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Research reports published by Hemindra Hazari.

In an earlier insight, More Transparency Was Expected From HDFC Regarding Its Reliance Naval Exposure, on April 19, 2018, this writer had cautioned that RNE was a problem account in the industry and that most banks in the consortium would be classifying the account as a NPA....
In our experience companies adopt liberal accounting policies to cover up flagging fundamentals otherwise there is rarely a valid business reason.
EXECUTIVE SUMMARY. On November 29, 2019, Yes Bank finally revealed  the names of the prospective investors for their US$ 2 bn equity issue. Unfortunately, 90% of the issue consisted of family offices and the 3 family offices which accounted for 85% of the issue were relatively unknown...
One might think that the ICICI Bank board, worried at the beating its image has taken in recent months, might try to restore public confidence by selecting an impeccable stand-in for its CEO-under-investigation. But, true to form, the board has selected a gentleman in whose tenure as...
EXECUTIVE SUMMARY. On February 27, 2020 the Reserve Bank of India finally approved Sumant Kathpalia as the CEO who will succeed Romesh Sobti when the latter retires on March 23, 2020. Kathpalia, who has a background in consumer finance and wealth management, will be taking charge of a bank which is...
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...
EXECUTIVE SUMMARY. In a stunning rebuke to audit firm S.R. Batliboi (SRB), a member firm of Ernst & Young, the Reserve Bank of India (RBI) barred the firm from taking any bank audit for 1 year commencing from April 1, 2019. The public humiliation of a leading...
The unseemly public jostling between India’s central bank and the government of India casts a poor light on both institutions.  Adhering to unrealistic fiscal deficit constraints has compelled the government to plunder public institutions such as the Life Insurance Corporation of India, ONGC and now the Reserve...
The resignation of Viral Acharya, deputy governor, Reserve Bank of India (RBI) six months before his term was to end, was preceded by the resignation of Urjit Patel. Earlier, Raghuram Rajan failed to get a second term as RBI governor. However, these developments did not bring on...