The headquarters of India’s HDFC Bank is pictured in Mumbai, India, December 4, 2015.
| Photo Credit: Reuters

HDFC Bank promoted, HDB Financial Services Ltd, a diversified retail-focused non-banking financial company (NBFC) has filed Draft Red Herring Prospectus (DRHP) with SEBI for an Initial Public Offering (IPO). 

The Public Offer aggregating up to ₹12,500 crore comprises of a fresh issue of equity shares aggregating up to ₹2,500 crore and an offer for sale (OFS) aggregating up to ₹10,000 crore HDFC Bank Ltd the Promoter Selling Shareholder with face value of ₹10 each equity share. 

The Public Offer Includes a reservation of Equity Shares for subscription by Eligible Employees and a reservation Equity Shares of Face Value of ₹10 each for subscription by eligible HDFC Bank shareholders.

HDB Financial Services Ltd proposes to utilise the net proceeds from the fresh issue towards augmenting the company’s Tier-I Capital base to meet the company’s future capital requirements including onward lending, arising out of the growth of the business.

HDB Financial Services offers a portfolio of lending products that cater to a diverse customer base through an omni-channel distribution network. 

The lending products are offered through three business verticals: Enterprise Lending, Asset Finance and Consumer Finance. 

The company is one of India’s largest and fastest-growing customer franchises, according to the CRISIL Report, and has served 17.5 million customers as of September 30, 2024, which grew at a CAGR of 28.22% between March 31, 2022 and September 30, 2024. 

It primarily caters to underserved and underbanked customers in low to middle-income households with minimal or no credit history.

Around the festive months of October and November, a lot of brands release advertisements based on the theme of happiness, celebrations with family, and traditions. Similarly, a prominent brand, Nalli Silks, recently released an advertisement to promote their new designs. However, it was met with a lot of backlash as the model, who was wearing a beautiful saree, was spotted without a bindi. According to beliefs, any ethnic attire, especially during festivities is seen incomplete without proper jewellery and bindi. The bindi is also considered a symbol of good luck. Several users on the internet were disappointed with the same and #NoBindiNoBusiness started trending on social media. A section of people were also outraged because the advertisement also came at the auspicious time of Navratri.

Social Media Reactions

The missing bindi drew ridicule for the brand. Many dissatisfied users vented their frustrations online, with the hashtag “No Bindi No Business” trending on microblogging platform X, formerly Twitter. “Look at this advertisement. Even a traditional firm like Nalli is using a model who is not wearing a bindi and looking morose. Doesn’t look like a celebration,” said a user.

Did not expect this from @NalliSilk.

Where is the Bindi? #NoBindiNoBusinesspic.twitter.com/NmydqXydF9

— Kamal Vedā / कमल वेदा (@iKamalVeda) October 18, 2023

“First of all wear a Bindi. Nalli! You get most of your business from Hindus, who purchase silk sarees for Wedding, deepavali Pongal etc and still you try to play this ugly trick. Shameful!” remarked another person.

A third user said, “Sad to see even a brand like @NalliSilk falling for the grumpy, no-bindi, mourning look! #NoBindiNoBusiness.”

“People visit Nalli for festive shopping. This hardly seems festive,” added a user. “What’s this Dull, deadpan look without Bindi ? This is festival time, is she going to a funeral?” added another user.

“Never again buying from @NalliSilk , this is not a mistake this is on purpose,” commented a person. 

Some also added that they would “boycott” the brand completely. 

However, some people came in support of the brand. “Wat d F’s wrong wid ppl these days? Who r these custodians of culture who r slamming d Ad put out by Nalli Silks? We wear a bindi wen we feel lyk. Whether one’s spouse is dead or alive, doesn’t matter! It hs no bearing on wat we choose 2 wear or nt wear!” remarked a person.

New Advertisement

After a lot of criticism, Nalli Silks launched another advertisement which was shared by actor Soni Srivastava. In the clip, several models are seen dressed in Nalli Silk Sarees and are flaunting their jewellery and bindis.

The reel began with a woman wearing a bindi on her empty forehead, followed by others applying kajal, wearing nose rings and earrings and adding fragrant flowers to their one’s hair along with bangles and necklaces to give a festive vibe.

Similar Cases

Recently, HDFC Bank faced criticism for its new “Vigil Aunty” ad. In the advertisement, a character named “Vigil Aunty” was seen wearing a bindi resembling a stop sign. The advertisement was part of the 2022 HDFC campaign, which aimed to promote secure banking practices nationwide. HDFC Bank collaborated with actress Anuradha Menon to play “Vigil Aunty” for this cyber fraud awareness initiative.

However, the ad faced criticism online, with some people labelling it as anti-Hindu. An upset user wrote on X, “HDFC Bank What is this? How can you mock Hindu women like this? Do Hindu women wear bindi like this? What the need of a women in vigil army.” 

Another agreed, saying, “@HDFC_Bank @HDFCBank_Cares Whoever is your creative head, he/she lacks basic manners of respecting cultural sensitivities of a majority of your customers. $tupidity at it’s best.”