BANKING EXPERIENCE

worst-ever-banking-crisis:-two-directors-of-hdil-arrested

Worst-ever banking crisis: Two directors of HDIL arrested

Banking crisis in India seems to be looming large due to faulty policy as PMC Bank crisis is yet another addition to such brimming incidences with Mumbai police arresting two directors of HDIL – Rakesh Wadhavan and Sarang Wadhavan. Actually the responsibility of failing of PMC Bank is attributed to its 10 accounts out of 44 accounts in the PMC Bank.

 

The two directors were summoned by economic offence wing of Mumbai police but they did not turn up and they have been asked not to use property worth Rs 3,500 of HIDL. The company is accused of inflicting loss to the bank to the tune of Rs 4,355.4 crore.

04 Oct 2019
banking-sector-crises:-none-talks-about-exodus-from-axis-bank-

Banking-sector crises: None talks about exodus from Axis Bank?

If some well placed sources are to be believed approximately 11,500 employees of Axis Bank have resigned in past four months. Recently, Mcqueary Australia has rated the top official of the bank which adds to the apathy of the banking sector as a whole. Further, many more seniors are slated to quit along with the entire team.

Some top officials of the banking sector say that in private sector banks this is a usual trend. They attribute this phenomenon to the mobility of skilled work-force and poaching. They say that private sector banks especially banks namely; ICICI, HDFC, Kotak and Yes Bank keep poaching amongst themselves which often results into exodus of employees and keeping in view the same 11,500 is not a figure that they may underline the banking-sector crisis. Obviously, those employees would have gone to other banks and Axis would have got from others that means zero net loss.

Whatever is the reason, impact and ground reality of banking sector but it is very surprising that no one is talking about it?

03 Oct 2019
worst-ever-banking-crisis:-two-directors-of-hdil-arrested

Worst-ever banking crisis: Two directors of HDIL arrested

By IndianMandarins 04 Oct 2019

Banking crisis in India seems to be looming large due to faulty policy as PMC Bank crisis is yet another addition to such brimming incidences with Mumbai police arresting two directors of HDIL – Rakesh Wadhavan and Sarang Wadhavan. Actually the responsibility of failing of PMC Bank is attributed to its 10 accounts out of 44 accounts in the PMC Bank.

 

The two directors were summoned by economic offence wing of Mumbai police but they did not turn up and they have been asked not to use property worth Rs 3,500 of HIDL. The company is accused of inflicting loss to the bank to the tune of Rs 4,355.4 crore.

banking-sector-crises:-none-talks-about-exodus-from-axis-bank-

Banking-sector crises: None talks about exodus from Axis Bank?

By IndianMandarins 03 Oct 2019

If some well placed sources are to be believed approximately 11,500 employees of Axis Bank have resigned in past four months. Recently, Mcqueary Australia has rated the top official of the bank which adds to the apathy of the banking sector as a whole. Further, many more seniors are slated to quit along with the entire team.

Some top officials of the banking sector say that in private sector banks this is a usual trend. They attribute this phenomenon to the mobility of skilled work-force and poaching. They say that private sector banks especially banks namely; ICICI, HDFC, Kotak and Yes Bank keep poaching amongst themselves which often results into exodus of employees and keeping in view the same 11,500 is not a figure that they may underline the banking-sector crisis. Obviously, those employees would have gone to other banks and Axis would have got from others that means zero net loss.

Whatever is the reason, impact and ground reality of banking sector but it is very surprising that no one is talking about it?

investment-of-lic-in-private-banks-and-many-psbs-erodes

Investment of LIC in private banks and many PSBs erodes

By IndianMandarins 05 Sep 2019

Investment of LIC in IDBI Bank has erodes by more than half over the past year or so and also the value of its investments in other PSBs plunged. Plunge in price of PSB stocks and dilution of its stake owing to capital infusion by the government has eroded its wealth in these banks. Besides IDBI Bank, LIC has lost over ₹4,800 crore since June 2018.

 

Further the merger move would hurt insurance company more in future. Around 20-30 per cent dilution in the book value of the merged entities — PNB, Canara Bank, Union Bank and Indian Bank — over the next year or so will lead to LIC’s value of holdings in PSU Banks erode further.

 

The government infusing capital into PSBs eroded value for investors. This is because most of the PSBs trade at a steep discount to their book value and hence the government infusing capital at such low valuations immediately leads to dilution in equity base.

former-sbi-chairman-joins-reliance-industries-board

Former SBI Chairman joins Reliance Industries Board

By IndianMandarins 18 Oct 2018

Arundhati Bhattacharya, former chairman of State Bank of India, joined Mukesh Ambani’s company as Additional Director (designated as Independent Director) on the board of Reliance Industries Limited for a period of five years beginning 17 October 2018.

 

It may be underlined that Ms Bhattacharya is the first woman from outside the Ambani family to be appointed to the board of Rs 07.28 lakh crore company. Until now, Nita Ambani was the only woman director on RIL’s board. Bhattacharya was also the first woman to be appointed as SBI chairman. She joined SBI in 1977 and in the same year Dhirubhai Ambani had laid the foundation of Reliance Group.

 

Reliance Jio and SBI had, in the first week of August 2018, signed a MoU further deepening their partnership to bring enriched digital banking experience to their users. It may also be mentioned that Jio Payment Bank was registered immediately after the announcement of demonetisation of Indian currency in November 2016.

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