HDFC Bank – a leader in housing development finance – has won the Merit Award (Banking Sector) at the National Business Excellence Awards 2021. This prestigious event was organized by the National Chamber of Commerce of Sri Lanka. It is held annually to recognize business enterprises that have demonstrated excellence under various criteria.
The evaluation criteria for the awards were excellence in the following areas: Strategy & leadership, corporate governance & strategy, capacity building, performance management, local and global market reach, corporate social responsibility & environmental sustainability, and business & financial results.
Chairperson of HDFC Bank, Ms. Wasanthi Manchanayake thanked the staff, customers and other stakeholders for helping them win this award. She said the bank will continue to earn such accolades due to its vibrant corporate culture. She added that a positive attitude permeates all levels of the organization, which has effective processes covering everything from administration to IT and customer service.
General Manager/CEO of HDFC Bank, Palitha Gamage said their success is due to a visionary strategy, a strong leadership based on their state-private partnership and a dynamic workforce. He noted that these factors enabled the bank to achieve an impressive financial performance in 2021 despite the COVID-19 pandemic and stiff competition from larger banks.
HDFC Bank’s core business is providing home loans for low and middle income people in Sri Lanka. In addition to housing finance, the bank is involved in leasing, deposits, business loans, education loans and pawning. It caters to a range of people with different financial requirements, including professionals, state sector employees, pensioners and SME entrepreneurs. At present, HDFC Bank offers a diverse array of loan and savings products. These are delivered through its extensive branch network throughout the country.
The bank has greatly benefitted from its state-private ownership structure. The government holds the controlling stake of 51% while private companies and individuals have a 49% share. This composition offers the strength, stability and security of the state coupled with private sector innovation and efficiency.
It has also facilitated technological progress. The bank offers digital banking solutions like online payment and e-banking services. The core banking system implemented a few years ago has facilitated the introduction of various products. This system has supported the bank’s growth strategy, enhancing its efficiency and ability to provide convenience to customers.
Among the most popular services provided by HDFC Bank is palmtop banking. It is presently used by thousands of customers. Many small-time business people and the self-employed have benefitted from the ease, convenience and security it offers.
In accordance with its mandate, the bank will continue to focus on providing housing-related financial support to middle and lower-income Sri Lankans. This will facilitate social progress and promote economic development across the country.