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<ul><li><keyword id="6355975" type="COMPANY" weightage="20" keywordseo="axis-bank">Axis Bank</keyword> has been implementing structural rearrangements, under its Chief executive Amitabh Chaudhry leading to over 15,000 resignations in the last three quarters. </li><li>The bank, however, plans to hire at least 25,000 new ‘digitally-skilled’ employees in the next two years including freshers from IITs and ISB, it told Business Insider </li><li>This may be attributed to the bank’s transition to <keyword id="24019" type="PERSON" weightage="20" keywordseo="automation">automation</keyword>. Last year, it added an automation unit to its banking operations — hiring nearly 800 digitally-skilled employees. </li><li>It aims to add another 4,000 employees over the next three months — especially from the rural areas and tier 2 cities.</li></ul>Axis Bank Chief Executive Amitabh Chaudhry’s push for digitisation and automation has forced out 15,000 people from its ranks in the last 9 months. That’s nearly one in every five Axis Bank employees who have resigned. What is interesting is where Axis Bank is looking for replacements. “We have robust plans to add another 25,000 to 30,000 employees in Axis Bank and the subsidiaries in the next 2 year or so,” the company told Business Insider. This will include campus hires from B-schools like ISB (Indian School of Business) and IITs (Indian Institute of Technology). It will also hire from the <a href="https://www.businessinsider.in/careers/news/sbi-kotak-mahindra-and-axis-bank-are-going-digital-hiring-for-ai-analytics-and-other-tech-profiles/articleshow/72342982.cms">National Institute of Design</a> for the very first time. The bank statement also said that it has hired nearly 28,000 employees this fiscal. “This year, we have also focused on hiring in risk, compliance and cybersecurity roles,” the head of Human Resources, <a href="https://economictimes.indiatimes.com/jobs/kotak-mahindra-axis-bank-to-recruit-5000-fresh-grads/articleshow/72340847.cms?from=mdr">Rajkamal Vempati, told the Economic Times</a>. This is the big change at Axis Bank The bank has developed a library of 2,000 courses for its employees, as a part of their learning and development initiatives. But not everyone is ready to upgrade. “With the complete overhaul of the way the bank functions, many are left wondering about their roles. While many old-timers are feeling a bit of discomfort with the cultural change,” the Economic Times <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/15000-staff-quit-in-a-few-months-as-axis-bank-revamps-functions/articleshow/73147634.cms">reported</a>. Last year, it added an automation unit to its banking operations — hiring nearly 800 digitally-skilled employees in areas such as big data and analytics, IT, process automation — AI, Robotics and Cyber Security. Other jobs on the anvil India’s third-largest private bank aims to add another 4,000 employees over the next three months, especially from the rural areas and tier 2 cities, as 550 new branches are set to open. See also: <a href="https://www.businessinsider.in/careers/news/benching-firing-and-re-deploying-the-story-of-20000-employees-at-tech-majors/articleshow/71934414.cms">Benching, firing and re-deploying — the story of 20,000 employees at tech majors</a> <a href="https://www.businessinsider.in/careers/news/sbi-kotak-mahindra-and-axis-bank-are-going-digital-hiring-for-ai-analytics-and-other-tech-profiles/articleshow/72342982.cms">SBI, Kotak Mahindra and Axis Bank are going digital — hiring for AI, analytics and other tech profiles</a>

After 19% attrition, Axis Bank is headed to IITs, ISB and National Institute of Design for hiring

Mumbai, Jun 15 () The third largest private sector lender Axis Bank on Monday said its executive director Pralay Mondal has resigned due to "personal compulsions" within one year of joining the bank. Mondal, who joined the bank in April 2019 from smaller rival Yes Bank and is widely credited with building HDFC Bank's highly successful retail franchise, was leading the retail segment at Axis Bank. "It is an unanticipated but unavoidable development owing to some personal compulsions," Mondal was quoted as saying in a bank statement. Sources within the bank said a search process to find Mondal's replacement is on and an internal candidate is most likely to succeed him. The bank's retail assets grew 24 per cent in 2019-20 as against the overall growth of 15 per cent, and accounted for 53 per cent of the bank's loan book. It also delivered 64 per cent of the overall fees, while the share of the low cost current and saving account balances delivered by the retail network stood at 39 per cent on a quarterly average basis. Mondal was handpicked by the bank's chief executive and managing director Amitabh Chaudhry as part of the leadership transformation at the lender. He succeeded Rajiv Anand, who was made the executive director for corporate or wholesale banking. Mondal's exit comes within months of the bank losing its chief financial officer Jairam Sridharan, who moved on to join as the chief executive of Piramal Enterprises' consumer finance business. There have also been reports of massive staff replacements at the lender under Chaudhry. In the statement, Mondal said Axis has a strong franchise and he will "admire" the business as it continues to grow in the years to come. Rajesh Dahiya, the bank's executive director for corporate centre said Mondal made "significant contributions" during his tenure, and added that the lender has a "strong leadership bench". AA RVK

Axis Bank's retail banking head quits citing "personal compulsions"

New Delhi, Feb 27 () Axis Bank on Thursday said its board has approved appointment of Puneet Sharma as Chief Financial Officer (CFO).His appointment will be effective from March 6, the private sector lender said in a regulatory filing.Sharma replaces Jairam Sridharan, who has resigned as the group executive and CFO of the bank, with effect from the close of business hours on March 5, it said.Prior to joining Axis Bank, Sharma spent 12 years at Tata Capital as a senior management functionary and was the group CFO since 2014 accountable for financial control, financial planning &amp; accounting and taxation amongst other deliverables, the statement said. DP DP ANUANU

Axis Bank appoints Puneet Sharma as CFO

<ul><li>At 7:45 am, the SGX Nifty was up 0.58% at 8.70 points pointing towards a positive start for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Amid positive cues from the global peers, Indian stock-market indices are likely to open in green on Tuesday. At 7:45 am, the SGX Nifty was up 0.58% at 8.70 points pointing towards a higher start for Nifty50. On Wall Street, the S&amp;P 500 closed above the 3,400 thresholds for the first time, bolstered by gains in some big tech-related names. The Dow Jones Industrial Average also jumped 378.13 points to close at 28,308.46. These are the stocks to watch out for during the trading session on Tuesday: Future Retail Kishore Biyani-led Future Retail has averted a default as it repaid around $14 million (around Rs 100 crore) interest on foreign bonds to investors. The 30-day grace period for repaying the interest on ‘5.60 per cent Senior Secured Notes due 2025’ was to end on Monday. The shares of Future Retail plunged over 5% on Monday. Adani Enterprises Billionaire Gautam Adani’s Adani Group is in talks to buy out GVK and some of its partners in the Mumbai Airport as it aims to become the country’s biggest private airport operator. Adani Group is in talks to acquire a 50.5% stake held by GVK Group in Mumbai International Airport (MIAL) and another 23.5% of minority partners, Airports Company South Africa (ACSA), and Bidvest Group, two sources with knowledge of the matter told PTI. The shares of Adani Enterprises ended 7% higher on Monday. Axis Bank Axis Bank on Monday said it would acquire 17% stake in Max Life Insurance instead of the 29% proposed earlier as per a revised deal. Axis Bank currently holds about 1 per cent stake in Max Life and is the biggest banking channel partner for the distribution of the insurer’s products. Products sold through the bank reportedly account for 54% of Max Life’s revenues. The shares of Axis Bank ended 2% higher on Monday. GMR Infra GMR Infra board to consider raising of funds of up to ₹5000 crore in one or more tranches, through the issue of securities as an enabling resolution as per the requirements of applicable laws which shall be subject to the approval of shareholders. The shares of GMR Infra ended 5% higher on Monday. Wipro Wipro announced a partnership with Standard Initial Margin Model (SIMM) vendor, Quaternion Risk Management. As part of the deal, Wipro will offer SIMM-in-a-box to financial institutions covered under Uncleared Margin Rules (UMR). The shares of Wipro ended nearly a percent lower on Monday. Allcargo Logistics The promoters of Allcargo Logistics have proposed to delist the company shares as part of its efforts to pare debt, the company said in a stock-exchange filing on August 24. The shares of Allcargo Logistics ended nearly a percent higher on Monday. LIC Housing Finance Mortgage lender LIC Housing Finance reported a 34% jump in its net profit to ₹817.48 crore for the quarter ending June helped by lower provisioning. The total income of the company rose to ₹4,977.49 crore in April-June 2020 from ₹4,807.21 crore in the year-ago quarter, according to a regulatory filing. The shares of LIC Housing Finance ended nearly a percent lower on Monday. JSW Energy JSW Energy said that its Executive Director Jyoti Kumar Agarwal, who is also the Chief Financial Officer (CFO), has tendered his resignation and will step down with effect from September 15. In a regulatory filing, the company said that Agarwal has decided to pursue career opportunities outside the company. The shares of JSW Energy ended 2% lower on Monday. Indian Energy Exchange Indian Energy Exchange (IEX) on Monday said its board of directors had accepted the resignation of its Managing Director and CEO Rajiv Srivastava. The company has given Satyanarayan Goel the additional charge of Managing Director and CEO. “Board of directors of the company at its meeting held today, i.e. August 24, 2020, has approved the resignation of Rajiv Srivastava, Managing Director &amp; CEO of the company, who has tendered his resignation on August 24, 2020, from the board of the company, due to his personal reasons,” the company said in a stock-exchange filing. The shares of Indian Energy Exchange ended a percent higher on Monday. SEE ALSO:<a href="https://www.businessinsider.in/finance/banks/news/axis-bank-trims-its-investment-in-max-life-insurance-from-30-to-18/articleshow/77721249.cms" data-type="tilCustomLink"> Axis Bank trims its investment in Max Life Insurance from 30% to 18%</a> <a href="https://www.businessinsider.in/stock-market/news/airtel-stock-is-getting-knocked-down-as-investors-fear-it-may-have-to-pay-videocons-dues/articleshow/77714933.cms" data-type="tilCustomLink">Airtel stock is getting knocked down as investors fear it may have to pay Videocon's dues</a>

Top stocks to watch on Tuesday— Future Retail, Adani Enterprises, Wipro, Axis Bank, GMR Infra, LIC Housing Finance and more

Shares of <keyword id="188355" type="General" weightage="20" keywordseo="PTC-India-Financial-Services" source="Orion">PTC India Financial Services</keyword> declined around 18 per cent in early trade on Thursday as the company on Wednesday announced that three of its independent directors have resigned from their posts with immediate effect. At 11.15 a.m., the shares traded at Rs 21.15, down 17.5 per cent. Three independent directors were Kamlesh Shivji Vikamsey, Thomas Mathew T., and Santosh B. Nayar, respectively. They resigned over some corporate governance issues facing the company. This is apparently the first instance where all the independent directors of a company have resigned together. "We are in receipt of resignations from three independent directors mentioning some reasons. The matter will be addressed at the board level and subsequent updates will be communicated to all the stakeholders appropriately," the company said in a regulatory filing on Thursday. The company is promoted by PTC India, which is registered with RBI as NBFC. "As independent director, I have placed on record many times - specially over the past few months - my deep displeasure about the lack of appropriate information being made available to the Board," the regulatory filing in which Mathew's resignation was attached, read. "Even when supplied, I have questioned the very poor quality of information being shared with the directors as also complete disregard to timelines in flow of information to the directors between the company management and the board is necessary for the independent directors to function effectively and reasonably perform our duties," Mathew's resignation letter further read. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-green-jumped-45-in-2022-so-far-to-become-more-valuable-than-lt-maruti-suzuki-axis-bank/articleshow/89013318.cms">Adani Green Energy stock has jumped 45% this year to become more valuable than L&amp;T, Maruti Suzuki, and Axis Bank</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/justdial-cant-beat-google-and-it-should-stop-trying-to-say-analysts/articleshow/89010438.cms">JustDial can’t beat Google and it should stop trying to, say analysts</a>

PTC India Financial Services slips 18% after three independent directors resign

New Delhi, Feb 27 () Private sector Dhanlaxmi Bank on Thursday said its new managing director and CEO Sunil Gurbaxani has taken charge from February 27."It is informed that Sunil Gurbaxani has taken charge as Managing Director &amp; CEO of the Bank with effect from February 27, 2020," the bank said in a regulatory filing.Gurbaxani has been appointed as MD&amp;CEO of the bank for a period of three years from the date of taking charge pursuant to RBI approval, it said.He has 35 years of banking experience with State Bank of Bikaner &amp; Jaipur (now State Bank of India) and Axis Bank and handled various roles and responsibilities including operations head, Assistant General Manager, Assistant Vice President, Vice President, Senior Vice President and Executive Vice President.Gurbaxani is an MBA degree and a post-graduate in Economics and has also passed the CAIIB from the Indian Institute of Bankers. He replaces T Latha, who resigned on October 30, 2019 due to personal reasons.The lender was also amongest the RBI's Prompt Corrective Action (PCA) framework and was removed from the list by the regulator in February 2019 subject to certain conditions and continuous monitoring,Shares of the bank closed 1.18 per cent down at Rs 14.20 on BSE. KPM MRMR

Dhanlaxmi Bank MD & CEO Sunil Gurbaxani takes charge

<ul><li>According to a study done by Prime Database, 118 companies out of top 500 companies still haven’t appointed a woman director on their board as is required by law. </li><li>11 top Indian banks feature in the list, an industry which once had many prominent women running the show. </li><li>Top 500 companies have to appoint women directors on their board by April 1, 2019. </li></ul> For a long time, India’s private banking sector has been led by women even when it wasn’t a law. However, India’s state-owned banks have consistently lagged in giving women a chance. Even today, when SEBI mandates companies to appoint have at least one woman director on their board, 10 out of 21 Indian <keyword id="153602" type="PERSON" weightage="20" keywordseo="Government-banks">government banks</keyword> don’t have one. Marquee names like Canara Bank, Bank of India, Indian Bank, Union Bank of India, Indian Overseas Bank, UCO Bank, Vijaya Bank, Andhra Bank, United Bank of India and Dena Bank have failed to comply with the law. Under Section 149 of the Companies Act 2013, every company needs to have at least one woman director. Last year, <a href="https://www.moneycontrol.com/news/business/companies/sebi-wants-one-woman-independent-director-in-top-500-listed-companies-is-it-feasible-2539047.html">SEBI</a> had directed all top 500 companies to imply the same by April 1, 2019. Government banks can’t complain that there aren’t enough skilled women leaders as their private sector peers have been steered by women for years now. This is a reflection of the glass ceiling in public companies in India. The Indian <keyword id="34494" type="PERSON" weightage="20" keywordseo="banking-industry">banking industry</keyword> had leaders like Arundhati Bhattacharya of State Bank of India, Chanda Kochhar of ICICI Bank, Shikha Sharma of Axis Bank and Usha Ananthasubramanian of Allahabad Bank, who once found themselves in every list of top <keyword id="7273119" type="UNKNOWN" weightage="20" keywordseo="women-in-banking">women in banking</keyword>. However, since then they have either resigned from their position or have been embroiled in scams/controversies leading to a forceful exit. Government banks are not alone. The gender bias in India spans across sectors. According to the data released by Prime Database, <a href="https://economictimes.indiatimes.com/jobs/many-companies-still-to-induct-woman-independent-director/articleshow/67733197.cms">118 </a>companies out of the top 500 in India are yet to appoint a woman director on their board. See Also: <a href="https://www.businessinsider.in/gender-wage-pay-gap-women-graduate-in-india-earns-24-less-than-her-male-counterpart/articleshow/64460159.cms" style="">Gender wage pay gap: Women graduate in India earns 24% less than her male counterpart</a> <a href="https://www.businessinsider.in/only-18-women-made-it-to-this-years-forbes-list-of-100-highest-earning-indian-celebrities/articleshow/66955722.cms" style="">Only 18 women made it to this year’s Forbes list of 100 highest-earning Indian celebrities</a> <a href="https://www.businessinsider.in/an-all-women-driving-school-is-becoming-a-key-to-freedom-in-an-indian-city/articleshow/67317478.cms" style="">An all-women driving school is becoming a key to freedom in an Indian city</a>

10 out of 21 government banks do not have a woman director

<keyword id="45660" type="COMPANY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword> has finally named a successor for its current <keyword id="115930" type="POSITION" weightage="20" keywordseo="Chief-Executive-Officer">chief executive officer</keyword> (CEO), <keyword id="128581" type="PERSON" weightage="20" keywordseo="Rana-Kapoor">Rana Kapoor</keyword>, putting to rest any further uncertainty over the succession process at one of India’s largest private banks. <keyword id="788579" type="PERSON" weightage="20" keywordseo="Ravneet-Gill">Ravneet Gill</keyword> - the head of Deutsche Bank’s Indian operations - is set to take over from Kapoor, who also founded the bank in 2004. Kapoor’s tenure is set to end on 31st January following the Reserve Bank of India’s refusal to extend his term. 
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 Gill’s appointment caps a tumultuous period for Yes Bank, following a clampdown by India’s central bank. Gill is expected to step into the role on March 1st for a three-year term. The move was greeted favourably by equity investors, with the bank’s shares <a href="https://www.google.com/search?q=yes+bank+share+price&amp;rlz=1C1GCEU_enIN820IN820&amp;oq=yes+bank+share+price&amp;aqs=chrome..69i57j0j69i60l3j0.2433j0j4&amp;sourceid=chrome&amp;ie=UTF-8">surging 16%</a> in the last session of trading on Thursday. Here all the events leading up to the announcement:- October 23rd, 2017 The <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> levied <a href="https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=42050">a ₹60 million fine</a> on Yes Bank after a sector-wide risk review found that the private lender had under-reported a series of non-performing loans in its financial statements for the year ended March 2016. The fine followed a notice issued to the bank the preceding July for its failure to report a cybersecurity attack at its ATM network. According to the RBI, this amounted to a refusal to accept liability for the loss of customers’ information. June 12th, 2018 At an annual shareholders’ meeting, Yes Bank’s shareholders voted to give Rana Kapoor <a href="https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2018/6/f8d7297d-dbbc-4a80-b910-bd0be88b546f.pdf">another three-year term</a> as the bank’s CEO starting September 1st. Kapoor’s re-appointment did, however, depend upon a greenlight from the central bank. 
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 August 30th, 2018 After deliberating <a href="https://www.thehindubusinessline.com/money-and-banking/yes-bank-awaits-rbi-approval-to-reappoint-rana-kapoor-as-ceo/article24803656.ece">for more time than was initially expected</a>, the RBI approved Yes Bank’s decision to have Kapoor continue in his role as Managing Director and CEO a day before his term was set to expire. The approval came with a slightly suspicious caveat: Rana Kapoor was allowed to continue as CEO <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/4b4b2947-7e80-4013-878d-6c3330117be5.pdf">‘till further notice</a>’. September 19th, 2018 In a glaring about-turn, the RBI refused to extend Rana Kapoor’s tenure as CEO of Yes Bank, giving him four months (until January 31st, 2019) to vacate the position. The move had precedence. Earlier in the year, the central bank refused to clear a three-year extension of the tenure of Shikha Sharma, the CEO of Axis Bank, as the bank dealt with its own host of bad loan calculation problems. September 20th, 2018 Yes Bank’s share price plummeted by over 29% on the first day of trading since the RBI’s decision was announced - a loss of nearly $3 billion worth of market capitalisation. The price drop exacerbated a freefall in Yes Bank’s share price since August, which culminated in the loss of <a href="https://www.businessinsider.in/one-of-indias-largest-private-banks-has-lost-more-than-half-its-market-value-in-37-days/articleshow/65991141.cms">half the bank’s market value.</a> September 25th, 2018 The board of directors of Yes Bank met to assess the situation. At <a href="https://www.yesbank.in/media/press-releases/outcome-of-board-meeting-25-sep-2018">the meeting</a>, they decided to request the RBI to reconsider its decision. They wrote to the RBI asking for an extension for Kapoor’s tenure till at least the end of April 2019 to finalise the bank’s year-end financial statements. The board also set up a search committee to find a replacement for Kapoor. October 1st, 2018 CARE Ratings, a credit ratings agency, placed Yes Bank’s debt on <a href="https://www.yesbank.in/media/press-releases/developing-implications-by-care-ratings">‘credit watch with developing implications’</a>, causing further investor jitters. October 17th, 2018 The RBI rejects the request submitted by Yes Bank’s board of directors seeking a minor extension for Kapoor. To allay investor fears, Yes Bank says that it should conclude the CEO search process by mid-December 2018. October 19th, 2018 Rana Kapoor <a href="https://www.livemint.com/Companies/SVfWpr650CG79vvcqXlydL/Yes-Bank-CEO-Rana-Kapoor-meets-rival-promoter-Madhu-Kapur-s.html">met with another Yes Bank promoter Madhu Kapur</a>, the wife of Yes Bank’s co-founder - the now-deceased Ashok Kapur, to discuss a possible formation of a single promoter group, ending a decade-long dispute and paving the way for a smooth succession plan for the bank. October 25th, 2018 Yes Bank posted <a href="https://www.yesbank.in/pdf/q2fy2018_19_press_release_cr_pdf">a 4% drop</a> in net profit for the quarter ended September 2018 owing to higher provisions for loan losses. Gross <keyword id="142154" type="PERSON" weightage="20" keywordseo="bad-loans">bad loans</keyword> also rose by 37% on a sequential basis, resulting in a bad loan ratio of 1.6% as opposed to 1.3% the previous quarter. To make matters worse, the lender also disclosed a ₹26 billion to the near-bankrupt IL&amp;FS. November 14th, 2018 The bank’s non-executive chairman, Ashok Chawla, <a href="https://www.yesbank.in/media/press-releases/yes-bank-announces-resignation-of-chairman-shri-ashok-chawla-from-board-of-directors">submitted his resignation</a> owing to the fact that he was the <a href="https://www.businessinsider.in/yes-banks-problems-get-further-compounded-as-its-chairman-is-forced-to-resign-amid-a-corruption-probe/articleshow/66634836.cms">subject of a corruption probe</a>. In July 2018, Chawla, who was also the chairman of the National Stock Exchange of India (NSE), was named in a chargesheet filed by the Central Bureau of Investigation in relation to the Aircel-Maxis case. In its announcement, Yes Bank said that it needed a chairman that could devote more attention to the bank as it navigated the management transition period. November 27th, 2018 Following a number of resignations from Yes Bank’s board, Moody’s Investors Service <a href="https://www.moodys.com/research/Moodys-downgrades-Yes-Banks-ratings-changes-outlook-to-negative--PR_392036">downgraded </a>Yes Bank’s credit rating to non-investment grade and changed the bank’s outlook to negative from stable. November 29th, 2018 News reports emerged that Rana Kapoor was seeking to maintain control of Yes Bank by <a href="https://www.livemint.com/Companies/FAMv2Atixphj1fprI0DYpI/Rana-Kapoor-eyes-Yes-Bank-chairman-seat-after-exit-as-CEO.html">taking over the chairmanship</a> of the company. The move, however, never came to fruition. December 3rd, 2018 T S Vijayan, was appointed to Yes Bank’s board as an independent director for five years. The move was expected, given that former chief of LIC and the Insurance Regulatory and Development Authority (IRDAI) was also on the CEO search and selection committee. January 10th, 2019 The board of directors of Yes Bank submits a list of potential CEO candidates to the RBI for the latter’s approval. The board highlights Gill as their most preferred candidate to take over the role. January 12th, 2019 Yes Bank named Brahm Dutt as its new non-executive chairman on a part time basis. A board member since 2013, Dutt’s tenure is capped till July 2020, when he is scheduled to turn 70 years old. SEE ALSO: <a href="https://www.businessinsider.in/yes-banks-problems-get-further-compounded-as-its-chairman-is-forced-to-resign-amid-a-corruption-probe/articleshow/66634836.cms">Yes Bank’s problems get further compounded as its chairman is forced to resign amid a corruption probe</a> <a href="https://www.businessinsider.in/one-of-indias-largest-private-banks-has-lost-more-than-half-its-market-value-in-37-days/articleshow/65991141.cms">One of India’s largest private banks has lost more than half its market value in 37 day</a>s

Yes Bank's 15-month journey from regulatory crackdown to finding a new CEO

Mumbai, Jul 5 () Urjit Patel, whose stint as the head of the central bank was one of the most tumultuous in recent times that ended with the rare event of an RBI Governor resigning, will be releasing a book later this month, his publishers have said. Titled 'Overdraft: Saving the Indian Saver', the book focuses on the non-performing assets (NPAs) issue that has afflicted Indian banking in recent years, its causes and Patel's efforts as the RBI Governor in dealing with it. "Urjit Patel invests his thirty years of macroeconomic experience in building strategies to protect our banks from unscrupulous racketeers, ultimately aimed at saving our savings...," publisher HarperCollins India tweeted. Patel's book description says that sovereigns do not need to earn or save before spending money. They can either print or borrow. "…in our country, where they own banks, they can use our deposits to lend and splurge for goals that may not always be economic in nature. Many rulers have succumbed to the temptation, with dire results - inflation, debased currency, payments crises, bankrupt banks, economic stagnation, loss of public confidence. "After centuries of ruinous experiences, some governments learnt, others haven't, to control themselves, create self-governing Central banks and let them manage money and regulate banks," it says. The issue of unsustainable bad debts started as a trickle in 2015 and then became a "flood", it said. "In the forefront were some of India's largest government banks, and a series of tycoons who were running their empires on unpaid debts." Patel worked with a '9R' strategy which would protect depositors' savings, rescue the banks and protect them from "unscrupulous racketeers", it says. Books or memoirs written by two of his immediate predecessors -- Raghuram Rajan and D Subbarao -- had shed light on various subjects like the RBI's autonomy, interest rates or its stance on demonetisation. Patel, under whose governorship the note ban was carried out, surprised all by resigning from the RBI in December 2018. The resignation came at a time when relations between the government and the RBI had soured, with the former threatening to invoke a never-before used clause to give directions to the central bank. The RBI under Patel was reportedly averse to the government's wishes on getting extra capital held by the central bank, restructuring loans to small businesses and providing liquidity support to the troubled non-bank lenders. Patel's resignation was followed by a long period of absence from public gaze. However last month, in a surprise move, he was appointed as the chairman of the Ministry of Finance-run think-tank NIPFP. Deputy governor Viral Acharya, who gave a strong speech asserting RBI's autonomy and warned the government of the "wrath of markets", also quit ahead of the completion of his term. Patel was seen as very strict on the issue of NPAs and governance at banks, especially the private sector ones, where the RBI replaced the heads of ICICI Bank and Axis Bank, and started probing Yes Bank more closely. The RBI had begun a thorough asset quality review (AQR) to find out the hidden stress on banks' books when Patel was a deputy governor and he carried forward the same work. Patel's book will be released by the end of July, as per a book selling website. AA ABM ABM

You Searched For "Axis Bank Resignations" and got 9 results

After 19% attrition, Axis Bank is headed to IITs, ISB and National Institute of Design for hiring

Prerna Sindwani

Axis Bank's retail banking head quits citing "personal compulsions"

PTI

Axis Bank appoints Puneet Sharma as CFO

PTI

Top stocks to watch on Tuesday— Future Retail, Adani Enterprises, Wipro, Axis Bank, GMR Infra, LIC Housing Finance and more

Navdeep Yadav

PTC India Financial Services slips 18% after three independent directors resign

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