BUSINESS
Bhushan Steel - JSW SC Verdict: CoC, Govt working on likely remedies
On May 5, secretary of Department of Financial Services, M. Nagaraju said that the government is studying the judgement and may finalise the next step after consultation with government advocates
BUSINESS
Vault matters | What’s behind the growing disconnect between Nifty Bank Index and reality
The Nifty Bank index has outperformed the bell-weathered index by a decent margin across timeframes. The index is clearly exhibiting a sense of optimism, but one unfortunately is not reflecting in the sentiments of those running these banks
BUSINESS
No disconnect between any parts of the bank: Yes Bank MD & CEO Prashant Kumar
This was in response to reports of differences surfacing between Kumar and the retail banking team. Kumar also reiterated that the restructuring of senior management that recently happened was done keeping in mind the 5-year plan for the bank.
BUSINESS
Yes Bank’s deposits costs to be at par with larger peers in 2–3 years, says MD & CEO Prashant Kumar
Speaking to Moneycontrol, Yes Bank's Prashant Kumar said the lender is now at a stage where it does not have to make fresh provisioning for asset quality issues of the past.
BUSINESS
It was a calculated decision to grow a less risky retail book: Prashant Kumar, MD & CEO, Yes Bank
Growing the retail book was the only option available to Yes Bank after being placed under a moratorium, says Kumar. The bank opted for a safer but less rewarding path to avoid imposition of the prompt corrective action by the RBI.
BUSINESS
IndusInd Bank presses pause button on onboarding new MFI customers
The decision to pause onboarding new MFI customers may have come after the RBI's feedback. However, the bank has denied the same.
BUSINESS
Banks say new LCR norms a mixed bag, 2.5% run-off rate on IMB deposits disappointing
According to an analyst, the central bank's norms will improve LCR of banks by of 6 percent, which can boost credit deployment by 1.4-1.6 percent
BUSINESS
MC Exclusive | RBI asks banks to show prudence with banking apps
Banks have been asked to reassess their strategy on apps. According to sources, suggestions pertaining to efficacy of digital offerings are being made by the regulator to banks following frequent outrageous in banking apps.
BUSINESS
Vault Matters | An alternative to NPCI is needed, but is tough to create
A series of transaction failures which have affected the QR-based payments system in the recent times indicates that there is scope for further fine-tuning at the back end. But what exactly is the viable solution is the question
BUSINESS
Why the ongoing investigation at IndusInd Bank is not beyond reproach
Whether it’s a bank, a pharmaceutical firm or even a chocolate maker, people associated with an event that is allegedly dubious step aside or offer to do so to ensure a fair investigation of the matter. Why is that not happening yet at IndusInd Bank?
BUSINESS
MC Exclusive | Warburg expected to lead troubled MFI Fusion Finance’s rights issue
However, sources say that Creation Investments, another stakeholder in Fusion, is hesitant to fully back the initiative.
BUSINESS
Vault Matters | The buck stops with the CEO in IndusInd fiasco
The CEO may not immediately be aware of all things happening in the bank, but by being the leader the understanding is that he should have a handle over everything under his nose. While it’s a tough ask, unfortunately this is how the world works
BUSINESS
Rope in a private banker: RBI may have told IndusInd Bank board on CEO replacement
The central bank has informally told IndusInd Bank’s board on the likely traits to consider while shortlisting CEO candidates
BUSINESS
IndusInd Bank key officials under Sebi lens for alleged insider trading
Sebi is examining both the trading pattern and IndusInd’s communication with RBI to ascertain if there was any violation of insider trading regulation, or the trades were carried out as part of a normal course.
BUSINESS
PwC’s initial findings in IndusInd Bank might have necessitated forensic audit
While PWC was engaged to estimate and assess lapses in accounting for derivative instruments, its findings could have resulted in the need for a forensic audit to examine possible corporate governance lapses
BUSINESS
Kotak Mahindra Bank’s Ambuj Chandna joins DBS Bank India
Chandna has joined DBS India as MD and head of consumer banking group
BUSINESS
IndusInd Bank’s CD issuances spike over 5x in March
The bank has raised over Rs 16,500 crore of certificate of deposits this month, so far, against a monthly run-rate of Rs 2,000 – 3,000 crore till February
BUSINESS
Ashok Leyland may pick up majority stake in SML Isuzu
Sources say deal likely to be announced soon. Ashok Leyland has called for a board meeting tomorrow followed by an investor call later in the evening
BUSINESS
IndusInd Bank likely to tap Korn Ferry, Egon Zehnder to shortlist candidates for top jobs
Search for at least 8 senior officials, including CEO, to start soon
BUSINESS
Bain Capital-Manappuram Finance deal likely to be announced soon
Bain to acquire approximately 22 percent stake from VP Nandakumar, Manappuram Finance’s founder and MD & CEO and come up with an open offer to increase stake to 42 percent
BUSINESS
Bajaj Finance’s Rajeev Jain likely to be elevated to Bajaj Finserv’s board
Anup Saha, who joined Bajaj Finance in 2017 from ICICI Bank and was elevated to the role of deputy MD recently, may take over the reins of the NBFC from Jain.
BUSINESS
RBI to take stock of cash being handled by ATM operator AGS Transact
'We are in the process of reconciling cash across our ATMs and vaults and handing it over to the respective banks in line with established industry procedures,' says AGS Transact
BUSINESS
How deficiencies in derivative accounting at IndusInd Bank came to the fore
Sources aware of the matter say Gobind Jain, the bank’s CFO who stepped down on January 17, had a detailed exit interview with the regulator during which inadequate accounting for derivative instruments came to fore.
BUSINESS
SEBI questions IndusInd Bank management why early disclosures were not made
When the extent of the financial impact of wrong accounting of derivative instruments cannot be confirmed even now, what stopped the bank from making early disclosures, SEBI has asked IndusInd Bank management
