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...
NEW DELHI — Prime Minister Narendra Modi's unhealthy obsession with the World Bank's Doing Business ranking hijacked India's reform agenda over the course of the Bharatiya Janata Party (BJP) government's four-year tenure, according to hundreds of pages of meeting minutes, interviews with key players and official correspondence reviewed by HuffPost India. The documents...
Banks in India might never be in for a more challenging, or should one say, exciting phase. In the next two years, some of the biggest new private sector banks in India—ICICI Bank, Axis Bank, Yes Bank, IndusInd Bank and HDFC Bank—will have new leaders. The exits of the leaders...