The Board of Directors HDFC Bank Limited HDFC Bank House Senapati Bapat Marg, Lower Parel Mumbai 400013 India Sirs, REGISTRATION STATEMENT NO. 333-121096 With respect to the subject registration statement, we acknowledge our awareness of the use therein of our report dated January 8, 2005 related to our review of interim financial information. Pursuant to rule 436(c) under the Securities Act, 1933 of the United States, such report is not considered part of a registration statement prepared or certified by an accountant or a report prepared or certified by an accountant within the meaning of sections 7 and 11 of the Act. /s/ P.C. Hansotia & Co. Mumbai, India January 10, 2005