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...
EXECUTIVE SUMMARY
Yes Bank has appointed Ravneet Gill as the bank’s CEO, effective latest from March 1, 2019, for a 3-year term. The announcement led to a spurt in the bank’s share price, as the leadership issue was finally resolved. While investors rejoiced, it remains to be seen whether the...
EXECUTIVE SUMMARY. Why is the capital market deliberately overlooking the serious concerns regarding corporate governance in the Kotak Mahindra group? Presumably because the bank has been rewarding shareholders over the years, as well as because of the stature of its founder-CEO, Uday Kotak. The latest issue emerging from the...
EXECUTIVE SUMMARY. This analyst’s research note on September 24, 2021 highlighted HDFC Bank’s disturbing practice of extracting ‘processing fees’ from prospective customers who applied for loans using false/fabricated documents. Following this, the media finally woke up (here and here) from their self-induced slumber. HDFC Bank was forced to issue...
EXECUTIVE SUMMARY. The market has not been kind to Axis Bank after its 1QFY2020 results. The share price has fallen 7%, as compared with a fall in the NIFTY of only 2%. While analysts have raised concerns on the elevated credit costs and high slippages to gross non-performing assets,...
EXECUTIVE SUMMARY. According to the grand theory of capitalism and the free market, competition anoints the customer as king. In the capital market, it is argued that increasing the number of players would improve price discovery, and greater scrutiny of managements’ conduct would discipline them. Thus the market would...
EXECUTIVE SUMMARY. On the eve of HDFC Bank’s 2QFY2020 results (October 19, 2019), an analysis of its profitability for the last 5 years reveals that, while its ROA marginally declined as credit costs increased, it was the leveraging of operating costs which compensated to maintain the bank’s excellent profitability....
EXECUTIVE SUMMARY. Romesh Sobti, the CEO of Indusind Bank, was recently crowned ‘banker of the year’ by a fawning business media, despite reporting two consecutive years of fudged accounts (FY2016 and FY2017) and putting nearly 8% of the bank’s capital at risk in an ill-advised, unsecured loan to...
EXECUTIVE SUMMARY. Senior executives are rushing for the exit door at Aditya Birla Finance Ltd. (ABFL), the non-bank finance company (NBFC) subsidiary of Aditya Birla Capital (ABC), the holding company for all the financial services business of the Aditya Birla group. Since May 2021, at least five senior officials...
