In a piece published in The Wire a month later, Hemindra Hazari, an independent research analyst registered with the Securities and Exchange Board of India, called this “one of the more odd episodes in the history of banking regulation”.
“The settlement was more or less a win for the bank’s promoter, Uday Kotak and his demands,” Hazari wrote.
Hazari suggested the latest revelations have “not only damaged Kotak’s reputation, but even more the reputation of the banking regulator, which has apparently taken dictation from the political authorities”.
