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Research articles published by Hemindra Hazari.

Three new developments herald a possible new beginning for Paytm Payments Bank (PPB): The reconstitution of its board of directors, apparently due to pressure from the Reserve Bank of India (RBI); the stepping down of Vijay Shekhar Sharma (51% shareholder of PPB) as part-time chairman and the induction of...
Axis Capital’s structured finance team is proud of its “unblemished track record of ‘No Default’ in any transaction with 100% investor money”. But the underwriting of Rs 2.6 bn of non-convertible debentures (NCD) of Sojo Infotel in March 2021 may result in its inaugural blemish on March 25, 2024,...
Directors’ role on company boards has become more complex and demanding, especially for independent directors. Increasingly they have to monitor and manage diverse stakeholders’ interest, instead of being primarily focused on protecting shareholders‘ interests and expectations. With regard to banks, this was borne out when an independent director of...
On October 21, 2023, Kotak Mahindra Bank (KMB) surprised the market by announcing that “the Reserve Bank of India (RBI) approved the appointment of Ashok Vaswani as the Bank’s next Managing Director & Chief Executive Officer (MD & CEO). This is for a period of three years from date...
Private sector banks’ high and sharply rising attrition is in the spotlight, thanks to the mandatory disclosures in banks’ annual and business sustainability reports since FY2023. However, inter-bank comparison may not be an accurate indicator of the attrition in a particular bank, as some large banks use unlisted subsidiaries...
Toxic work culture is rife in the Indian financial sector and it is rare for senior executive management to acknowledge abusive behaviour by managers. It was therefore a surprise when Sashidhar Jagdishan, the Chief Executive Officer (CEO), HDFC Bank publicly acknowledged it in the bank’s FY2023 annual report by...
It is Uday Kotak’s swan song year as chief executive officer of Kotak Mahindra Bank (KMB), and the theme of the bank’s FY2023 annual report  is “Acceler@ting Change”. In line with this, the bank’s “strategy emphasises on building younger , diverse and future-fit talent at the Group.” Perhaps this...
The overriding theme of Axis Bank’s FY2023 annual report  (released on June 26, 2023) is “Open, to Win Together”. The catch phrase is reiterated ad nauseam throughout the report. “Open” stands for not only transparency but also inclusiveness: it is “Dil se Open”. “Together” includes its employees: Axis Bank...
The gap between Axis Bank’s own portrayal of customer experience and the reality of customer complaints recalls Robert Louis Stevenson’s classic tale of Dr. Jekyll and Mr. Hyde. Let us begin with Dr Jekyll. The bank claims, in its FY2022 Sustainability Report, that “we are committed to delivering the greatest...
In the wake of the collapse of Silicon Valley Bank (SVB) in the United States of America on March 10, 2023, the United States Federal Reserve (Fed), on April 28, 2023, released its report on the review of the bank’s supervision and regulation. The report is highly relevant in the...