A strange picture of India’s financial system is being drawn, where privatisation is being pushed even as critical analysis and reporting on private sector entities is slowly being discouraged.
An enquiry has revealed that lender’s leaked earnings closely match with actual figures; the regulator has asked Axis Bank to conduct an enquiry and submit a report within three months.
The display of such largesse should be a troubling signal for shareholders who worry about corporate governance.
At Axis Bank and Yes Bank, it appears that a single auditor of a member firm of Ernst and Young has overlooked gross NPAs of a staggering Rs 13,655 crore.
Kapil Mishra has charged Arvind Kejriwal and other AAP ministers with receiving funds through hawala companies and money laundering activities.
Indian shares rose on Monday, with the NSE index moving close to breaching a key psychological level of 9,000, on hopes the ruling BJP would win the ongoing elections in UP.
While the bank has denied rumours of a potential merger, what issues need to be considered? The bank’s operations and the state of its loans needs to be minutely examined.
Why was the Delhi police and not a national investigation agency roped in to probe what may be the first publicly-known misuse of biometrics by an authorised agency?
Blaming the money laundering instances on a few employees and suspending officials may deflect public and regulatory criticism but the cancer is widespread.
The dual reporting structure comes at a time the bank should be strengthening and not diluting the independence of its risk management team.
The term “watch list” is a bit misleading, giving the impression that the loans on the list may eventually turn out be healthy. But Axis Bank stated 60% of the watch list will become non-performing assets.