In a stunning blow to the credibility of Indusind Bank, its board of directors, Ramesh Sobti, chief executive officer and Russell I Parera, auditor and partner, Price Waterhouse, the bank reported that it had mis-reported its accounts for the year ended March 31, 2017. This was its second consecutive...
The ICICI Bank Board recently staged a ringing defence of its Chief Executive Officer (CEO), Chanda Kochhar with a categorical press statement reposing trust in her. Now that statement has blown up in the board’s face. A new exposé has revealed the smoking gun: Kochhar and her family were...
EXECUTIVE SUMMARY. HDFC Bank, India’s largest bank by market capitalisation appears to be the first off the block in demanding resignations from permanent staff at its non-bank finance company (NBFC) subsidiary, HDB Financial Services (HDB FS). While times are indeed difficult, stakeholders in the bank should note the manner...
EXECUTIVE SUMMARY. While Axis Bank has recovered from its corporate non-performing asset (NPA) crisis, it seems to be in the midst of a management attrition problem, partly explained by significant sackings in FY2020. Staff turnover levels have been steadily rising in the period FY2018 – FY2020 (FY2021 data is...
EXECUTIVE SUMMARY. On January 7, 2021 the Reserve Bank of India (RBI) issued instructions to commercial banks to safeguard the independence and competence of the internal audit function, and laid down norms for the functioning of the department and the appointment of the head of internal audit. While it...
The bank’s official explanation of a technical glitch needs to be examined, by the RBI, which should commission a probe.
Hemindra Hazari
On November 5, 2021, the auspicious day of the Hindu New Year, the Economic Times burst a firecracker of a news story on IndusInd Bank. The story cited whistle blowers (a group...
Hemindra Hazari
Money laundering is not alien to Axis Bank. On July 26, 2011, an investigation by the online media firm, Cobrapost, showed officials of both private and government banks soliciting clients for laundering black money. The sting videos revealed these practices to be widespread at Axis Bank . In June...
EXECUTIVE SUMMARY
The air strikes launched by the Indian Air Force on Jaba Top in Balakot, in the Khyber Pakhtunkhwa province of Pakistan, have raised the stakes in the escalation of conflict between the two nuclear-armed neighbours in South Asia. The stock market reaction on the morning of February 26...
