Thread by @amitkhandelia

"Even senior bankers cannot treat anybody to a round of beer without Aditya's permission. Every liquor bill from across India and across the hierarchy comes to Aditya for clearance. Aditya has the last word on any foreign travel too." #ABankfortheBuck by @TamalBandyo

"'There used to be paper cups for tea and coffee. We banned them in 1997. We said each one will have to bring his or her own mug from home. We were probably spending about ₹50 lakh a year on the cups across India. " #HDFCBANK #ABankfortheBuck by @TamalBandyo #TamalBandyopadhyay

"When one is a start-up operating from rented offices with rented furniture, one can't splurge money, which is why HDFC Bank had its training centre in a gala though it had the cash for a better location. This became the bank's culture—'spend less, spend smart."#ABankfortheBuck

"Since there was no meeting room at Ramesh's office at Kamala Mills, the bank held meetings under a Peepal tree like in the ancient gurukul system. Luis remembers his first training session on foreign exchange under the tree and Samir remembers the session on corporate banking."

"Aditya was ruthless if anybody came late for the meeting. A five-minute delay without a valid reason would invite a rebuke. If someone was not carrying a notepad, he would remember Aditya's cold stare for the rest of his life." #HDFCBANK #ABankfortheBuck by #TamalBandyopadhyay

"For investors, today,#HDFCBank is the most predictable among Indian banks when it comes to earnings,but in the early days many things happened that were unpredictable and unheard of in Indian banking history—rats chewing off computer wires,a baby crawling on the treasury floor"

"The only carrot we were offering was stock options. But that was secondary. The real thing was the challenge and independence of setting up a new private bank in India. Not a single guy said "no",' Vinod told me." (from "A Bank for the Buck" by Tamal Bandyopadhyay)

'I saw Aditya walking in. I had heard about his fabulous office in Malaysia overlooking the ocean, and here there was no cabin as such and only one toilet was functional.' A unisex toilet as Goretti was also a part of the team!" (from "A Bank for the Buck" by Tamal Bandyopadhyay)

"Career Citibanker, Samir Bhatia was familiar with Aditya's work-life balance—coming to office at half past nine in the morning and leaving at half past five in the evening. Aditya was a sharp guy . He could work with great speed, clarity and understanding. #HDFCBANK

Samir had never worked with Aditya but knew a lot about him. 'Aditya would go through every credit proposal with an x-ray vision and pick out just a few things that were absolutely necessary. There would be no paper on the table.'(from #ABankfortheBuck" by Tamal Bandyopadhyay)

"As the bank's chief risk officer, he had once said: #HDFCBank is what it is not only for the things it has done but also for the things it has not done.'" (from "A Bank for the Buck" by Tamal Bandyopadhyay)

It is disturbing when you are taking this sort of risk. You could justify it if you were being compensated liberally but this was not the case here.I took a pay cut of about 20-30%,'said Paresh,who rose to be the effective No. 2 at #HDFCBank as one of its two executive directors

"Deepak is not on the board of the bank but he does not miss a single meeting—always attending as a special invitee." (from "A Bank for the Buck" by Tamal Bandyopadhyay)

"'Why don't we call it Bombay International Bank?' Satwalekar suggested to Aditya.'You can call it that,' Aditya told him,but I will catch a flight and go back to Kuala Lumpur.I am not interested in any Bombay International Bank.If it's #HDFCBank,I am here. Otherwise, forget it.

"Citibank was not willing to accept Aditya's resignation till he firmly told Shaukat he would not change his mind. He got no official farewell. He took a Singapore Airlines flight to India and, from the airport, drove straight to Ramon House to meet Deepak."

"I want complete freedom to run the bank,' Aditya told Deepak.'No interference.''You will get it,' Deepak told him. Aditya asked for twenty-four hours to make a decision. The next day, the telephone rang. It was Aditya. 'I am on,' he said." #HDFCBANK #ABankfortheBuck

"'Do you know how much I get here ?' Aditya asked Deepak. 'Arre baba, you have earned enough. Now, do something for the nation. You've worked enough for foreign companies. Abhi aake desh ke liye kuch karol" (from "A Bank for the Buck" by Tamal Bandyopadhyay)

"There was not much business to talk about and hence its first annual report spoke about —operational excellence, customer focus, product leadership and professional people. The report tried to tell shareholders and investors what the bank stood for rather than what it had done"

"HDFC Bank was the first of the private lenders to go public— even before it completed a full year. 'It was a mistake,' Deepak told me.'Everybody took time as they wanted to get a premium. We sold at par, ₹10. But I have no regrets.'" #ABankfortheBuck #TamalBandyopadhyay

"The public issue of HDFC (not Bank) bombed. In an initial public offering (IPO) of ₹10 crore, the face value of one share was ₹100. 85% equity was offered to the public, but there were few takers. The stock quoted at a steep discount on listing." #ABankfortheBuck

"The issue, which opened on 14 March 1995, was subscribed a record fifty-five times. The stock was listed on the BSE on 26 May that year at ₹39.95, almost at a 300% premium. The listing process was long and arduous in those days." (from #ABankfortheBuck by Tamal Bandyopadhyay)

"'A lot of us asked why we weren't pricing it at a premium. We could have got a premium but Deepak said, "leave money on the table for investors. They will appreciate this in the long term.(from "A Bank for the Buck" by Tamal Bandyopadhyay)

People had said ₹20, R30, even a ₹40 premium was fine. I asked Deepak, "Shouldn't you quote at least ₹20 when the grey market is offering ₹30?"Even today, I think our bank stock enjoys the highest multiple in Asia. Everything has gone our way: 20% by default and 80% by design

"'A team of less than half a dozen people can change the culture of the whole organization and drive the business strategy. What's important is that the core team is retained and aligned to make sure that shareholder value is created,'" #ABankfortheBuck #TamalBandyopadhyay

"Aditya wanted a free hand to run the bank.He was clear there could be only one boss and that was he. He made that clear to Deepak as well.A gentleman to the core, Deepak kept his word.He was always there for advice and guidance, if sought, but never interfered." #ABankfortheBuck

"So if the Tata Group were to get a banking licence, would #HDFCBank be its role model? 'Yes, most definitely. You cannot be a copycat. But certainly, it would be my model,' Ishaat said." (from "A Bank for the Buck" by Tamal Bandyopadhyay)

"Ishaat Hussain, said that big industrial houses like the Tatas and the Birlas do not face any difficulty in accessing bank finance, but their customers and suppliers find it difficult. #HDFCBank grabbed that important niche. It became a pioneer in vendor and dealer financing."

"Harish's philosophy is quite simple—to sleep peacefully at night. 'We went for top-end corporates. 'Don't bullshit your customers. They will figure it out soon. Tell them what you can do and also what you cannot. So they do not have false expectations,"#ABankfortheBuck

",'I needed an extra limit of ₹150 crore. It was an overnight affair and I wanted complete secrecy. I called Harish in the evening after banking hours and asked for the money. It was done the next day,' Rathi recalls, director of Grasim Industries Ltd."#ABankfortheBuck

"According to Chetan, the brokers tell him, 'your MD [Aditya] is a Panju [Punjabi] but his mind-set is Gujju [Gujarati]. If he asks for a ₹20-crore fixed deposit, and I give it, he would offer me 9.5% while the market rate is 9.8%." #ABankfortheBuck #TamalBandyopadhyay

"This is a bank that does not know anything beyond business. Chetan told me, 'When we make presentations to our MD, he says, "Teri unchi English mere ko samajh me nahi aati hai; mere ko ye bata ki ladoo kidhar hai." #ABankfortheBuck #TamalBandyopadhyay

"The presentations don't last more than four to five slides. Aditya loves talking to the point. 'Paisa kidhar hai woh dikha, mujhe aur kuch nahi samajhta hai, seedha baat pe aa. Mujhe tu global gyan mat de." #ABankfortheBuck #TamalBandyopadhyay

"'I want to make money on every transaction, every payment that happens in this country. If I am an efficient provider of transactional services of both retail and corporate side, I can make money on every card swipe and every fund transfer. I want that.'" #ABankfortheBuck

"#HDFCBank is the second-largest collector of direct tax after the SBI. In the fiscal year 2012, it collected ₹1.5 trillion. The bank earns a minuscule commission but gets one- day free money, called a float." #ABankfortheBuck #TamalBandyopadhyay

"' They are growing by about 25% every year. 'That makes them neither boring nor risk averse. It's a conscious choice of strategy that they have made. As a competitor, I have tremendous respect and admiration for them,' says Kamath."#ABankfortheBuck #TamalBandyopadhyay

"'We pick up early signals. The moment we know a company is heading towards trouble we review our exposure strategy and collaterals. We may decide to hold, cut the loan exposure or even completely exit. We give the company time to find another bank as our replacement"

"When they were discussing the merger, Amit told Aditya, 'You are a bank with a vision and I am a bank (Times Bank) with a provision. My provision with your vision will get on well.'" #ABankfortheBuck #TamalBandyopadhyay

"There were tough negotiations for this deal. The meeting at Ramon House lasted for eleven hours, till almost midnight. Aditya wanted the board to take an independent view . There was intense discussion on valuation and certain tax liabilities of Centurion BoP."#ABankfortheBuck

"'Yes, I am working very hard. I am in office until dark,' Aditya told him.That was in December when evening descends around five o'clock in Kolkata. Aditya does not wear a watch. And normally does not stay in office beyond half past five in the evening even when he is boss."

"Aditya's work-life balance (read: eating lunch at home and leaving the office at half past five in the evening) is always tilted in favour of life but still he ends up doing the right thing at the right time. #ABankfortheBuck #TamalBandyopadhyay

His refusal to carry a mobile phone or a BlackBerry, to check e-mails, and his habit of wearing a tie with a half-sleeved shirt, or of eating roti and dal makhani at roadside dhabas or eateries in a suit, make Aditya different from his peers. #ABankfortheBuck #TamalBandyopadhyay

"People who know him well find all this natural. He is an earthy Punjabi who does what his heart tells him. Which is why, instead of heading to Europe for a holiday in the summer, he prefers to spend time at his farmhouse at Lonavala, a hill station in Pune, to unwind.

"He grows strawberries,mulberries,guava and Italian lemons there,and plays with his favourite dog,Bushka, a mix of a Great Dane and a Doberman.This is one place he loves to show off to his close colleagues.Every few months he rearranges the furniture to make house look different"

If you go out with Aditya for lunch, make sure you have a wallet on you. He does not carry one. Nobody in the bank laughs at this any more. #ABankfortheBuck #TamalBandyopadhyay