The HDFC Files| PART ONE: THE BANK NOBODY CAN FULLY READ

This article, “The HDFC Files| PART ONE,” investigates the true control and origins of HDFC Bank, India’s most admired private bank, questioning who was “pulling the strings” for the past thirty years. It reveals that American capital, specifically Citigroup, played a significant role by holding a substantial stake in HDFC Ltd (the bank’s promoter) through Mauritius entities and by transplanting its management philosophy and key personnel into HDFC Bank from its inception. The piece argues that even after Citi’s exit, its cultural and operational imprint remains, leaving HDFC Bank today as a bank “without an owner” in a formal sense, with implications for its governance and the greater financial system.