Nonetheless, as the record shows, Rangan has managed HDFC’s margins extremely well and with minimal risk across interest rate cycles. Getting the mix right between bonds, debentures, deposits and loans can be tough. With HDFC continuing to grow at a brisk pace - the loan book is expected to hit Rs 6.7 trillion by March-end - it hasn’t been easy to source low-cost funds even for a marquee brand. Today with the book full of floating rate loans, looking for liabilities can be taxing, especially since banks have a strong competitive advantage. Rangan recalls life was far less stressful in the days when interest rates on home loans were fixed. HDFC, HDFC Bank share prices tank up to 6% MSCI rejig post merger unfavorable, may see $200 mn in outflows
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