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.
KATYA NAIDUMAY 29, 2019, 19:43 IST IndusInd Bank’s provision for losses from IL&FS may be too little too late, according to an analyst.The provision for bad loans in the latest quarter should have come at least eight months ago,...
Hazari told Newsclick: “Except for a few special purpose vehicles which have ring-fenced their cash flows, the entire IL&FS group will be NPA for banks & NBFCs.”
“When all group companies are constrained by liquidity problems, the strongest company will get impacted as a natural fallout,” said Hemindra Hazari
Yes Bank watchlist also highlights the failure of credit rating agencies and analysts to spot anomalies and catch red flags on defaults and stress early on. Ravi Krishnan@writesravi Y The...