Case focuses on how HDFC Bank, a leading private sector bank in India, adapted its strategy from 2003 onwards to changing conditions and managed to confound skeptics within and outside the bank. In accordance with this, the management felt that branch expansion was imperative to address the long term liability concerns of the bank. The case articulates on how the Bank shifted its focus from wholesale banking strategy to lending more to the SME segment. The bank is also seen to have become a credible player in the housing loan segment without competing with it's parent. Moreover the case focuses on how the bank ventured into two-wheeler and truck finance apart from it regular car finance thus growing its retail assets at a fast rate. With yields under pressure across most segments of automobile finance, the bank ventured into non-auto retail segments such as personal loans and loans against securities. Also this phase of growth saw a greater focus on the development of a distribution network independent of the branch.