FLUCTUATING FORTUNES

India’s once squeaky-clean HDFC Bank is now facing “strategic failure”

REUTERS/Danish Siddiqui

The rainy days.

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Future of finance

New technology is upending everything in finance, from saving to trading to making payments.

By Prathamesh Mulye

Writer, banking and economy

Published August 4, 2020

The crown jewel of India’s banking system is losing its sparkle.

HDFC Bank, India’s largest private sector lender, which has in the past been praised for its squeaky clean financial records and efficient management, has been grappling with one issue after another over the last couple of months.

The 26-year-old bank has seen a spate of top-level exits, faced allegation of malpractices in its auto loan division, and is undergoing a protracted search for a new CEO. The looming economic slump due to the Covid-19 pandemic is expected to worsen its woes.

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