HDFC Bank was amongst the first to receive an 'in principle' approval from the Reserve Bank of India (RBI) to set up a bank in the private sector, as part of the RBI's liberalization of the Indian Banking Industry in 1994. Headquartered in Mumbai, the Bank has an enviable network of over 1412 branches spread over 528 cities across India, all of which are linked on an online real-time basis.
HDFC Bank needed to ensure more efficient control & management, while minimizing the operational exigencies by improving the efficiency. The aim was to complement the HDFC Bank product line and achieve ambitious work targets in real time. Other challenges included:
Several of aurionPro's Cash Management products were implemented to solve HDFC Bank's challenges including divPro, a Dividend Warrant Management System to provide coverage of operational and MIS requirements for Dividend/ Interest Warrants, imsPro, to permit the bank to collect funds from decentralized entities of the corporate entity and pool them into a concentration account for optimization of working capital, and collectPro, to handle customer requests for collection of funds through electronic and paper based modes taking care of credit arrangements, funds and instruments tracking.