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...
EXECUTIVE SUMMARY. At a time when the economic environment is very volatile, and HDFC Bank’s share price has seen an unexpected slump, comes news of another bizarre corporate governance episode. Once more this paints a sorry picture of the board of India’s number 1 bank by market capitalisation, and...
On the one hand, Kotak Mahindra Bank (KMB) is proudly broadcasting to shareholders its thoughts on the virtues of corporate governance, and how the bank is more than merely conforming to the letter of the law. At the same time, a notice to KMB shareholders seeking approval to re-appoint...
EXECUTIVE SUMMARY. A notable feature in HDFC Bank and Kotak Mahindra Bank (KMB) is the historical absence of any commercial banking expertise amongst the independent directors on the boards. The founders (HDFC and Uday Kotak) and the Nomination and Remuneration Committee in both banks, as a deliberate strategy, have...
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...
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),...
EXECUTIVE SUMMARY
The deadline (December 31, 2018) for Uday Kotak, the founder-CEO of Kotak Mahindra Bank (KMB), to dilute his stake to 20% has come and gone, and shareholders await the wrath of the banking regulator.
The regulator had already given an extended time line for the founders to reduce their stake, a...
It has been 3½ years since the Reserve Bank of India imposed a moratorium on Yes Bank, superseded its board, and organised a financial bail-out by a State Bank of India (SBI)-led consortium, as well as a board and financial restructuring. While financial solvency and stability have been restored...
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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...
