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Articles Published by Hemindra Hazari

EXECUTIVE SUMMARY. The argument made at the time of opening up the life insurance sector and allowing the private sector was that doing so would increase life insurance penetration (life premium/GDP) and thereby increase long term savings, which would flow into infrastructure investments (which are inherently long-term)....
EXECUTIVE SUMMARY. In order to protect its customers from mis-selling, ICICI Bank ceased the selling of traditional par and non-par life insurance policies even from its subsidiary, ICICI Prudential Life Insurance (IPru Life). However, the bank continued to sell Unit Linked Insurance Policies (ULIPs). Sadly, feedback from...
EXECUTIVE SUMMARY. The Mint newspaper broke a news story on February 15, 2022 exposing how, in June 2019, RBL Bank had disbursed a high-risk loan to Sintex-BAPL. Thereafter Sintex-BAPL lent the bulk of those funds to group company Sintex Industries which enabled it to repay a Rs...
It is difficult to read the SEBI's scathing order and not wonder what on earth the NSE board was doing. In Rudyard Kipling’s Jungle Book, Akela, the lone grey wolf leader, exhorts the pack to “look well” upon the cubs...
EXECUTIVE SUMMARY. In the ongoing Indusind Bank microfinance saga, we earlier learned of a "technical glitch"  whereby the bank generously disbursed loans to customers without their consent. Now comes the bank’s claim of a  "procedural lapse" whereby the bank received repayments of large numbers of loans, and...
An account of K.R. Shenoy's life gives us glimpses of a significant phase of Indian banking, one which had far more dynamism than it usually gets credit for. Hemindra Hazari The laterite soil of the district of Dakshina Kannada – or...
EXECUTIVE SUMMARY. The toxicity in Axis Bank’s work culture which this analyst has been highlighting (here and here) was recently confirmed by Ravi Narayanan, Group Executive - in-charge of retail liabilities, branch banking and products. As disclosed  by ‘Madanlal Dahariya’, a pseudonym used by a bank whistle-blower...
EXECUTIVE SUMMARY. Xmas festivities were disrupted when RBL Bank dropped a bombshell on the stock exchanges. It informed the public that the Reserve Bank of India (RBI), under Section 36AB of the Banking Regulation Act, 1949, had appointed Yogesh K Dayal (Chief General Manager, RBI) as an...
EXECUTIVE SUMMARY. A closer look at Axis Bank’s staff data reveals the alarming mortality rate of new hires in the bank, and provides a glimpse of new hire attrition in the private banking industry in India. This appears to be a symptom of toxic work culture at...
EXECUTIVE SUMMARY. Indusind Bank shareholders are paying a heavy price for senior executive-level reorganisation in Bharat Financial Inclusion (BFI), which backfired as disgruntled BFI seniors blew the whistle on alleged evergreening. Meanwhile the corporate division of the bank has being undergoing a similar drastic reorganisation.