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HDFC Bank Limited was incorporated in August 1994 as one of the first private sector banks to be established following the Reserve Bank of India's (RBI) liberalization of the Indian banking industry. Initially founded as a subsidiary of the Housing Development Finance Corporation (HDFC) Ltd., the bank commenced operations in January 1995 in Mumbai. A crucial milestone in its corporate history was the voluntary merger with Times Bank in 2000, which was an early example of consolidation in the new private banking sector. HDFC Bank is currently a publicly traded company, listed on the National Stock Exchange (NSE), Bombay Stock Exchange (BSE), and the New York Stock Exchange (NYSE).

The bank's significance in the Indian financial system is paramount. It is the largest private sector bank in India by assets and market capitalization, a position solidified following its monumental merger with parent company HDFC Ltd. on July 1, 2023. This merger made the combined entity the second-largest bank in India by assets, trailing only the State Bank of India. Furthermore, the Reserve Bank of India (RBI) has designated HDFC Bank as a Domestic Systemically Important Bank (D-SIB), a classification for institutions considered "too big to fail". The bank has played a major role in expanding retail banking, promoting financial inclusion, and pioneering technological innovation and digital payments in the country.