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 bad loans on the books of these banks...
The systemic erosion of public institutions indicates that Vinod Rai, a roaring tiger, has been reduced to a caged parrot, and the BBB’s expiry date is fast approaching. Perhaps the BCCI will turn out to be a more absorbing engagement than the nation’s public sector banks.
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...
IndusInd Bank’s quarter ended March 31, 2017 (4QFY2017) was impacted by a “one-off” exposure to a company whose cement operations is in the process of being acquired by a top-rated company. While sell-side analysts regard it as a blip in the secular positive outlook on the bank, they are...
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...
Even in a rowdy game of soccer, two yellow cards result in dismissal from the field of play. Indian banking, though, adheres to lower standards. For two consecutive years, Axis Bank has been exposed by the regulator for mis-reporting in its financial statements; yet the bank’s board of directors...
Hemindra Hazari 27 March 2017
Can half the workforce of rural India be considered “marginal to the economy”? That, it appears, is what Lord Meghnad Desai, eminent economist, Gujarat-born and UK-naturalised Labour life peer and Indian Express columnist, believes.
Desai has had a notable academic career, earning his doctorate at the University of...
The Gurgaon Sessions Court on March 10, 2017 delivered its verdict in the Maruti Suzuki rioting and arson case of July 22, 2012 at the company’s Manesar (Haryana state) factory which claimed the life of its human resources general manager, Awanish Kumar Dev and caused widespread destruction at the facility....
Hemindra Hazari 20 March 2017
After the BJP’s decisive victory in the Uttar Pradesh (UP) state elections, alarm bells have started tolling in the capital market.
The primary cause for concern is the BJP’s promise to the UP electorate to waive off all farm loans and provide fresh loans at zero percent interest. Capital market...
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 of FY’2017. In the last month, news...
