EXECUTIVE SUMMARY
For the beleaguered non-bank finance company (NBFC) sector, banks are the single largest component of external funding. This source peaked at the end of September 2018, in the aftermath of the default of IL&FS, a private unlisted infrastructure developer and financer. However, in the beginning of the last...
EXECUTIVE SUMMARY
Post the downing of the Indian Air Force (IAF) MIG-21 by Pakistan over its territory and the capture and subsequent return of the pilot, the narrative which was strongly in favour of Narendra Modi and the ruling Bharatiya Janata Party (BJP) rapidly spiralled downwards. Whether the Pakistan Air...
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...
EXECUTIVE SUMMARY
Yes Bank is in the cross hairs of the Reserve Bank of India (RBI), the banking regulator. On February 13, 2019, the bank issued a press release stating that the regulator’s risk assessment report (RAR) for the year ended March 31, 2018 revealed nil divergence, i.e. the bank’s...
EXECUTIVE SUMMARY
The ‘Interim Report of IL&FS and Its Subsidiaries’ dated November 30, 2018 by the Serious Fraud Investigation Office (SFIO), which was submitted by the Ministry of Corporate Affairs (MCA) to the National Company Law Tribunal (NCLT), not only reveals the shenanigans of IL&FS’s senior management but also puts the spotlight...
EXECUTIVE SUMMARY
The press statement issued by ICICI Bank based on the enquiry report headed by Justice (Retd.) Srikrishna to investigate the allegations against Chanda Kochhar appears deliberately confusing and convoluted. While it states that Chanda Kochhar was in violation of the bank’s Code of Conduct, on the more serious charge of...
EXECUTIVE SUMMARY
Yes Bank has appointed Ravneet Gill as the bank’s CEO, effective latest from March 1, 2019, for a 3-year term. The announcement led to a spurt in the bank’s share price, as the leadership issue was finally resolved. While investors rejoiced, it remains to be seen whether the...
EXECUTIVE SUMMARY
The Central Bureau of Investigation (CBI), India’s premier federal police investigation agency, finally filed a First Information Report (FIR) and charged Chanda Kochhar, former CEO, ICICI Bank, her husband, Deepak Kochhar and V. N. Dhoot, managing director, Videocon Group, with cheating ICICI Bank in the Rs 32.5 bn Videocon loan...
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...
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 NA India (the bank) for
deficiencies in compliance with the RBI instructions on ‘Fit and Proper’
criteria for directors...
