HDFC Bank board gives nod to initiate listing of HDB Financial Services via IPO route.

​India's largest private lender, HDFC Bank Ltd, announced on Saturday, July 20, that its Board of Directors has approved in principle to initiate the public listing of its subsidiary, HDB Financial Services (HDBFS), through the initial public offering (IPO) process. HDFC Bank's decision to publicly list its subsidiary HDB Financial Services comes after the Reserve Bank of India's (RBI) decision to mandate Non-Banking Financial Companies (NBFCs) belonging to the “upper layer” of the system to list themselves on the exchanges publicly. RBI released the mandate circular in October 2022.

The Board of HDFC Bank announced the authorization of a committee of directors to oversee the listing process and to gain necessary approval from the related authorities, as per the report.