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
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
BUSINESS
Citi is India’s largest foreign bank, even without retail business: Citi India CEO Ashu Khullar
Citi presently is the largest corporate FX (foreign exchange) player in the market, Khullar said.
BUSINESS
Citi’s strengths are aligned with what India needs: Citi India CEO Ashu Khullar
Khullar said India is becoming one of the most vibrant financial sponsor to investors and this would give him a reason to stay in touch with the Indian market.
BANKING
Sanjay Garyali appointed as CEO of Fusion Finance
Sanjay Garyali was earlier the L&T Finance’s chief executive of urban finance
BUSINESS
RBI starts industry-wide review of derivative positions after IndusInd Bank fiasco
The RBI wants to ascertain if more banks are in non-compliance of its derivative trade rules and also wants to compliance on the treasury front
BUSINESS
Bankers fear strain on deposit mobilisation after IndusInd Bank derivative loss
As the accounting discrepancy has come to light in March, a busy period for deposit mobilisation, it could hurt banks efforts to garner large deposits, bankers say
BUSINESS
IndusInd Bank may take Rs 1,500 crore charge on derivatives portfolio adjustment
Kathpalia said that the external agency’s review is expected to be done by the fourth quarter of the current financial year and estimated the impact at 2.35% of the bank’s net worth as of the December FY25 quarter.
BUSINESS
Vault Matters: Why green financing is not yet a greener pasture
The US is having a total rethink on its approach to renewable financing and back home the trend seems to have just gotten started. Like most times, are we picking the tail end of an idea?
BUSINESS
Mizuho and KKR chalk out at final deal terms for Avendus Capital
With a valuation upwards of Rs 6,000 crore, Mizuho Financial Group is the clear frontrunner to pick up controlling stake in India’s homegrown investment banking business, Avendus Capital.
BUSINESS
Carlyle, Advent among PE investors interested in Axis Bank's NBFC subsidiary
Axis Bank, according to sources, is open to offer controlling stake in Axis Finance to potential investors. The bank is keen to close the deal with financial investors and talks are on with private equity firms.
BUSINESS
Vault matters: New leadership at RBI is rearranging priorities
As much as it’s true to say that give the Governor six months for him to be one of RBI in approach, the reverse is also equally true. There is a reason why it matters who helms the central bank. The question, however, is whether Governor Malhotra’s regulatory changes are a bit premature
