The poster child for India’s liberalized banking sector is joining the ranks of the world’s largest companies. Mumbai-based HDFC Bank is fresh off last year’s $40 billion merger with its parent company—a somewhat risky move, but one that reflects the bank’s confidence in the continued strength of the Indian consumer class that fueled the rise of both companies.
The bank debuts on the Fortune Global 500 at No. 306, with $49.3 billion in revenue for the 2023 fiscal year, almost double the figure for the previous year. It’s the only wholly private bank from India on this year’s ranking; State Bank of India, owned by the country’s finance ministry, is at No. 178.
