Ravi Krishnan There is this irrational joy mingled with relief that taxpayers feel on getting a tax refund, never mind that it was their money in the first place. Yes Bank investors too experienced that emotion last week when the lender revealed that RBI...
Former ICICI Bank CEO Chanda Kochhar has been indicted by the Justice BN Srikrishna panel for violating the bank’s code of conduct. Following this, the bank has decided to consider her resignation submitted on October 4, 2018 as a ‘termination’ and recover the bonuses paid to her since...
Yashwant Sinha, Prashant Bhushan and others on Cobrapost’s Expose on what they claim is “India’s biggest financial scam.’Posted by The Quint on Tuesday, January 29, 2019 An investigation by Cobrapost claims, Dewan Housing Finance Corporation Limited (DHFL) through layers of shell companies allegedly siphoned off Rs 31,000...
India’s federal police filed a case alleging that former ICICI Bank Ltd. Chief Executive Officer Chanda Kochhar got “illegal gratification” for approving a loan to the Videocon Group in violation of the lender’s credit policy and regulatory provisions. In the filing at a police...
Uday Kotak is a cautious and savvy banker with deep and strong connections in the business world.  However, by no stretch, is he an activist. So, why would he drag his regulator to court, especially the Reserve Bank of India (RBI) which has always guarded its ‘independence’ or lack of public...
While the media was occupied with the government’s sudden move to replace the board of Infrastructure Leasing and Financial Services (IL&FS), another drama was playing out at the swanky headquarters of the firm.  The Serious Frauds Investigation Office (SFIO) was primed to spring into action, even as the...
An incendiary speech by a senior Reserve Bank of India (RBI) official last Friday blew the lid off an increasingly toxic dispute between the central bank and the government of Prime Minister Narendra Modi over monetary policy and who controls the institution's reserves, Reuters has reported. While historically there have been differences...
As Rana Kapoor, the co-founder and chief executive officer of Yes Bank Ltd., prepares to exit officetwo months from now, both he and the bank he built have become subjects of intense scrutiny. On Tuesday, rating agency Moody’s Investors Service cut the bank’s rating citing corporate governance concerns. The agency cited recent resignations from the...
Former economic affairs secretary Shaktikanta Das has been appointed as the new Governor of the Reserve Bank of India, an order from the Department of Personnel & Training said on Tuesday evening. Das is a 1980 batch IAS officer of Tamil Nadu cadre and will hold the post for three-year term. He...
The Bombay High Court on Monday declined Kotak Mahindra Bank’s plea for a stay on the Reserve Bank of India (RBI)’s December 31 deadline to reduce its promoter stake holding. This, in effect, would mean that the private sector lender has a little more than 10 days to lower its...