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An account of K.R. Shenoy's life gives us glimpses of a significant phase of Indian banking, one which had far more dynamism than it usually gets credit for. Hemindra Hazari The laterite soil of the district of Dakshina Kannada – or ‘south Canara’ as it was referred to before Independence –...
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...
The Securities and Exchange Board of India (SEBI)’s order dated June 30, 2022 indicted not only the senior-most executives of Kotak Mahindra Mutual Fund (KMF), but also Kotak Mahindra Trustee Company (KMTC), for failing in its oversight of the asset management company. The matter related to KMF’s investment in...
Ravi Narayanan, the 55-year old Group-Head in-charge of retail branches, retail liabilities and third party products abruptly resigned from Axis Bank on March 13, 2024 because he wished to pursue an “entrepreneurial journey”. He will be relieved on March 22, 2024, to conform to his wish for an early...
EXECUTIVE SUMMARY. The Reserve Bank of India’s (RBI) decision to temporarily put a halt to all digital launches of HDFC Bank’s financial products and also cease all new issuances of credit cards by the bank brings to the fore the huge reputational risk on account of the bank ignoring...
EXECUTIVE SUMMARY. Yet another instance has come to light of the practice of disguising transactions by routing them through shell companies. As revealed by ET Prime, the Securities and Exchange Board of India (SEBI) issued show cause notice to Aditya Birla Finance (ABF) on the latter’s alleged role in...
Hemindra Hazari 9 July 2019 On 26 June 2019, confronted with a contempt petition filed in the Supreme Court of India by Right to Information Act, 2005 (RTI) activist, Girish Mittal, the Reserve Bank of India (RBI) finally disclosed the hitherto confidential annual inspection reports, called risk assessment reports (RARs),...
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It is difficult to read the SEBI's scathing order and not wonder what on earth the NSE board was doing. In Rudyard Kipling’s Jungle Book, Akela, the lone grey wolf leader, exhorts the pack to “look well” upon the cubs who are to be inducted into the pack as their own....
EXECUTIVE SUMMARY. On July 19, 2022, based on a police press release, the media reported (here and here) a major theft in the currency chest of the ICICI Bank branch in Dombivali (near Mumbai). Allegedly, an ICICI Bank employee, on the weekend of July 9- 10, 2022, robbed the...