The now-beleaguered and much-derided Infrastructure Leasing & Financial Services Limited (IL&FS) holds its annual general meeting on September 29. IL&FS has a handful of major shareholders who, like Kumbakarna of Ramayana fame, were in deep slumber through the long night of mismanagement, and it remains to be seen whether these same...
Hemindra Hazari
Equity research analysts produce impressive reports, operate complex statistical models, and can talk confidently about the future on the business channels. But the past year has not been kind to the fundamental predictions of most analysts.
In particular, there...
A liquidity crisis of such a magnitude is not an overnight phenomena yet the credit rating agency certified the compnay as investment grade thereby misinforming bond holders and bankers
Even though the government has intervened and installed a new board, the IL&FS saga continues with no resolution in immediate sight. Daily reports of defaults of IL&FS group companies are heightening concerns in the financial market. This is happening in the back drop of the rupee in free fall,...
Hemindra Hazari 23/MAY/2017
Recently, Axis Bank and Yes Bank jolted the Indian banking community while releasing their annual results. Both banks disclosed a staggeringly large divergence between the banks’ audited accounts and the Reserve Bank of India’s (RBI) findings regarding...
SBI's massive restructuring of standard loans are finally coming home to roost with a vengeance.
Hemindra HazariBANKING13/FEB/2018
SBI’s headquarters in Mumbai. Credit: Reuters
With the help of a whistleblower, the Rajasthan police is prosecuting cases of insurance schemes mis-sold by ICICI as fixed deposits to unsuspecting customers. But the country's insurance and banking regulators don't seem bothered.
Victims narrate their stories about how...
Hemindra Hazari
Everyone knows public sector banks are less profitable, more prone to political influence and have higher ratios of non-performing assets (NPAs) than their private sector counterparts. In contrast, new private sector banks, set up post 1991, are media and stock market darlings....
Hemindra Hazari
There are high hopes that Urjit Patel, the new RBI governor will act to revive bank lending and thereby do his bit for the economy. But that would require him to make the right diagnosis in the first place. The recently released RBI...
Hemindra Hazari 4 March 2017
Axis Bank has had a tough year. Just as it was slowly recovering from the demonetisation fiasco, wherein some of its officials were arrested for money laundering, its non-watch list corporate loans slipped into the non-performing category in the third quarter...
