IN OUR REPORT dated February 6, we highlighted that HDFC Bank has been capturing an incremental deposit market share of 18-20%, surpassing its existing deposit market share of 11-12%. Moreover, a significant portion of growth stems from CASA, which is higher than its peers, along with steady growth in retail deposits, aligning with industry standards. Interestingly, this growth hasn't been reliant on bulk deposits. Given these indicators, one might question why the consensus still believes HDFC Bank is not getting enough deposits.
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