EXECUTIVE SUMMARY. In order to protect its customers from mis-selling, ICICI Bank ceased the selling of traditional par and non-par life insurance policies even from its subsidiary, ICICI Prudential Life Insurance (IPru Life). However, the bank continued to sell Unit Linked Insurance Policies (ULIPs). Sadly, feedback from ICICI Bank...
EXECUTIVE SUMMARY. The Mint newspaper broke a news story on February 15, 2022 exposing how, in June 2019, RBL Bank had disbursed a high-risk loan to Sintex-BAPL. Thereafter Sintex-BAPL lent the bulk of those funds to group company Sintex Industries which enabled it to repay a Rs 2.8 bn...
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. In the ongoing Indusind Bank microfinance saga, we earlier learned of a "technical glitch" whereby the bank generously disbursed loans to customers without their consent. Now comes the bank’s claim of a "procedural lapse" whereby the bank received repayments of large numbers of loans, and disbursed new...
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. The toxicity in Axis Bank’s work culture which this analyst has been highlighting (here and here) was recently confirmed by Ravi Narayanan, Group Executive - in-charge of retail liabilities, branch banking and products. As disclosed by ‘Madanlal Dahariya’, a pseudonym used by a bank whistle-blower on Twitter,...
EXECUTIVE SUMMARY. Xmas festivities were disrupted when RBL Bank dropped a bombshell on the stock exchanges. It informed the public that the Reserve Bank of India (RBI), under Section 36AB of the Banking Regulation Act, 1949, had appointed Yogesh K Dayal (Chief General Manager, RBI) as an additional director....
EXECUTIVE SUMMARY. Indusind Bank shareholders are paying a heavy price for senior executive-level reorganisation in Bharat Financial Inclusion (BFI), which backfired as disgruntled BFI seniors blew the whistle on alleged evergreening. Meanwhile the corporate division of the bank has being undergoing a similar drastic reorganisation.
For some years this analyst...
The bank’s official explanation of a technical glitch needs to be examined, by the RBI, which should commission a probe.
Hemindra Hazari
On November 5, 2021, the auspicious day of the Hindu New Year, the Economic Times burst a firecracker of a news story on IndusInd Bank. The story cited whistle blowers (a group...
