A Kotak family entity, Infina Finance Private Ltd. (Infina), purchased electoral bonds totalling Rs 1.3 billion – which is more than twice the amount disclosed by the State Bank of India (SBI) to the Election Commission of India (ECI) during FY2019 to FY2022.
In FY2020, the company purchased Rs 760...
Ravi Narayanan, the 55-year old Group-Head in-charge of retail branches, retail liabilities and third party products abruptly resigned from Axis Bank on March 13, 2024 because he wished to pursue an “entrepreneurial journey”. He will be relieved on March 22, 2024, to conform to his wish for an early...
Three new developments herald a possible new beginning for Paytm Payments Bank (PPB): The reconstitution of its board of directors, apparently due to pressure from the Reserve Bank of India (RBI); the stepping down of Vijay Shekhar Sharma (51% shareholder of PPB) as part-time chairman and the induction of...
Axis Capital’s structured finance team is proud of its “unblemished track record of ‘No Default’ in any transaction with 100% investor money”. But the underwriting of Rs 2.6 bn of non-convertible debentures (NCD) of Sojo Infotel in March 2021 may result in its inaugural blemish on March 25, 2024,...
Directors’ role on company boards has become more complex and demanding, especially for independent directors. Increasingly they have to monitor and manage diverse stakeholders’ interest, instead of being primarily focused on protecting shareholders‘ interests and expectations. With regard to banks, this was borne out when an independent director of...
On October 21, 2023, Kotak Mahindra Bank (KMB) surprised the market by announcing that “the Reserve Bank of India (RBI) approved the appointment of Ashok Vaswani as the Bank’s next Managing Director & Chief Executive Officer (MD & CEO). This is for a period of three years from date...
Private sector banks’ high and sharply rising attrition is in the spotlight, thanks to the mandatory disclosures in banks’ annual and business sustainability reports since FY2023. However, inter-bank comparison may not be an accurate indicator of the attrition in a particular bank, as some large banks use unlisted subsidiaries...
It has been 3½ years since the Reserve Bank of India imposed a moratorium on Yes Bank, superseded its board, and organised a financial bail-out by a State Bank of India (SBI)-led consortium, as well as a board and financial restructuring. While financial solvency and stability have been restored...
Toxic work culture is rife in the Indian financial sector and it is rare for senior executive management to acknowledge abusive behaviour by managers. It was therefore a surprise when Sashidhar Jagdishan, the Chief Executive Officer (CEO), HDFC Bank publicly acknowledged it in the bank’s FY2023 annual report by...
It is Uday Kotak’s swan song year as chief executive officer of Kotak Mahindra Bank (KMB), and the theme of the bank’s FY2023 annual report is “Acceler@ting Change”. In line with this, the bank’s “strategy emphasises on building younger , diverse and future-fit talent at the Group.” Perhaps this...
