

51. Consulting Engineers Association

of India

East Court Zone-4, Core 4 B

2nd floor, India Habitat Centre

52. Gymnastic Federation of India Jawaharlal Nehru Stadium,

Lodhi Road

53. National Adventure Foundation Jawaharlal Nehru Stadium,

Lodhi Road

54. Sports Authority of India Jawaharlal Nehru Stadium,

Lodhi Road

55. Shri Ramayan Vidya Peeth Lodhi Road

56. People Institute for Development

& Training

C-114, Vasant Kunj

57. Centre for Development & Action D-3, 3306, Vasant Kunj

58. Godhyi 513 Pocket, C- SCEA

Vasant Kunj

59. Bunts Cultural Association C-1/1289, Vasant Kunj

60. Bhartiya Tripureshwari Shakti

Peeth

Flat No. 2128, Sec. 6

Pocket - 2, Vasant Kunj

79

Page 81: HDFC Marketing

61. Siray Relief And Anilam Welfare 2303, Sec D-2

Vasant Kunj

62. South Delhi Educational Society South Delhi Public School

Defence Colony

63. Baijnath Bhandari Public Ch.

Trust

E-22, Defence Colony

64. Basant Rajmadhu Bhandari Ch.

Trust

C-127, Defence Colony

65. D.. Mehta Ch. Trust D-196, Defence Colony

66. Panos Institute (India) Pvt. Ltd 49, Defence Colony, 1st floor

67. Project Corner Integrational C-38, Defence Colony

68. Deviya Nirvan Welfare Ch.

Society

A-146, Defence Colony

69. Dr Mahesh Chandra Gupta Ch.

Trust

D-19, Defence Colony

70. Smt. Ramrakhi & Hakim

Chunnilal Kohli Memorial Ch.

Trust

D-399, Defence Colony

71. Saraswati Ch. Trust 130-C, Saraswati Niwas

Gautam Nagar

72. Centre for Human Development 99/6 Ekta Appartts,

Ground floor, Gautam Nagar

73. Leapfrog A-14, 3rd floor

Gulmohar Park

74. Jashn-E-Bahar 50 - SFS Flats, Gautam

Appartts

Gautam Nagar

75. Centre For Agriculture & Rural

Development

G-30 Lajpat Nagar Part-II

76. Centre for Development of Travel J-59 Lajpat Nagar III

80

Page 82: HDFC Marketing

& Tourism

77. Rattan Chand Punjabi Ch. Trust A-61 Lajpat Nagar II

78. Dewan Chand Swahney Ch. Trust 34 Lajpat Nagar III

79. Bharat Jagrati Morcha M-67, 1st floor

Lajpat Nagar II

80. Health Care Ch. Trust R-23 Green Park

81. Hindu Sangam G-10 Green Park Extension

82. Common Wealth Human Rights N-18 1s floor

Green Park

83. Centre for Chronic Disease

Control

17 Green Park Extension

1st floor

84. Relan Foundation R-5 Green Park Market

85. Country Club Farmlands

Association

K-7 Green Park Extension

86. Dr (Mrs) Sushila Mehra Ch. Trust C-15 Green Park

87. Desa Bhakta Trust C-6/28 SDA

88. Shri Peru Singh Educational &

Welfare Society

33-A Yusuf Sarai

89. Hospital Welfare Society A-2/171 Safdarjung Enclave

90. Deepannita Baisya Memorial

Trust

C-2/60 Humayunpur

Safdarjung Encalve

91. Rotary International’s India

National Polio Plus Society

A-2/18 Safdarjung Encalve

92. CIOLOSOP Trust D-74 Panchsheel Enclave

93. LRG Foundation Panchsheel Park

94. Centre for Education &

Communication

173 A, Khirki Village

Malviya Nagar

95. Charkha F Block 9/11

1st floor Malviya Nagar

96. St. Gregories Jacobite Syrian

Orthrodox Church Society

33-C Pocket, Sheikh Sarai

81

Page 83: HDFC Marketing

97. Sansaptak C-1276, 1st floor

C.R. Park

98. St. Georges Education Society G-74 East of Kailash

99. Home for Orphans E-164 East of Kailash

100. Radhika Trust A-73, East of Kailash

101. Society of Human Values and

Universal Responsibilities

Panchvati 215

Kailash Hills

102. Seth Ch. Trust E-48/14 Okhla Indl. Area

103. Nirmal Society for Educational C-124 Okhla Indl. Area

104. Bacardi Mutini India Employees

Superannuation Fund

227 Okhla Indl. Estate Phase

III

105. Houses of Manj Immaalate Delhi Okhla Industrial Area, Phase II

106. Conference of Religious India CRI House, Jamia Nagar

Okhla

107. Parivartan 209 Okhla Indl. Area Phase III

108. Dayal Foundation F-1/7 Okhla Indl. Area Phase I

109. Cooperative Rural Development 34 Nehru Place

110. Bairang Lal Jaju Foundation Jaju Appartts

7/18, Nehru Enclave

111. Dufferin Rajendra Old Cadet

Association

214 Hemkunt Towers

Nehru Place

112. Bhartiya Cattle Resource 305 Bakshi House

40-41 Nehru Place

113. Kanahyalal Dayawati Punj Ch. Trust 17 - 1B

114. Shri Mati Vidya Ch. Trust P-8 C Hauz Khas Enclave

Ground Floor

115. Program of Special Olympus Bharat N-27A, Hauz Khas

116. B.D. Education Society C-31 Hauz Khas

117. Cancer Detection Society of India H-8 C Hauz Khas

118. Dey Foundation K-2 Hauz Khas

119. Navdanya Trust A-60 Hauz Khas

82

Page 84: HDFC Marketing

120. Research Foundation for Science

Technology & Ecology

A-60 Hauz Khas

121. National Bee Board NCUI Auditorium Building

5th floor

122. Centre for Logical Research and

Development Studies

28, Old JNU Campus Amna Asaf

Ali Marg, Munirka

123. Cornerstone Community Trust BD 6A, DDA Flats,

Munirka

124. Daya Memorial Ch. Trust 87-A Munirka Village

125. Maraj Sani Siyan Singh Ch. Trust C-45 Mayair Garden,

Near Hauz Khas

126. Hazari Mal Durga Dutt Ch. Trust A-73, New Friends Colony

127. Centre for Femenist Legal Research A-18, 2nd Floor

New Friends Colony

128. Centre for Cross Cultural

Communication

D-891 New Friends Colony

129. Centre for Himalayan Rural Action

Group

C-57 New Friends Colony

130. Bhartiya Jana Kalyan Nidhi Bhilwara Bhawan 40-41

Community Centre

New Friends Colony

131. Centre for Advocacy & Research E-1 Press Enclave, Saket

132. Environment & Development on

Line

46-A, MB Appartts

MB Road, Saket

133. Lok Awaz G-22, Saket

134. Prerna J-332 Sarita Vihar

135. Tyagi Foundation 331, Sant Nagar

136. Devathi Vidya Peeth A-14, Mathura Road

Mohan Co-operative Indl. Estate

137. Mahaniam Spintual Fellowship

Society

36/3 Motiram Building

Mathura Road

138. Guruji Ka Ashram Villa - E, Empire Estate

Mehrauli 9

83

Page 85: HDFC Marketing

Gurgaon Road

139. Purna Holistic Centres, Near

Chattarpur Mandir, Near Sat

Sang Kiran

140. Help Rural India D-10 Neb Valley

Neb Sarai, Mehrauli

141. Dr Pushpa Sethi Memorial Trust C-2 Maharani Bagh

142. Bhagwat Devi Gitaram Garg Welfare

Trust

10 Nizamudin East

143. Saranya Foundation N-42 Nizamudin West

144. Jindal South West Foundation 6, Prithvi Raj Road

145. Shri Rattan Chand Ch. Trust 19, Golf Links

146. Society for Agriculture & Education 42 Golf Links

147. PRIA 42, Tughlakabad Institutiona

Area

148. PNB Centemanj Rural Development

Trust

7 Bikaji Cama Place

149. National Network for India Trust 131/132 Som Dutt Chamber I

Bhikaji Cama Place

150. Logical Society of India 1 Tughlakabad Institutional Area

84


Recommended