It is a commonplace that banks are a proxy for the economy. When the economy does poorly, one would expect banks to do poorly, since their main activity is intermediating funds between lenders and borrowers, and it is harder to find good borrowers when the economy is stalling.
With India’s...
EXECUTIVE SUMMARY. Documents of the Reserve Bank of India (RBI), like those of most central banks, are usually dry, sober statements of fact and analysis. Thus readers of the RBI’s April 2021 State of the Economy document would have sat up and rubbed their eyes as they read its...
EXECUTIVE SUMMARY. In the last 3 years, studies have revealed the unprecedented acceleration and concentration of profits and economic power accruing at the pinnacle of corporate India. The large corporates have become bigger and the small corporates have fallen further behind. This has happened not only on account of...
EXECUTIVE SUMMARY. In the midst of Aditya Birla Sun Life Asset Management Company’s (ABSL AMC) Initial Public Offering (IPO), prospective investors should be aware that the declining annual revenue in FY2021 disclosed in the Draft Red Herring Prospectus (DRHP) is on account of falling Average Assets Under Management (AAUM)....
In an earlier insight, More Transparency Was Expected From HDFC Regarding Its Reliance Naval Exposure, on April 19, 2018, this writer had cautioned that RNE was a problem account in the industry and that most banks in the consortium would be classifying the account as a NPA.
On April...
EXECUTIVE SUMMARY. The Council of Ethics of the Government Pension Fund Global (GPFG), the Norwegian sovereign fund, recommended on February 19, 2020 that Page Industries (licensed to produce the Jockey brand of clothing and Speedo in India) be excluded from investment by the fund. GPFG is the world’s largest...
EXECUTIVE SUMMARY. Despites the paeans of self-praise in annual reports, exposé after exposé by the media reveal the abysmal state of corporate governance in private financial capital. The latest in these revelations by ET Prime is how Yes Bank disbursed a Rs 5.12 bn loan to Oyster Buildwell, an...
On May 12, 2017, Yes Bank, released its annual report for the year ended March 31, 2017 where the Reserve Bank of India’s (RBI) mandatory disclosure showed that for the year ended March 31, 2016, the bank’s gross non-performing assets (NPAs) was higher by 5.6x to Rs49.3bn instead of...
