Mumbai: It is the season of resignations for the independent directors of India Inc’s corporate boards.
The recent stormy exit of R. Chandrashekhar from the board of Yes Bank caught the media’s attention, after which the private sector lender had to issue an apology to the stock exchanges and retract its earlier statement that his resignation was...
By Hemindra Hazari
On January 11, 2019, the Reserve Bank of India (RBI) issued a press release informing the public that “by an order dated January 4, 2019 imposed a monetary penalty of Rs 30 million on Citibank N.A. India (the bank) for deficiencies in compliance with the RBI instructions on ‘Fit...
February 23, 2018 by rupeindia
— Hemindra Hazari writes:
The Punjab National Bank (PNB) Nirav Modi scam has led to a clamour from certain quarters for the privatization of India’s Government banks. It was only to be expected that Assocham , the corporate sector body, saw in this development a chance to ask for...
Hemindra Hazari BANKING BUSINESS ECONOMY 12/APR/2017
Uday Kotak’s much hyped press conference on March 29 promised a bang. But all we got was a whimper. Kotak’s announcement was a new digital-based saving account, christened “811”, no doubt in honour of the Modi government’s demonetisation move, which was announced on November...
Hemindra Hazari
ICICI Bank, India’s largest private sector bank by assets, posted shocking results for the quarter ended March 31, 2016. The consensus analyst forecast for the bank’s net profit was Rs. 3,100 crores; the bank reported a paltry Rs. 702 crores. This was an annual decline of 76% (compared to Rs....
Hemindra Hazari
Axis Bank is one of the favoured stars among the new private sector banks in India, with an enviable reputation. The Banker gave it the Bank of the Year award in 2014; Brand Equity termed it the “Most Trusted Private Sector Bank” two years in a row (2013, 2014); Asiamoney called it the “Best...
In response to the Reserve Bank of India’s (RBI) directive to Yes Bank to replace the present CEO-promoter Rana Kapoor by January 31, 2019, the bank’s share price fell a stunning 29% on September 21, and Rs 20,937 crores of market capitalisation went up in smoke.
The RBI’s directive is...
The bank’s promoter-cum-CEO and its board of directors have not understood the letter and spirit of an important banking rule, but have instead sought to take it as a starting point for negotiation.
Uday Kotak. Credit: Reuters
Hemindra HazariBANKING17/AUG/2018
In an indictment of Kotak Mahindra Bank (KMB) and its promoter-CEO, Uday Kotak,...
Claudius, in Hamlet, noted that “When sorrows come, they come not single spies but in battalions.”
He could well have been speaking about the woes of Yes Bank shareholders. The last few months, and in particular November, have been a punch in the gut to owners of the stock.
On November 14,...
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...
