"HDB, as per regulations, has a listing requirement in calendar 2025. The bank currently holds HDB as a financial investment and will monetize over a period of time," said the first person. "The bank does not appear to have taken a decision on the glide path towards the same." With a loan book of ₹ 84,000 crore, HDB Financial primarily lends to first-time borrowers and underserved segments. HDFC Bank, which holds a 94.7% stake in HDB Financial, will add these categories to its lending basket over time. Currently, the bank provides secured loans to industry and consumers, and also has some priority sector targets. Analysts tracking the bank say HDB Financial dons the role of a beta-tester as it enters newer market segments before the parent bank gets comfortable in lending to that segment. Queries sent to HDFC Bank on the matter remained unanswered. Shares of HDFC Bank crashed after it reported weaker-than-expected December quarter earnings.