My fiduciary role in the transition is over

Posted By: Jogendra Kumar Posted On: Sep 04, 2023
Uday Kotak, founder, Kotak Mahindra Bank. (Mint)

MUMBAI : Billionaire Uday Kotak, who stepped down as the chief executive of Kotak Mahindra Bank Ltd on 1 September, believes he has fulfilled his fiduciary duty in ensuring leadership transition in the bank he founded.

The onus to approve the name of a CEO for the bank now lies with the Reserve Bank of India (RBI) after Kotak, 64, surprised everyone by stepping down from the role of managing director and CEO four months before his term was to end on 31 December.

Joint managing director Dipak Gupta will take charge as interim managing director and CEO until 31 December, subject to the approval of RBI. Kotak will, however, continue his association with the bank as a non-executive director.

In an interview, Kotak said Indian institutions must prioritize value creation for local investors, emphasizing the importance of having banks that are majority-owned by domestic investors. While Kotak discussed several topics, he remained tight-lipped about his future plans and questions related to the banking regulator. Edited excerpts:

Why did you decide to step down well ahead of your term?

It was the right thing to do. It was a voluntary decision taken by me to step down. If you go back, we were all in transition. Transition meant three people stepping down at the same time. This is just sequencing out. The board has appointed Dipak Gupta as the interim managing director and CEO, which is permitted for a period of four months under the Banking Regulation Act. Then there is this new CEO and chairman's application we made well in time. All the work from the bank's side, we have completed. My fiduciary responsibilities for transition and sequencing are done. I didn't want to hang around till the last day.

I spent 38 years. A few months here or there doesn't matter. There is this whole overhang in the market over the transition. So, I have taken the first step towards that. There is an interim CEO, subject to regulatory approval.

What is your message to investors?

An individual should not become more important than the institution. I have had the pleasure of dealing with the best names in the world. But finally, charting our own destiny. I have dealt with Goldman Sachs, Old Mutual and ING. Finally, we did what was in the best interest of our firm. We need to keep the entrepreneurial spirit alive.

Do you think the entrepreneurial spirit can survive at Kotak Mahindra Bank without you at the helm?

Kotak's entrepreneurial spirit is deep in the DNA of the bank, and I have no doubt it will flourish in the years ahead.

How important is it to have majority-owned Indian banks?

There is only one Indian-owned majority bank among the top five banks, and that is Kotak. If Indian savers and investors have to get a return over time, Indian institutions must be run well and must create value for Indian savers. Global investors are welcome. But Indian investors are crucial for Indians at heart.

While the succession plan has been in place, it has not crystallized yet without RBI approval. How should the market deal with this uncertainty?

It's not in the hands of the institution. What is in our hands, we have done.

Any regrets you have had over the last 38 years?

There was a time in 2008-09 I may have made the mistake of reading The Wall Street Journal too much. I should have read the Indian papers. Post 2008, I slowed the speed at which we were growing because the world was looking bad.

How will you keep yourself busy after retirement?

Let's see where destiny takes us. But it's a plain piece of paper—no predetermined agenda.

Source: Live Mint
Related Posts: UDAY KOTAK,KOTAK MAHINDRA BANK,RBI,KOTAK BANK CEO

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NCLAT to hear SREI Infra promoter's plea on 4 October

Posted By: Jogendra Kumar Posted On: Sep 25, 2023
The bench emphasized that IBC mandates a 330-day outer limit for conclusion of the corporate insolvency resolution process.istock

New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Monday deferred hearing in a plea in the insolvency case of SREI Infrastructure to 4 October after the company sought time to submit a rejoinder to a response by the Reserve Bank of India (RBI).

Adisri Commercial, former promoter of SREI Infrastructure, had appealed to the NCLAT challenging the decision of Kolkata bench of the National Company Law Tribunal.

During the previous hearing, NCLAT had asked the RBI to file a reply to the plea within three weeks, which the banking regulator did.

In October 2021, the NCLT's Kolkata bench in its order allowed the RBI's plea under section 227 of the Insolvency and Bankruptcy Code, 2016, thus admitting Srei Equipment under Corporate Insolvency Resolution Process (CIRP).

An earlier plea by Commercial challenging the NCLT order was dismissed by NCLAT in December 2022.

In its latest plea, Commercial argued that its initial appeal was dismissed due to a filing delay and was not evaluated on its merits, as it was denied notice. The company claims it doesn't owe the debt as asserted by the RBI and wasn't given the chance to prove the absence of debt.

The RBI argued that revisiting the dismissed appeal would disrupt the Corporate Insolvency Resolution Process, reset the timeline, and set a risky precedent. The Supreme Court's previous dismissal of the appeal raises doubts about recalling the order.

In October 2021, the RBI had replaced the boards of SREI Infrastructure Finance and subsidiary SREI Equipment Finance due to governance and default concerns.

In August of this year, the Kolkata bench of NCLT approved the resolution plan of National Asset Reconstruction Company (NARCL) for takeover of twin Srei firms under Insolvency and Bankruptcy Code. The resolution plan had received approval from the RBI.

Since the approval of the resolution plan, NARCL has disbursed approximately ₹2,580 crore to creditors.

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Source: Live Mint
Related Posts: SREI INFRA,SREI INFRA INSOLVENCY CASE,NCLT,NCLAT,RBI,NARCL

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RBI Cancels Licence Of Kerala-based Ananthasayanam Co-operative Bank Published 15 minutes ago

Posted By: Tarun Kumar Posted On: Sep 23, 2023

The Reserve Bank of India (RBI), on September 21, cancelled the license of The Ananthasayanam Co-operative Bank. The central bank has allowed it to function as a non-banking institution. It also has asked the bank to repay the unpaid and unclaimed deposits on non-members held by it whenever demanded, even after being notified as a non-banking institution.

In the release, the RBI said, “This makes it obligatory on the part of The Ananthasayanam Co-operative Bank Ltd., Trivandrum to stop conducting the business of ‘banking' within the meaning of section 5(b) of the Act ibid, including acceptance of deposits from non-members with immediate effect.”

The Ananthasayanam Co-operative Bank's licence was granted by RBI on December 19, 1987, to carry on banking business in India.

In July, RBI also cancelled the licence of Uttar Pradesh-based United India Co-operative Bank Limited as the bank doesn't have adequate capital. The bank ceases to carry on banking business with effect from the close of business on July 19, this year. The RBI has also requested the Commissioner and Registrar of Cooperative, Uttar Pradesh to issue an order for winding up the bank and appoint a liquidator for the bank.

Along with this, RBI has also cancelled the license of two co-operative banks, National Urban Co-operative Bank and Sri Mallikarhuna Pattana Sahakari Bank Niyamita over inadequate capital and earning prospects.

The press statement released by RBI noted, “The continuance of the bank is prejudicial to the interests of its depositors, the bank with its present financial position would be unable to pay its present depositors in full and public interest would be adversely affected if the bank is allowed to carry on its banking business any further.”

After the cancellation of the license, both banks were prohibited from conducting banking businesses including acceptance of deposits and repayment of deposits with immediate effect.

Source: News18
Related Posts: BANKS,BUSINESS,RBI

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White Paper of Congress Govt Blames Previous BJP Regime's 'Fiscal Mismanagement' for Himachal's Debt Distress Published 44 minutes ago

Posted By: Anita Mamgai Posted On: Sep 22, 2023

With the Congress government in Himachal Pradesh presenting a white paper on the state's finances, an acrimonious exchange was witnessed between opposition and treasury benches in the assembly after the report indicated a grim fiscal health with the state's financial liabilities mounting to Rs 92,774 crore. The white paper was presented by deputy chief minister Mukesh Agnihotri.

Agnihotri read the report amid a charged atmosphere, while blaming the previous BJP regime for fiscal mismanagement and Himachal being ranked fifth in the country in raising loans. He said Rs 92,774 crore liabilities were left behind by the Jai Ram Thakur government, resulting in every child being born with a debt of Rs 1.02 lakh as compared to Rs 66,000 crore in 2017, till the Congress was in power.

He said Himachal Pradesh's debt when the BJP assumed power in 2017-18 was Rs 47,906 crore and with an increase of 12 per cent (Rs 2,874 crore) it has reached Rs 76,631 crore in 2023-24. “The financial health of the state is so grim that a sum of Rs 9,048 crore would be required to repay the loan (Rs 3,486 crore) and interest component (Rs 5,262 crore) in 2023-24,” he stated.

Agnihotri was confronted with repeated interruptions by leader of opposition Jai Ram Thakur and BJP MLAs who trouped to the well of the house twice, while accusing the government of presenting false and misleading data of only the BJP tenure to get political mileage.

Agnihotri said the BJP regime has made a record of indulging in wasteful expenditure, with no focus on resource generation or fiscal prudence, making a mockery of government spending. “The BJP is harming HP's interest as they have told the Centre to not give us funds as we implemented the old pension scheme,” he alleged. “It is after exhaustive examination of the reports of Reserve Bank of India (RBI), Comptroller and Auditor General (CAG), and the past budgets that we have come to the conclusion that it was because of the fiscal mismanagement by the previous BJP regime that today the total loan liabilities of the state have reached Rs 92,774 crore.”

The loan liability left behind by the BJP regime for 2022-23 was Rs 76,631 crores, he added.

Agnihotri alleged that the previous BJP government had misused a loan amount of Rs 16,261 crore raised in the last election year for holding party functions. “This loan amount was mis-utilised for organising functions like Amrit Mahotsav, Pragatisheel Himachal and Jan Manch for party campaigns with an eye on the assembly polls,” he remarked.

He said even now Rs 8.50 crore bills of the State Transport Corporation were pending as buses were used to ferry people for these functions used for party campaigns.

Source: News18
Related Posts: BJP,CONGRESS,HIMACHAL PRADESH,JAI RAM THAKUR,MUKESH AGNIHOTRI,RBI

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HDFC AMC gets RBI nod to acquire up to 9

Posted By: Preeti Dabar Posted On: Sep 21, 2023
The approval has been granted with reference to the application made by HDFC AMC to RBI.

The Reserve Bank of India (RBI) has approved HDFC AMC to acquire up to 9.5% of Karur Vysya Bank's share capital or voting rights, subject to conditions.

“Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, we advised that the Reserve Bank of India vide its letter dated September 20, 2023, has accorded its approval to HDFC Asset Management Company Ltd. (HDFC AMC) for acquiring aggregate holding of up to 9.5% of the paid-up share capital or voting rights of The Karur Vysya Bank Ltd," Karur Vysya Bank said in a regulatory filing.

The approval has been granted with reference to the application made by HDFC AMC to RBI.

The aforesaid approval granted by RBI is subject to compliance with the relevant provisions of the Banking Regulation Act, 1949, RBI's Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies dated January 16, 2023 (as amended from time to time), provisions of the Foreign Exchange Management Act, 1999, regulations issued by Securities and Exchange Board of India, and any other guidelines, regulations, and statutes as applicable, it added.

HDFC AMC must ensure that the aggregate holding in the Bank does not exceed 9.5% of the paid-up share capital or voting rights of the Bank at all times. Further if the aggregate holding falls below 5%, prior approval of RBI will be required to increase it to 5% or more of the paid-up share capital or voting rights of the Bank, the bank said in the regulatory filing.

HDFC AMC gets RBI nod to acquire up to 9.5% stake in DCB Bank

In a separate filing, DCB Bank informed the exchanges that RBI has accorded its approval to HDFC AMC to acquire up to 9.5% of the paid-up share capital or voting rights of the Bank.

“We would like to inform you that the Bank has received an intimation from RBI on September 20, 2023, that it has accorded its approval to HDFC Asset Management Company Limited (“AMC") to acquire aggregate holding of up to 9.5% of the paid-up share capital or voting rights of the Bank," DCB Bank informed the exchanges.

The central bank has advised HDFC AMC to acquire a stake in the Bank within 1 year from the approval date.

AMC has been advised by the RBI to acquire the aforesaid major shareholding in the Bank within a period of one year from the date of approval. If AMC fails to acquire major shareholding within the stipulated period, the approval granted by the RBI shall stand cancelled. Further, AMC must ensure that the aggregate holding in the Bank does not exceed 9.5% of the paid-up share capital or voting rights of the Bank at all times, it added.

HDFC Asset Management Company reported a 52% jump in profit for the first quarter of FY24 with average assets under management growing to ₹4.86 lakh crore. The company serves a mutual fund customer base of 71 lakh individuals, with a total of 122 lakh live accounts.

Source: Live Mint
Related Posts: HDFC AMC,KARUR VYSYA BANK,RBI

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HDFC Bank’s Jagdishan gets 3-year extension

Posted By: Jogendra Kumar Posted On: Sep 20, 2023
Sashidhar Jagdishan, MD & CEO, HDFC Bank.

MUMBAI : The Reserve Bank of India has approved the reappointment of Sashidhar Jagdishan as HDFC Bank managing director and chief executive officer for three more years till 26 October 2026, the bank said in a regulatory filing.

Jagdishan joined the bank in 1996 as a manager in the finance function and became business head of finance in 1999. He was later appointed chief financial officer in 2008. Prior to his appointment as CEO in October 2020, he was the group head of the bank in addition to overseeing the functions of finance, human resources, legal and secretarial, administration, infrastructure, corporate communications and corporate social responsibility.

Jagdishan has an overall experience of over 31 years and has completed his graduation in science with a specialization in physics. He is a chartered accountant by profession and holds a Master's degree in economics of money, banking and finance from the University of Sheffield, UK.

In his message to shareholders earlier this year, Jagdishan flagged funding as a risk. He had also raised concerns that the merger with HDFC Ltd may impact the bank's net interest margins due to the higher proportion of the low-interest-yielding housing loans added.

Jagdishan had said that the same will be visible from the results for the September quarter itself.

Following the merger with HDFC in July, Jagdishan, however, said the country's largest lender aims to double every four years. In a letter to the over 4,000 employees from HDFC who joined the bank's rolls on 1 July, Jagdishan said the future is bright.

“The runway for financial services and mortgage, which are so underserved and underpenetrated, is going to be very large. HDFC Bank - the combined entity - with a large and growing distribution and customer franchise, more than adequate capital, healthy asset quality and profitability, will be best positioned to capture growth. The pace at which we aim to grow - we could be creating a new HDFC Bank every four years," he had said.

Source: Live Mint
Related Posts: SASHIDHAR JAGDISHAN,HDFC BANK,RBI,SASHIDHAR JAGDISHAN EXTENSION

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RBI imposes monetary penalty on four co-operative banks

Posted By: Jogendra Kumar Posted On: Sep 19, 2023
RBI imposes monetary penalty on four co-operative banks (Photo: Mint)

The Reserve Bank has imposed monetary penalties on four co-operative banks for deficiencies in regulatory compliance. These co-operative banks are: Lalbaug Co-operative Bank Ltd, The Co-operative Bank of Mehsana Ltd, The Harij Nagrik Sahakari Bank Ltd and The National Co-operative Bank Ltd.

The Reserve Bank imposed a monetary penalty of ₹5.00 lakh on Lalbaug Co-operative Bank Ltd., Vadodara, Gujarat for non-compliance with the directions issued by RBI on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)' and ‘Reserve Bank of India (Co-operative Banks - Interest Rate on Deposits) Directions, 2016'.

The RBI said the bank had not only breached prudential inter-bank (gross) exposure limit, but also breached prudential inter-bank counter-party exposure limit, and failed to pay interest on overdue recurring and term deposits from the date of maturity till the date of repayment at the applicable rate.

A monetary penalty of ₹3.50 lakh was imposed on The Co-operative Bank of Mehsana Ltd., Mehsana, Gujarat for non-compliance with the directions issued by RBI on ‘Loans and Advances to directors, relatives and firms or concerns in which they are Interested' read with ‘Loans and Advances to Directors etc. - Directors as surety or guarantors – Clarification' and ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)'.

The bank had sanctioned loans where relative of one of the directors of the bank stood as guarantor, and had also breached inter-bank counterparty exposure limit, the banking regulator said.

The apex bank imposed a monetary penalty of ₹3.00 Lakh on The Harij Nagrik Sahakari Bank Ltd., Harij, Gujarat for non-compliance with the directions issued by RBI on ‘Maintenance of Cash Reserve Ratio (CRR)', ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)', and ‘Interest Rate on Deposits - Directions, 2016'.

The RBI said the bank had failed to maintain minimum Cash Reserve Ratio (CRR) for few days, and breached inter-bank counter-party exposure limit. RBI further said the bank failed to make payment of applicable interest on deposits lying in the current accounts of deceased individual depositors or sole proprietorship concerns.

The RBI imposed a monetary penalty of ₹1.00 lakh on The National Co-operative Bank Ltd., Mumbai, Maharashtra for non-compliance with the directions issued by RBI on ‘Maintenance of Deposit Accounts-Primary (Urban) Co-operative Banks'. The bank had not conducted annual review of inoperative accounts, the RBI added.

The actions of Reserve Bank was based on deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with its customers.

Source: Live Mint
Related Posts: RBI,CO-OPERATIVE BANKS,MONETARY PENALTY,LALBAUG CO-OPERATIVE BANK LTD,THE CO-OPERATIVE BANK OF MEHSANA LTD,THE HARIJ NAGRIK SAHAKARI BANK LTD,THE NATIONAL CO-OPERATIVE BANK LTD

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NBFCs relying more on bank loans

Posted By: Tarun Kumar Posted On: Sep 19, 2023
Reserve Bank of India headquarters, in Mumbai. (PTI)

Mumbai: Domestic non-banking financial companies (NBFCs), especially those in the upper-layer category, are increasingly relying on bank borrowings as their primary source of funding, according to an analysis in Reserve Bank of India (RBI)’s September bulletin.

RBI regulations classify the NBFCs into four layers based on the size, activity and perceived risks. The upper layer comprises prominent names like Tata Sons, LIC Housing Finance and Shriram Finance, according to a recent RBI notification.

NBFCs primarily finance their operations through a mix of market borrowing and bank loans, constituting around 75% of total borrowings. According to the analysis, the substantial reliance on banks makes them the largest net borrowers, thus intricately linking them to the broader financial system.

The article pertains to the sector's performance during the 2022-23 period, up to Q3.

Although there were 9,443 RBI-registered NBFCs as of 31 March, the analysis is based on a sample of 205 firms that regularly submitted returns for all quarters from December 2020 to December 2022. “During the assessment period, NBFCs' reliance on banks increased steadily due to (the) low interest environment and lag monetary policy transmission," the article said.

The banks' share in aggregate NBFC borrowings rose to 35.1% last December, against 29.7% in December 2020, the data cited showed.

While the article was written by RBI officials, it had the usual disclaimer that the views expressed are those of authors and do not reflect the views of the organization. “A deeper analysis highlights the banks' preference in lending to NBFCs in the upper layer."

Direct bank borrowings by the upper-layer NBFCs grew steadily in recent quarters, accounting for nearly half of the total borrowings at the end of December 2022. Those in the middle layer relied more on debentures, although their bank borrowings also grew in recent times. Besides, upper-layer NBFCs seem to be more successful in raising short-term debt through commercial papers (CP), it said.

According to the analysis, banks are also key subscribers of the debenture and commercial paper issuances by NBFCs. Therefore, the exposure to the NBFC sector is higher than the quantum indicated by direct lending, it said. “Banks' exposure to NBFC-UL (upper layer) in particular has been steadily rising, primarily due to a steep growth in their direct lending to these NBFCs in 2022-23 (up to December 2022). Bank subscription to debenture and CP issuances of NBFC-UL are also growing at a robust pace, and reflect banks' preference for instruments of bigger NBFCs, which in general have strong parentage and are under enhanced regulation."

The debenture issuances of NBFCs are also subscribed by other market participants such as mutual funds, insurers, retail investors and pension funds. “Going forward, NBFCs need to diversify their funding sources, to reduce excessive reliance on bank borrowings," the article said.

“They need to develop strong governance and risk management standards and be more vigilant about cybercrimes, as the growing digital lending space offers huge opportunities, but also presents novel challenges," it added.

A scale-based analysis of the credit allocation by the authors of the article found NBFCs in the upper layer provide a major chunk of their loans to retail borrowers, while those in the middle layer provided a large chunk to the industry. Government NBFCs that fall in the middle layer are large providers of credit to the infrastructure segment of industries, it said.

Source: Live Mint
Related Posts: RBI,NBFCS,SHRIRAM FINANCE,TATA SONS,LIC HOUSING FINANCE,SEPTEMBER BULLETIN

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