EXECUTIVE SUMMARY. ICICI Bank’s 1QFY2022 results on July 24, 2021 highlight the need for shareholders to re-examine the bank’s retail asset strategy. ICICI Bank’s strategy was to focus on retail assets to compensate for the bulky poor-quality corporate assets that it had earlier emphasised. However, the broad economic slowdown...
EXECUTIVE SUMMARY. Despites the paeans of self-praise in annual reports, exposé after exposé by the media reveal the abysmal state of corporate governance in private financial capital. The latest in these revelations by ET Prime is how Yes Bank disbursed a Rs 5.12 bn loan to Oyster Buildwell, an...
EXECUTIVE SUMMARY. There is a surprising change in the public profiles of the Chief Executive Officers (CEOs) of India’s first and second largest private sector banks, HDFC Bank and ICICI Bank. What are the implications?
Both Sashidhar Jagdishan and Sandeep Bakshi stepped into the shoes of high-profile predecessors: the iconic...
EXECUTIVE SUMMARY. The ET Prime 3-part series based on the Securities and Exchange Board of India’s (SEBI) show cause notices to Standard Chartered Bank, Indusind Bank and Aditya Birla Finance highlighted the manner in which these institutions allegedly ‘evergreened’ their exposure and shifted their loans from the unlisted Thapar...
EXECUTIVE SUMMARY. Yet another instance has come to light of the practice of disguising transactions by routing them through shell companies. As revealed by ET Prime, the Securities and Exchange Board of India (SEBI) issued show cause notice to Aditya Birla Finance (ABF) on the latter’s alleged role in...
EXECUTIVE SUMMARY. The Reserve Bank of India (RBI)’s decision to grant a 1-year extension to Vishwavir Ahuja, Chief Executive Officer (CEO), RBL Bank is similar to the 1-year extensions it provided to Murali Natarajan, CEO, DCB Bank and Shyam Srinivasan, CEO Federal Bank. In recent times, Udak Kotak, CEO-founder,...
EXECUTIVE SUMMARY. With the Reserve Bank of India (RBI) imposing a penalty of Rs 100 mn (US$ 1.4 mn) on HDFC Bank, the curtain has finally come down on the considerable irregularities (in around 2014-2019) in the bank’s automobile loan division. After verifying a whistleblower’s tweets (June 17, 2020),...
EXECUTIVE SUMMARY. While Axis Bank has recovered from its corporate non-performing asset (NPA) crisis, it seems to be in the midst of a management attrition problem, partly explained by significant sackings in FY2020. Staff turnover levels have been steadily rising in the period FY2018 – FY2020 (FY2021 data is...
EXECUTIVE SUMMARY. In a little-publicised step, the Securities and Exchange Board of India (SEBI) has directed the first 1,000 companies by market capitalisation on the Indian bourses to disclose voluminous information in their business responsibility and sustainability reporting. For FY2022 this is voluntary, but from FY2023 it is to...
