And is only a third party application provider. Google, in an affidavit, has said the PSO authorised by the Reserve Bank of India (RBI) is the National Payment Corporation of India (NPCI) which is the owner and operator of the entire unified payment interface (UPI) network. NPCI, in turn, authorises the payment service provider banks … Read more
Since March, the bank has seen the exits of Abhay Aima, group head of private banking; Ashok Khanna, group head of secured vehicle loans; and Munish Mittal, chief information officer—all HDFC Bank veterans and close aides of its long-time managing director Aditya Puri. People aware of the matter have pointed to an expected top management … Read more
HDFC Bank Ltd has conducted a probe into allegations of improper lending practices and conflicts of interests in its vehicle-financing operation involving the unit’s former head, according to people familiar with the matter. India’s most valuable lender by market capitalization decided against proceeding with an earlier proposal to extend the employment of Ashok Khanna, an … Read more
That will revive stressed banks and finance companies as an alternative to the traditional practice of merging failed institutions with stronger ones. A bill which proposed the corporation in 2017, was withdrawn following criticism of a clause that sought to share cost of revival with depositors. “The traditional approach has been to merge a failed … Read more
Even as COVID-related layoffs and salary cuts ensued across sectors, the Sahara Group on Monday said it has given pay hikes and promotions to its employees. Further, it said that there will be no layoffs of workers from any of its business vertical due to the coronavirus situation. The Sahara Group is also planning to … Read more
The controversy around the write-off of the additional tier-one bonds (AT-1) by Yes Bank Ltd during the March quarter has continued unabated. In fact, the rift between the bondholders and the lender has now widened. Axis Trustee Services Ltd, which represents several direct and indirect retail bondholders, has issued a notice to Yes Bank, alleging … Read more
Moody’s downgrades India’s sovereign rating to ‘Baa3’ from ‘Baa2’ with negative outlook. This is one shot away from non investment grade – though it’s unlikely that would happen. It’s also reasonable to expect that in all likelihood, S&P will follow soon. They are currently one step higher at BBB- with stable outlook. Mostly, they would … Read more
In a widely expected move, RBI today slashed policy rates by 40 bps to ease Covid2019 impact. The repo rate now stands at 4% and reverse repo at 3.35%. This is the second significant cut in the year. Previously, in March RBI had cut the repo rate by 75 bps. “The MPC also decided to … Read more
By Andy Mukherjee When private equity firm Sycamore Partners walked away from beleaguered lingerie chain Victoria’s Secret, some of the loudest gasps came from India, Asia’s busiest market for distressed assets. Acquirers felt emboldened to seek legal advice. Could they at least renegotiate prices by arguing that the coronavirus was a material adverse change? Also … Read more