Currently HDFC Bank no other option than to go aggressive on deposits. This is what they planned years before merger as well and started opening massive number of branches. Though, ICICI and Axis are not allowing it to grow faster by gaining market share recently. If HDFC doesn’t go aggressive, RBI will intervene as they have already started soft messaging around CD ratios. HDFC bank has worst CD ratio right now, thanks to merger with HDFC ltd. This is exactly I try to explain in my research blog at adityagrover.substack.com ; PS: I don’t own any of large private banks as I think they are in mere cutting other’s business share, as of now.
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