EXECUTIVE SUMMARY. Two long serving senior executives of HDFC Bank who headed important business verticals have abruptly quit the bank, reportedly under unusual circumstances. Abhay Aima (Group Head – Private Banking), quit sometime in FY2020, while Ashok Khanna (Group Head – Secured Vehicle Loans) left in early FY2021. Aima,...
EXECUTIVE SUMMARY. Yes Bank is in the news for its non-performing assets, a legacy of erstwhile founder-CEO Rana Kapoor’s reckless lending being transferred to an Asset Reconstruction Company (ARC). If and when the deal is announced, the balance sheet and the bank will be absolved of the sins of...
EXECUTIVE SUMMARY. Despite ICICI Prudential Life Insurance (IPru Life) reporting improvement in long-term persistency ratios, there are worrying examples of brazen mis-selling of life insurance policies by the company through its corporate agent, Angel Financial Advisors and even its parent, ICICI Bank. The cases of two 21-year old customers...
India’s private sector banks were held up for years as the standard of efficency and corporate governance to which public sector banks should aspire. But now it emerges that private bank after private bank has in fact been harbouring bad debts, fudged accounts, corrupt deals, gross mismanagement, overly paid CEOs and...
BANKING April 10, 2019
The sacked employees feel that they have been given a raw deal, which may have a demoralising impact on the bank's workforce.
By Hemindra Hazari
On April 1, 2019, the eve of Axis Bank’s 25th anniversary of commencing business, Amitabh Chaudhry, the newly anointed chief executive officer (CEO), announced one of his...
EXECUTIVE SUMMARY. Following in the footsteps of Raghuram Rajan, who during his tenure as Reserve Bank of India (RBI) governor accepted the fifth Deutsche Bank award in 2013 for financial economics, Shaktikanta Das, the present RBI governor accepted the Economic Times 2020 award for 'Business Reformer of the Year'....
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 2.8 bn...
The language used in the writ petition filed by Kotak Mahindra Bank (KMB) in Bombay High Court against the banking regulator should have alarmed shareholders. They would be even more apprehensive if they read the language used by the Reserve Bank of India (RBI) in its reply. That a...
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...
