The RBI on Saturday came up with revised long format audit report (LFAR) norms with a view to improving the efficacy of internal audit and risk management systems. The LFAR, which applies to statutory central auditors (SCA) and branch auditors of banks, has been updated keeping in view the large scale changes in the size, … Read more
I really don’t know what will one analyze !
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 A bill which proposed the corporation in 2017, was withdrawn following criticism of a clause that sought to share cost of revival with depositors.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
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
Large companies such as JSW Steel Ltd, Tata Power Ltd and Piramal Enterprises Ltd are among at least 328 firms that have applied for a loan moratorium, data compiled by rating agency Icra Ltd showed. Most of the applicants have a relatively safe credit rating of AA, or lower. While some companies could be facing … Read more
It’s unfair but can go a long way towards the bank’s revival