
HDFC Bank has remained largely range-bound despite being one of India's biggest private lenders and a core holding in most mutual fund portfolios. Deven Choksey, MD, DR Choksey FinServ Private, believes the bank has moved past the HDFC Ltd merger integration, but digital transformation remains a key challenge. He says improving the customer experience through stronger digital banking could unlock the next phase of growth, while the downside appears limited at current levels.