“In the current faltering economy, the bank is unlikely to increase its net interest margin and its fees to compensate for the expected higher credit costs and if it is unable to continue with its earlier strategy, shareholders should expect a decline in its profitability," Hazari wrote in a note
“Indian rating companies are reluctant to give poor ratings to companies before the default happens,” said independent analyst Hemindra Hazari, “They fear losing their clients.”
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"He should have resigned earlier [if he was peeved]…. You can’t be like an independent commentator in position of office and make statements which are destabilising,” Hazari told Forbes India.
An independent banking analyst Hemindra Hazari wrote a report questioning the corporate governance practices of companies which have employed her.
“The fine of 20 million rupees is insignificant but the risk of the RBI placing restrictions on the bank has gone up substantially,” said independent analyst Hemindra Hazari
“Some would call it strange for the same auditor to audit competing banks in the same year. What is even more unusual is that the accounts certified of both the banks by the same, individual statutory auditor have been found misleading by the statutory regulator,” Hazari had written in one of his columns for The Wire.
“It is a positive development. It should be followed up with the criminal action because disinformation by banks is criminal under section 46 (1) of the Banking Regulation Act 1949,” said independent banking analyst Hemindra Hazari.
