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<ul><li><keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword>’s managing director <keyword id="6406769" type="ORGANIZATION" weightage="20" keywordseo="aditya-puri">Aditya Puri</keyword> called for an unscheduled interest rate cut.</li><li>In an interview with CNBC TV 18, Puri also recommended that the government should relax the terms of loan repayment.</li><li>He assured stockholders that HDFC Bank is in a strong position with $5 billion in cash and the banking sector will safely weather the Coronavirus pandemic.</li></ul>HDFC Bank’s managing director Aditya Puri isn’t worried about the markets tanking. In fact, he’s optimistic that the banking sector will survive the current crisis despite the Indian stock markets hitting a lower circuit again today, March 23. As the <keyword id="722345" type="COMPANY" weightage="20" keywordseo="Nifty-bank">Nifty Bank</keyword> index also suffers from the pandemic, <keyword id="1455865" type="PERSON" weightage="20" keywordseo="HDFC-Bank-stock">HDFC Bank stock</keyword> lost 506 points in three months. 
 
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 As the equities markets are drying up, Puri said that the economy will land in a cash flow problem, in an interview with CNBC TV 18. Puri asserts that the crisis in the economy is not a case of companies failing. “This is a cash flow problem that should be helped by the government,” he said. 
 
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 Instead of just focusing on financial markets — the entire economy needs to be taken into account, Puri said. He expressed the need for an unscheduled interest rate cut, ahead of the monetary policy revision scheduled for April 3. In addition, the government should issue a directive to relax the terms of loan repayment. HDFC Bank is in a good position with $5 billion in cash: Puri Unlike many of its peers, HDFC Bank is not troubled by large loans given to troubled promoters, as over a <a href="https://economictimes.indiatimes.com/markets/stocks/news/can-hdfc-bank-become-a-corporate-play/articleshow/69034736.cms?from=mdr">half of its loans </a>are given to retail customers. Puri insists that HDFC Bank is in a good position with $5 billion in cash and nearly 80% of its loans given to AAA-rated companies. Majority of unsecured loans in the retail sector have been given to salaried employees. “This majorly comprises of good and strong corporates, and government employees. Repayments continue to remain healthy currently,” said UBS Global Research’s report. 
 
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 ‘Likely to see a dip in credit card spending’ Yet, Coronavirus is playing its part in derailing trade and that has had an impact. The bank did see a dip in credit card spending in March despite healthy levels in January and February, according to UBS' report. It could spell trouble for the largest issuer of credit cards in the market, which garners nearly 27% of the market share as of February 2020 — which has fallen from 30% in 2015. When it comes to online spending in particular, HDFC believes that there will likely be a dip due to the lockdown, which will restrain the movement of delivery personnel and take a toll on supply chains. Despite assurances, Bernstein — a global brokerage firm — downgraded HDFC Bank to underperform in the ‘pandemic driven environment’. “HDFC Bank's portfolio is most exposed to unsecured consumer credit risk versus peer private banks,” said the agency’s report. See also: <a href="https://www.businessinsider.in/finance/news/sbi-icici-bank-and-hdfc-bank-revise-banking-hours-and-services-to-fight-coronavirus-outbreak/articleshow/74766656.cms">SBI, ICICI Bank, and HDFC Bank revise banking hours and services to fight Coronavirus outbreak</a> <a href="https://www.businessinsider.in/business/news/hdfc-icici-ask-customers-to-go-digital-amid-coronavirus-outbreak/articleshow/74764081.cms">HDFC, ICICI ask customers to go digital amid coronavirus outbreak</a> <a href="https://www.businessinsider.in/business/news/coronavirus-wash-hands-after-handling-currency-notes-appeals-iba/articleshow/74758386.cms">Coronavirus: Wash hands after handling currency notes, appeals IBA</a>

It's a cash flow problem, we need an unscheduled rate cut: HDFC Bank managing director, Aditya Puri

<ul><li>India’s largest airline InterGlobe Aviation (IndiGo) has much to gain if its peer Go First fails to land safely.</li><li>Cooler crude, more passengers taking to the skies, and the grounding of Go First have set the airline’s growth on a higher altitude.</li><li>IndiGo also expects a 15% growth in its revenue per available seat kilometre (RASK), a key metric for airlines, in FY24.</li></ul>India’s largest airline InterGlobe Aviation (IndiGo) has a lot to cheer if its peer Go First fails to land safely – with domestic and international market share up for grabs. If the troubles of the budget airline which has <a href="https://www.businessinsider.in/business/news/go-first-suspends-sale-of-tickets-till-may-15-dgca-asks-airline-to-process-refunds-for-passengers/articleshow/99982706.cms">filed</a> for insolvency compound, competition will ease in the low-cost segment giving IndiGo more control over air fares. IndiGo’s shares have surged by over 7% since May 2 when Go First announced that it had filed a voluntary insolvency petition with the National Company Law Tribunal (NCLT). Despite the recent surge, IndiGo is flying light – literally and figuratively – with its valuations being attractive, according to brokerages. On the back of robust fleet utilization rates and the Indian aviation sector being on an upswing, IndiGo expects its revenue per available seat kilometre (RASK), a key metric for airlines, to grow at 15% in FY24. Now, new tailwinds like the grounding of Go First and the softening of crude oil prices are expected to give it a further boost. “The bias is positive towards airline stocks, predominantly IndiGo, for the next 9-12 months,” said a report by Motilal Oswal, adding that the airline is well positioned to improve its realisations and margins too. An average of brokerage estimates suggests that there is an upside of 17% over the next 12 months, with a target price of ₹2,536 per share, as compared to the current market price of ₹2,164. <div type="image" title="InterGlobe Aviation share price 01_01_23 to 05_05_23." msid="100009463" hostid="261" caption="&amp;lt;p&amp;gt;IndiGo share price in 2023&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="Dominance will play to its advantage" comment="subhead" text="Dominance will play to its advantage">Dominance will play to its advantage</cmsannotation> There is daylight between the market share of IndiGo and its rivals – the company has a market share of 55% domestically. Air India and Vistara, owned by the Tata group come in next, with a share of 8.9% and 8.7% respectively. IndiGo’s dominance will play to its advantage, according to analysts, not only helping it boost its margins, but also increase its market share. “Go First accounted for 8% of domestic traffic and 5% of international traffic (among Indian carriers). If this capacity goes out of the system, industry-level load factor and pricing environment can improve substantially,” said a report by IIFL Securities. Analysts at Credit Suisse explain that bringing an airline back from the brink of a collapse is difficult, as evidenced by Jet Airways’ troubles. “Go First filing for bankruptcy can benefit IndiGo in many ways,” the brokerage said. <cmsannotation type="cmsannotation" annotationid="IndiGo’s flight gets bigger wings" comment="subhead" text="IndiGo’s flight gets bigger wings">IndiGo’s flight gets bigger wings</cmsannotation> While <a href="https://www.businessinsider.in/business/corporates/engines-omicron-more-the-timeline-of-troubles-at-go-first/slidelist/99987425.cms">Go First</a> was India’s third largest airline, the Covid-19 pandemic hit the company hard when Pratt &amp; Whitney engines started failing, leading to the airline grounding half of its fleet. The company <a href="https://www.businessinsider.in/business/news/go-first-suspends-sale-of-tickets-till-may-15-dgca-asks-airline-to-process-refunds-for-passengers/articleshow/99982706.cms">voluntarily filed</a> for insolvency seeking interim relief from NCLT to stop lessors from possessing its fleet. IndiGo too was a customer of Pratt &amp; Whitney once. But, when its engine troubles surfaced in 2016, it signed on a competitor – another US-based engine manufacturer CFM, and escaped this fate. With a diverse and young fleet, the airline now boasts over 1,800 daily departures with more than 300 aircraft. Further, to cater to the growing demand, IndiGo is also looking to expand its fleet by 500 more aircraft, from Boeing and Airbus. This was right after its rival Air India run by the Tata group <a href="https://www.businessinsider.in/india/news/of-total-840-aircraft-order-470-is-for-planes-while-the-rest-370-are-options-says-air-india-executive/articleshow/97978085.cms">placed</a> a mega order of 470 aircraft. <cmsannotation type="cmsannotation" annotationid="Flying high" comment="subhead" text="Flying high">Flying high</cmsannotation> Overall, brokerages are bullish about IndiGo’s prospects, stating that the softening crude oil prices will further help the airline improve its margins. A surge in domestic passenger traffic also bodes well for the Indian aviation sector, with April witnessing 15% higher traffic of 4.3 lakh passengers per day, than the FY23 average of 3.73 lakh. All in all, IndiGo’s numero uno position in India, cooler crude, more passengers taking to the skies, and the fall of Go First all set the airline’s growth on a higher altitude. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/hdfc-bank-hdfc-market-capitalisation-falls-after-msci-tweak/articleshow/100006092.cms">HDFC Bank, HDFC market capitalisation falls nearly ₹88,000 crore after MSCI tweak</a> <a href="https://www.businessinsider.in/business/corporates/news/adani-enterprises-q4-net-profit-more-than-doubles-yoy-to-722-crore/articleshow/99990510.cms">Adani Enterprises Q4 net profit more than doubles YoY to ₹722 crore as airports and roads businesses pick up pace</a> <a href="https://www.businessinsider.in/business/auto/news/hero-motocorp-q4-net-profit-beats-estimates-rises-37-yoy-to-859-crore/articleshow/99989966.cms">Hero MotoCorp Q4 net profit beats estimates, rises 37% YoY to ₹859 crore</a>

The skies are clearer for IndiGo stock to surge further as Go First’s troubles mount

<ul><li>Sensex was trading over 0.77% higher; while the Nifty was up 0.72% as of 09:55 am.</li><li>These were the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market index Sensex jumped over 250 points in early trade on Thursday led by gains in index majors Reliance Industries, ICICI Bank and amid positive cues from global markets. Sensex was trading over 0.77% higher; while the Nifty was up 0.72% as of 09:55 am. These were the top losers and gainers in the Nifty pack: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UPL </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infratel </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI India </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finance </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zee Entertainment </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Coal India </td></tr></tbody></table>*as of September 10, 9:30 am These are the top stocks that are buzzing in trade today: Bank of Baroda shares gain 3% PSU Bank stocks are rallying in trade today. Bank of Baroda is up 3%, along with Canara Bank gaining 2% and Bank of India 4%. RIL hits record high The shares of Mukesh Ambani owned Reliance Industries were trading 3% higher during the early trading hours on September 10. The shares had hit a record high mark by topping ₹2,200 a piece for the first time. <a href="https://economictimes.indiatimes.com/industry/services/retail/ril-looks-to-sell-15-in-retail-biz-to-pes-swfs-for-63k-cr/articleshow/78028786.cms?from=mdr">Reports </a>also indicate that after Silver Lake, investors like KKR, Abu Dhabi Investment Authority, and Saudi Arabia’s Public Investment Fund could be next in line to pick stakes in Reliance Retail Limited. Future Retail hits 5% upper circuit The shares of Future Retail were locked in a 5% upper circuit after the company lost nearly 40% of the stock value in the last one week, since the acquisition by Reliance Retail. The 5% jump came after <a href="https://economictimes.indiatimes.com/industry/services/retail/ril-looks-to-sell-15-in-retail-biz-to-pes-swfs-for-63k-cr/articleshow/78028786.cms?from=mdr">reports </a>indicated a potential investment for RIL retail arm Reliance Retail from investors like KKR, Abu Dhabi Investment Authority, and Saudi Arabia’s Public Investment Fund. Bharat Dynamics snaps two days of losses Bharat Dynamics snapped two-day loss and turned positive, gaining over 2% after the Indian government said it mobilised ₹776 crore by divesting nearly 13% in the company. The offer for sale (OFS) had hit the market with the government selling over 2.74 crore shares in BDL at a floor price of ₹330 a piece. Indiabulls Housing Finance opened 3% higher The shares of Indiabulls Housing Finance opened 3% higher after the company launched its qualified institutional placement (QIP) on Wednesday. Indiabulls Housing is looking to raise ₹1,000 crore and has set the floor price for the QIP at ₹206.70 per equity share. Zeal Aqua, Apex Frozen Foods, Coastal Corporation and other fisheries stocks gain Zeal Aqua, Apex Frozen Foods, Coastal Corporation and other fisheries stocks gain ahead of PM Matsya Sampada Yojana. PM Narendra Modi will digitally launch the scheme today. The scheme will be aimed at the sustainable development of the fisheries sector in the country with an estimated investment of <a href="https://www.narendramodi.in/prime-minister-narendra-modi-to-launch-pradhan-mantri-matsya-sampada-yojana-on-10th-september-551321">₹20,050 crores for its implementation</a> during a period of 5 years. ICICI Bank, HDFC Bank IndusInd Bank and SBI trade in green The shares of Banking giants ICICI Bank, HDFC Bank, IndusInd Bank and SBI were trading in green today (September 10). The shares of ICICI Bank and HDFC Bank were up 1%, whereas SBI gained 2%. The Supreme Court of India is slated to hear petitions seeking a waiver of interest on loans under moratorium today. Tata Motors shares gain 3% The shares of Tata Motors gained 3% after the company emerged as a strong number third passenger vehicle (PV) brand by <a href="https://www.thehindubusinessline.com/companies/passenger-vehicles-tata-motors-emerges-as-no-3-helped-by-new-products-campaigns/article32562617.ece">sales after Maruti and Hyundai</a>. HUL trades in red after DCGI notice The shares of FMCG giant Hindustan Unilever Limited were trading nearly a percent lower after Central Drugs Standard Control Organisation (CDSCO) served a show-cause notice to the company over an advertisement of its Lifebuoy brand of hand sanitiser. In its advertisement, HUL claimed that the Lifebuoy immunity-boosting hand sanitiser improves immunity and helps fight coronavirus. SEE ALSO: <a href="https://www.businessinsider.in/business/news/yatra-failed-merger-with-ebix-dents-the-companys-earnings-in-an-already-troubled-quarter/articleshow/78031342.cms" data-type="tilCustomLink">Yatra's failed merger with Ebix dents the company's earnings in an already troubled quarter</a> <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-irctc-adani-power-future-consumer-future-retail-bharat-dynamics-hal-indiabulls-housing-finance-and-more/articleshow/78030185.cms" data-type="tilCustomLink">Top stocks to watch— IRCTC, Adani Power, HDFC Bank, ICICI Bank, Future Consumer, Future Retail, Bharat Dynamics, HAL, Indiabulls Housing Finance and more</a>

Top stock movers — Bank of Baroda, Reliance Industries, Future Retail, HUL, ICICI Bank, SBI, HDFC Bank, Bharat Dynamics, Tata Motors and more

<ul><li>HDFC’s net and mobile banking services are down for the second day in a row. </li><li>The bank says it’s a ‘technical glitch’ while the app and website cite ‘heavy traffic’ as the reason. </li><li>Most users are concerned about meeting the deadline for their credit card bill payments, normally due at the beginning of the month. </li></ul>HDFC Bank customers are unable to use net and mobile banking services the second day in a row. India’s fourth-largest bank had assured users that it’s only a ‘technical glitch’ and the system will be back online shortly. But even after 24-hours, their online banking services are still down. <div type="twitter" handle="HDFCBank_Cares" handlename="HDFC Bank Cares" image="http://pbs.twimg.com/profile_images/880333363982159872/lA3myMTv_normal.jpg" favoritecount="168" retweetcount="42" status="Due to a technical glitch, some of our customers have been having trouble logging into our NetBanking and MobileBan… https://t.co/CuK4CfbFDS" createdat="1575290741000" id="1201482566819123200"></div>

 HDFC is the largest private bank in the country and the largest holder of salary accounts in the country. That means everyone trying to pay off their bills monthly bills — especially, credit card bills — with November’s income but can’t. <div type="twitter" handle="Parth_Shahh" handlename="TheLazyAthlete" image="http://pbs.twimg.com/profile_images/1102051573662855170/BsG2Ev44_normal.jpg" favoritecount="0" retweetcount="0" status="What the hell is wrong with the #HDFC NetBanking and App portals? Need to pay my CC bills! Don’t blame me if I’m n… https://t.co/UMTl4e3EWC" createdat="1575358737000" id="1201767763468935168"></div>

 Users are asking if HDFC will cover the penalty for late payment its credit card bills since its own ‘glitch’ that is causing the delay. <div type="twitter" handle="TheMarathe" handlename="Krishna Marathe 🌈" image="http://pbs.twimg.com/profile_images/1166061481223315456/k0ntZGp0_normal.jpg" favoritecount="0" retweetcount="0" status="⁦@HDFCBank_Cares⁩ since your net banking services are STILL down, I need not fret about late fee for my credit card… https://t.co/l029crmQPO" createdat="1575350445000" id="1201732984623095808"></div>

 If users try to log in via net banking, they get a message that reads, “Dear user, the NetBanking system is busy processing heavy load from currently logged in customers, request to try after some time.” And if they go to the mobile app, the notification reads, “We are experiencing some heavy traffic, please try again after some time. Apologies for the inconvenience.” Reports of the outage started coming in on Monday morning and peaked in the evening at around 5 pm, according to <a href="https://downdetector.in/status/hdfc-bank/">Downdetector</a> — most of them from metropolitan cities like Delhi, Mumbai, Bengaluru, Kolkata, and Surat. As of Tuesday afternoon, HDFC’s services still aren’t functioning. The bank is yet to issue a deadline on when users can hope to see a resolution. See also: <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> <a href="https://www.businessinsider.in/india/news/slowdown-or-not-these-indias-banks-and-shadow-banks-are-in-trouble/articleshow/71934562.cms">Slowdown or not, these India’s banks and shadow banks are in trouble</a> <a href="https://www.businessinsider.in/policy/news/rbi-revises-guidelines-on-how-much-to-pay-a-bank-ceo-in-india/articleshow/71896883.cms">RBI revises guidelines on how much to pay a private bank CEO and executives in India— including foreign banks</a>

Angry customers want HDFC Bank to cover late payment charges after mobile and net banking remain down for a second day in a row

<ul><li>The Reserve Bank of India (RBI) has proposed limiting the tenure of bank CEOs to no more than than 15 years in a new discussion paper to strengthen private banks.</li><li>HDFC Bank's CEO <keyword id="6406769" type="ORGANIZATION" weightage="20" keywordseo="aditya-puri">Aditya Puri</keyword> is already on the hunt for his successor after a 26-year stint. </li><li>Kotak Mahindra Bank’s CEO <keyword id="45051" type="PERSON" weightage="20" keywordseo="Uday-Kotak">Uday Kotak</keyword> looks like he’s the only one who may get caught on the cross-hairs after already having been at the helm for 17 years.</li></ul>The Reserve Bank of India (RBI) has issued a discussion paper that proposes limited the tenure of promoter-chief executives and even non-promoter CEO. HDFC’s managing director and CEO, Aditya Puri, would have borne the brunt of new proposed regulations had the hunt for his successor not already been in progress. He’s has been at the helm of HDFC for since 1994 — that’s a tenure of 26 years. However, Uday Kotak, the CEO of Kotak Mahindra Bank won’t be able to enjoy the same privilege. Of the top 10 private banks in India, he now has the most to lose. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CEO </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Date of appointment </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aditya Puri </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1994 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Uday Kotak </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Feb 2003 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Federal Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shyan Srinivasan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sep 2010 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">South Indian Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">VG Mathew </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oct 2014 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sandeep Bakhshi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oct 2018 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">J&amp;K Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">RK Chhibber </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jun 2019 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amitabh Chaudhary </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jan 2019 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yes Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prashant Kumar </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mar 2020 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sumant Kathpalia </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mar 2020 </td></tr></tbody></table> In its paper, the RBI suggests that the tenure of promoter CEOs should be limited to 10 years. Non-promoter CEOs should also only be allowed to stay on for no more than 15 years. Once the tenure is over, the RBI has given leeway for around two years allowing banks to appoint a successor — once the rules are finalised. “To build a robust culture of sound governance practice, professional management of banks and to adopt the principle of separating ownership from management, it is desirable to limit the tenure of the WTDs or CEOs,” RBI said in the discussion paper. If CEOs want to return to the helm, they will have to wait it out for three years before they can be reappointed. What does this mean for Uday Kotak? Uday Kotak, who has been Kotak Mahindra Bank’s executive vice-chairman and managing director since its inception in 2003-04, was re-designated as managing director and CEO in May 2018. That culminates in a total of 17 years that Uday Kotak leading the bank. If RBI’s new guidelines come into effect, Kotak may get another two years to name his successor. The brokerage firm Jefferies believes the most likely candidate for the position is Dipak Gupta, the current joint managing director. Uday Kotak has been in the midst of another stalemate with RBI to bring his stake in the bank down to 26%. Earlier in June, he sold off 56 million shares through a block deal, bringing his promoter stake down to 26.1% ⁠— after <a href="https://www.businessinsider.in/business/news/uday-kotak-to-sell-2-83-stake-in-kotak-mahindra-bank-sale-to-fetch-over-rs-6800-cr/articleshow/76141837.cms">multiple extensions</a> to the initial December 2018 deadline set by the RBI. However, he still has to trim around 0.1% in order to comply with RBI’s guidelines. RBI’s new regulations come after controversies led by Yes Bank, the Bank of Rajasthan and other promoter-sponsored banks have faced trouble in the recent past. Limiting the tenure of promoter-chief executives could be its way of safeguarding the interests of financial institutions. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tcs-infosys-hcl-tech-and-tech-mahindra-to-gain-from-amazon-google-and-microsoft-spending-more-on-technology/articleshow/76334123.cms">TCS, Infosys, HCL Tech and others will gain from Microsoft, Amazon and Google spending more on technology</a> <a href="https://www.businessinsider.in/personal-finance/news/savings-rates-in-banks-offer-higher-returns-than-fds-as-banks-continue-to-slash-fd-interest-rates/articleshow/76282346.cms">Keeping your money in a savings account will fetch you more interest than locking it up in a fixed deposit</a> <a href="https://www.businessinsider.in/stock-market/markets/news/indusind-icici-bank-hdfc-bank-and-sbi-among-top-10-losers-in-nifty-bank/articleshow/75805726.cms">From IndusInd to ICICI Bank to SBI ⁠— banks were among the worst-hit despite the government pause on new bad loans</a>

HDFC Bank is already looking for a new CEO, but RBI's proposed limit to tenure is a threat to Uday Kotak

<ul><li>The first burst of quarterly earnings are out and six large companies HDFC Bank, Reliance Industries, TCS, Wipro, Infosys, and IndusInd Bank have declared their performance.</li><li>While the trend has been positive in all but one case, the management commentary has been negative in three companies.</li><li>HDFC Bank, the latest among the blue-chips to declare its earnings, lost over 3% in share value on Monday.</li></ul> Six companies from the Sensex list -- HDFC Bank, Reliance Industries, TCS, Wipro, Infosys, IndusInd Bank and Yes Bank -- have declared their quarterly earnings so far. <a href="https://www.marketsmojo.com/mojo/resultcorner?RefBse=1" data-type="tilCustomLink" target="_blank">Markets Mojo</a>, a gauge of the market mood on the website of the Bombay Stock Exchange (BSE), shows that the performance of four out of the six stocks are positive, the commentary around the prospects for these companies have turned down in three cases. 
	
	
	
	
	
	
 
 
 
 
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 Banks in a bind HDFC Bank, the latest among the blue-chips to declare its earnings, lost over 3% in share value on Monday. It was not just because the earnings were poor. Yes, the margin shrank a bit and the amount of bad loans rose but it was the pessimism in the management's commentary that did the stock in. “The tone of management commentary may spook the markets. However, it is still one of the best managed banks out there,” Jefferies said in its report. HDFC Bank has reported a 23% growth in revenue and a 21% rise in net profit compared to a year earlier. The rise in bad loans from farmers was offset by a spike in other income. IndusInd Bank, whose reported profit grew 38%, suffered from the fears of a spike in bad loans because of the company's exposure to the infrastructure lending giant IL&amp;FS that has gone bust. The IL&amp;FS crisis has cast a shadow of doubt on the entire financial sector in the country. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 The slump in demand for cars and two-wheelers, the lack of enthusiasm among home buyers, and spiralling consumer demand overall have dented bank earnings overall. Yes Bank's <a href="https://www.businessinsider.in/yes-bank-q1-earnings-report-yes-bank-share-price-q1-earnings-repor/articleshow/70261380.cms" data-type="tilCustomLink" target="_blank">quarterly profit between April and June 2019 fell 91%</a> compared to the same period a year ago, but it was still way better than estimates-- showing the lack of investor confidence. What propped up the stock on Monday were reports of a <a href="https://economictimes.indiatimes.com/markets/stocks/news/yes-bank-shares-rally-7-on-dhfl-deal-buzz/articleshow/70325293.cms" data-type="tilCustomLink" target="_blank">possible fund infusion</a> in the troubled housing finance company DHFL, to which Yes Bank has lent money. 
 
 
 
 
 
 
 
 
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 The elephant in the room The stock of Reliance Industries (RIL), one of India's biggest conglomerates, got a fillip on the first trading day after its earnings. But truly, the investors were just celebrating the fact that <a href="https://www.businessinsider.in/mukesh-ambanis-reliance-industries-profit-grows-6-8-even-as-gross-refining-margin-hits-the-lowest-in-18-quarters/articleshow/70294401.cms" data-type="tilCustomLink" target="_blank">the company's mainstay petrochemicals business</a>was not doing as badly as they had feared. That alone was enough to prop up RIL's share price by over 2% on Monday. The Mukesh Ambani-owned company has seen very good traction in its relatively new businesses like Reliance Jio and Reliance Retail but, as many analysts have pointed out, the core businesses petrochemicals and refining -- which make for the lion's share of the company's gross revenue-- are under threat. "Reduction in heavy crude oil supply post US sanctions, global refining capacity addition this year exceeding expected incremental demand, and slowdown in petchem demand as a result of the US-China spat will weigh on RIL’s refining and petchem business," a HDFC Securities report said. Tech: Tightrope walk India's top-tier software and IT service companies, TCS and Infosys, have had a bittersweet response from investors so far. The slowdown in TCS' revenue and profit were on expected lines, according to the broking house Motilal Oswal. But investors have been driven the stock down since the earnings despite the company <a href="https://www.businessinsider.in/tcs-plans-to-hire-18000-freshers-in-next-3-months/articleshow/70146189.cms" data-type="tilCustomLink" target="_blank">hinting at a double-digit growth</a> for the full year. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 Infosys did not have a standout quarter but the optimism in its outlook had investors upbeat. Infosys had projected a total growth 8.5% to 10% for the full year ending March 2020, which would imply a compounded quarterly growth 1.6% to 1.9%, according to a BOBCAPS research report. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 SEE ALSO: <a href="https://www.businessinsider.in/wipro-profit-growth-beats-tcs-and-infosys/articleshow/70262851.cms" data-type="tilCustomLink" target="_blank">Share buybacks and new deals are keeping the hopes up for Wipro's investors</a>

Six Indian blue-chip companies have declared earnings so far - most of them lack the 'markets mojo'

<ul><li><keyword id="9171" type="PERSON" weightage="20" keywordseo="Anil-Ambani">Anil Ambani</keyword>’s <keyword id="54268" type="COMPANY" weightage="20" keywordseo="Reliance-Group">Reliance Group</keyword> borrowed over ₹1400 crore from <keyword id="45660" type="CITY" weightage="20" keywordseo="Yes-Bank">YES Bank</keyword>, making it one of the biggest borrowers.</li><li>Ambani’s RCom which declared bankruptcy in 2019, has a massive ₹46,000 crore in debt. </li><li>YES Bank founder Rana Kapoor was questioned by the ED and subsequently was taken under custody on charges of alleged financial irregularities and mismanagement in the operations of the bank.</li></ul>Reliance Group chairman Anil Ambani was summoned by the Enforcement Directorate regarding the <keyword id="8873513" type="UNKNOWN" weightage="20" keywordseo="yes-bank-crisis">YES Bank crisis</keyword>. According to a <a href="https://www.business-standard.com/article/companies/ed-summons-anil-ambani-in-connection-with-probe-against-rana-kapoor-120031500864_1.html">Business Standard report</a>, an ED official confirmed that Ambani was called in as all the big and troubled loans given out during Rana Kapoor’s leadership were being questioned. The group borrowed over ₹1400 crore from YES Bank, making it one of the biggest borrowers. Ambani who has three companies reeling under default and bankruptcy zone – Reliance Communications, Reliance Home Finance and Reliance Naval – has a massive ₹46,000 crore in debt, the report said. However, Ambani <a href="https://www.thehindubusinessline.com/companies/reliance-group-has-no-exposure-in-yes-bank-anil-ambani/article31042284.ece">had said</a> that his company has no direct or indirect exposure to YES Bank. The company said that its entire exposure to YES Bank is fully secured and transacted in ordinary course of business. “Reliance Group is committed to honour repayments of all its borrowings from YES Bank through its various asset monetisation programmes which are all at advanced stages,” it had said earlier in the statement. YES Bank founder Rana Kapoor was questioned by the ED last week and subsequently was taken under custody on charges of alleged financial irregularities and mismanagement in the bank’s operations. Kapoor will be kept under custody until today (March 16). Given the bank’s rising troubles, India’s central bank the Reserve Bank of India capped the withdrawals from YES Bank at ₹50,000 on March 5 – which resulted in chaos. However, this would be lifted on March 18, after three top - SBI, ICICI and HDFC said that they will take equity in it. See Also: <a href="https://www.businessinsider.in/thelife/news/yes-bank-founder-rana-kapoor-money-laundering-charges-international-hotels-and-bungalows-in-delhi/articleshow/74644767.cms">Buying international hotels, bungalows in Delhi and expensive paintings — everything that Yes Bank founder Rana Kapoor did with kickbacks for giving out bad loans</a> <a href="https://www.businessinsider.in/india/news/yes-bank-withdrawal-limit-to-be-lifted-in-three-working-days/articleshow/74624128.cms">Yes Bank withdrawal limit to be lifted in three working days</a>

Anil Ambani questioned by ED for his loans from troubled YES Bank

Mumbai, Jan 31 () Bank employee unions went on a two-day strike on Friday to press for wage revision and other demands, hitting services like cash deposits, withdrawals and cheque clearances across the country.
 All India Bank Employees' Association claimed that around 31 lakh cheques amounting to Rs 23,000 crore remained uncleared across the country on the first day of the strike. 
 Various bank branches were closed in many parts of the country affecting services like cash deposit, withdrawal, cheque clearances, instrument issuance and loan disbursement. 
 ATMs of many banks across major parts of the country went dry, causing trouble to people on the last day of the month. 
 "In the clearing grids in Mumbai, Chennai and Delhi, about 31 lakh cheques worth about Rs 23,000 crore could not be cleared due to the strike," All India Bank Employees' Association (AIBEA) general secretary C H Venkatachalam said.
 Close to 10 lakh bank employees and officers of various public sector banks, some old generation private banks and a few foreign banks are on a two-day strike, starting Friday, after the negotiation on wage revision under 11th bipartite settlement failed, unions said. 
 However, private sector lenders like ICICI Bank and HDFC Bank were operational.
 On Saturday, bank branches will continue to remain closed, adding to woes of the public on the salary day.
 With this strike, banks would be closed for three days including Sunday. Banks will open only on Monday, February 3. 
 The strike call has been given by the United Forum of Bank Unions (UFBU), an umbrella body of nine bank unions, including All India Bank Officers' Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW).
 UFBU decided to go on strike after its discussion with Indian Banks Association (IBA) on wage revision failed in the recent round of negotiations held on Thursday.
 During discussions, the IBA on Thursday improved their offer to 12.5 per cent, but this was not acceptable, the unions said. 
 "The bank managements and IBA did not come forward to settle the demands with a reasonable increase in salary looking to inflation and heavy workload on the employees," UFBU said.
 However, the IBA in a statement said despite the revised offer of up to 19 per cent hike, including performance linked incentive, made by it during the meeting on Thursday, the unions decided to go ahead with the all-India bank strike.
 Wage revision for employees of public sector banks is pending since November 2017.
 In the past wage settlement, which was for the period November 1, 2012, to October 31, 2017, employees got a hike of 15 per cent.
IBA also rejected the unions demand for five-day banking saying, "It is known to all that the economy of the country is going through testing times. Banks being the principal players in economic development, cannot afford to provide lesser number of working days for banking activities."
 The banking lobby said the country already has one of the highest numbers of public holidays and adding 26 more holidays would create more problems for the public.
 "IBA is claiming five-day banking is not possible due to the tough economic situation in the country. Then how RBI, Department of Financial Services (DFS), NCLT, Central Vigilance Commission (CVC) and other central and state departments are working for five days in a week? Are these institutions not worried about the economic slowdown?" asked a section of agitating bankers. HV MR
MR

Bank employees unions go on 2-day strike; troubles likely on salary day

<ul><li><a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink">Global Trends Festival</a> is one of the world's most prestigious events which will be live from Oct 19-23.</li><li>While nobel laureates, some of the biggest political and corporate icons will provide thought leadership, it's a great platform to network with CXOs from around the world.</li><li><a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink">Global Trends Festival 2020</a> is presented by <a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink"></a><a href="https://aws.amazon.com/" data-type="tilCustomLink">AWS</a>.</li><li>Get your tickets now from <a href="https://in.bookmyshow.com/events/business-insider-global-trends-festival/ET00137578" data-type="tilCustomLink">BookMyShow</a>.</li></ul> A young chartered accountant from London had a plum job with Chase Manhattan when his charismatic uncle HT Parekh who was starting a new mortgage company which provides housing loans to middle class Indians. Back in the late 70s, it was almost impossible for salaried Indians to take home loans, which are now available before ‘coffee gets cold’. The Parekhs had taken what was considered impossible and turned the business of housing loans into a profitable business, but also opened up new vistas for the real estate sector. Ever since Housing Development Finance Corporation (HDFC) has turned into an institution which spun off a bank in 1994, one that is today the country’s biggest private bank. HDFC itself ventured into various businesses like insurance, asset management, mutual funds and in each of the businesses that they’re in, they’re amongst the top few. It’s 75-year old Chairman Deepak Parekh is a doyen of the country’s financial industry and earned himself the reputation of ‘trouble shooter’ in chief. Mumbai’s financial community can’t be tired of narrating legends about his role in the efforts to save and revive scam-tainted companies like Satyam Computers and UTI. Best amongst equals In Parekh’s own words, every business that he gets into, he wishes to be amongst the top three institutions or not be in it at all. He chose both organic and inorganic routes to achieve this. As India battles the pandemic, Parekh is one of the few voices that provide a ray of hope. In an interview with Shekhar <a href="https://theprint.in/theprint-otc/indian-economy-will-be-booming-by-next-august-worst-behind-us-hdfc-chairman-deepak-parekh/474497/">Gupta of the Print</a>, he said that India would see positive growth by next year. He also believes that India will do better than limp back to its pre-Covid days - which was slow even back then. He is also on the board of several leading corporations across diverse sectors. He is the non-executive chairman in India of Siemens Ltd. He is also on the board of National Investment and Infrastructure Fund (NIIF). It will also be worth noting how he sees this recovery playing out, and what India needs to do to recover from the current trough. Join us at the <a href="https://trendsfestival.in/" data-type="tilCustomLink">Global Trends Festival 2020</a> between October 19-23 from wherever you are. SEE ALSO: <a href="https://www.businessinsider.in/business/news/india-has-its-eyes-and-hopes-pinned-on-adar-poonawalla-the-worlds-biggest-vaccine-maker-who-will-be-at-gtf-2020/articleshow/77977949.cms" data-type="tilCustomLink">India has its eyes and hopes pinned on Adar Poonawalla⁠⁠— the world’s biggest vaccine maker who will be speaking at the Global Trends Festival 2020</a> <a href="https://www.businessinsider.in/business/news/meet-vani-kola-managing-director-kalaari-capital-the-unicorn-hunter-at-global-trends-festival-2020/articleshow/77999658.cms" data-type="tilCustomLink">Meet Vani Kola, the unicorn hunter, at Global Trends Festival 2020</a> <a href="https://www.businessinsider.in/international/news/reed-hastings-to-speak-at-the-business-insider-global-trends-festival/articleshow/77550576.cms" data-type="tilCustomLink">Reed Hastings to speak at the Business Insider Global Trends Festival</a>

Deepak Parekh, a legend from India’s financial capital, must be on your watchlist at Global Trends Festival 2020

Since demonetisation announcement, the government has made umpteen number of changes in the norms of depositing and withdrawal of old notes and new currencies, respectively. The latest rule on depositing only Rs 5,000 in banks has not only irritated the customers but also the customers and it has sparked chaos across the country. 
 
The bankers have been forced to turn into inquisitors, record statements and demand explanations from customers, asking them for a ‘satisfactory’ reply for depositing old notes now. Bank officials are vexed and tired because of the increasing demands that are being dumped upon on them. 
 According to the recent circular issued by <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>, customers depositing more than Rs 5,000 have to explain to two bank officials why they waited so long to credit the old notes. The money can only be accepted after a satisfactory explanation. 
 
"Bankers have become the soft target in this entire demonetisation exercise. It is not the job of bankers to identify tax evaders... Most banks have reproduced the circular issued by RBI to branches and left it to the branch managers to interpret what 'satisfactory' means," a Mumbai bank branch manager told ET. 
 
The executive also said that banks are holding internal meetings to discuss the definition of "satisfactory". Banks also rushed to shut about 30,000 cash deposit machines (CDMs) overnight to prevent any money being sneaked into accounts through that route and they will stay shut till the end of this month. 
 
Many people who haven’t deposited old notes yet were waiting for long queues to end. But, they are now facing hardships. 
 "I was waiting for the queues to thin out and didn't deposit my Rs 37,000 in old notes. Besides, the <keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">finance minister</keyword> had also said there was ample time, but now the government says that I have to explain why I didn't deposit the money," <keyword id="3981936" type="UNKNOWN" weightage="20" keywordseo="varsha-gaonkar">Varsha Gaonkar</keyword>, a fashion designer in suburban Mumbai, told ET. 
 The change was effected after more than 80% of the money that ceased to be legal tender got deposited. <keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">Finance</keyword> Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> said the money should be deposited on one go as repeated visits raised suspicions. 
 
The explanation by the customer has to be recorded so that there will be an audit trail, the RBI has said. Some banks are making audio recordings besides seeking explanations in writing. 
 "I just deposited Rs 17,000 in my account and was questioned by the branch manager as to how I got the money and why I didn't come to the bank earlier -this is unnecessary harassment," <keyword id="1359405" type="UNKNOWN" weightage="20" keywordseo="Laxman-Kale">Laxman Kale</keyword>, who works as a dabbawala delivering tiffins in Mumbai, told ET. 
 
Banks have been left to deal with the latest course correction. 
 
"Queues have increased since today (Tuesday) morning and we haven't got any direction from our head office on implementation of the new circular. We just know that we have to question customers on their source of deposits," a branch manager of a private bank in south Mumbai, told ET. 
 
The move has made bankers worried. They were already over burdened with work and now they have to make judgement calls and are concerned the wrong decision may land them in trouble later. The most common response bankers have got for deposits above Rs 5,000 is that customers were out of town or unwell. 
 
"However, we cannot ask them for a medical certificate or travel tickets as proof," one, distressed at the government putting onus on staff to identify suspicious customers, told ET. 
 Others such as <keyword id="6357149" type="CITY" weightage="20" keywordseo="HDFC-bank">HDFC Bank</keyword> are asking customers to fill a form answering questions such as why the money wasn't deposited earlier and querying the source of funds. 
 
"HDFC Bank is clearly crossing the line by asking customers source of fund, which is really not their jurisdiction. The RBI circular on deposits says that a bank can accept deposits on receiving a satisfactory explanation but it does not talk about the source of funds,” a customer told ET. 
 
Ray Dsouza, who works at an IT company in Pune, doesn't need to give any explanations - she just has Rs 12,000 to deposit, which is why she didn't rush to do so. Still, she said, "I wish the government would stick to its word and not change course every single week."

Irate bankers are now recording explanations of customers depositing over Rs 5000 in banks. Here’s what they have to say

New Delhi, Mar 14 () Federal Bank on Saturday said it has committed to investing Rs 300 crore in beleaguered Yes Bank for subscription of its 30 crore shares. "The Bank has issued an Equity commitment Letter to invest Rs 300 crore in YES Bank Ltd for subscription of 30 crore equity shares of Yes Bank at a price of Rs 10 per Equity share," a regulatory filing said. According statement this equity commitment is pursuant to the scheme of reconstruction of Yes Bank proposed by the Reserve Bank of lndia and subject to regulatory approvals and other conditions as set out in the Letter. The Union Cabinet on Friday approved a reconstruction plan proposed by the RBI for bailing out fund-starved Yes Bank. The authorised capital of Yes Bank has been increased to Rs 6,200 crore, Union minister Nirmala Sitharaman said on Friday. Under the plan, state-run SBI will infuse Rs 7,250 crore in the crisis-ridden private bank and take 49 per cent equity. Private lender ICICI Bank also announced investing Rs 1,000 crore for an equity in excess of 5 per cent. HDFC will infuse Rs 1,000 crore, while Axis Bank will invest up to Rs 600 crore to purchase 60 crore shares in the bank. There will be a three year lock-in period for all the investors. However, the lock-in period for SBI would be only for 26 per cent of shareholding. It would be 75 per cent in case of other investors. The government has notified the Yes Bank reconstruction scheme as per which the moratorium on the troubled private sector lender will be lifted on March 18. KKS MRMR

Federal Bank to invest Rs 300 crore in Yes Bank

<ul><li>The <keyword id="53232" type="COMPANY" weightage="20" keywordseo="BSE-sensex">BSE Sensex</keyword> tanks 8% or over 2700 pts and <keyword id="6354813" type="UNKNOWN" weightage="20" keywordseo="Nifty">Nifty</keyword> was down by 750 points </li><li>The decline in Indian stock markets was in line with the freefall in Asian and European <keyword id="35144" type="COMPANY" weightage="20" keywordseo="indices">indices</keyword> </li><li>During the meeting today at 4pm , the central bank is expected to cut rates and announce measures to boost sentiment. </li></ul>BSE Sensex tanked 8% or over 2700 points today and NIfty was down by 750 points. This is in spite of rumours that RBI will announce an interest rate cut at its press conference today at 4 pm. However, both the news of Fed cutting interest rates to zero and RBI’s possible announcement did nothing to warm the sentiment of investors. The number of <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">Coronavirus</keyword> cases went up to 116 as of now and Maharashtra is the worst affected with 37 where the epidemic is spreading far and wide. Thanks to more bad news, stock markets opened in the red and tanked in the afternoon. At 3.25 pm, Sensex was trading at 31,386.08, and Nifty was at 9,199 points. The decline in Indian stock markets was in line with the freefall in Asian and European indices, despite the second emergency rate cut announced by the US Federal Reserve. The top losers on the Sensex were IndusInd Bank, Axis Bank, ICICI Bank, Tata Steel and Tech Mahindra. Amid the melee, Yes Bank stock which was hammered down for the last few weeks, went up by a massive 46% to Rs 37.35 in the afternoon. This was after Federal Bank announced that it would invest Rs 300 crore in the troubled bank. Added to that, the government said that a moratorium on bank withdrawals will be lifted by Wednesday (March 19). However,<a href="https://www.businessinsider.in/business/news/idfc-first-to-invest-rs-250-cr-in-yes-bank/articleshow/74636590.cms"> the market regulator curbed t</a>he party saying that investors can sell only 25% of their holdings in this extremely volatile stock. During the last trade on Friday (March 13), trading was halted for 45 mins as a result of the first-ever circuit breaker in the last 12 years. However, the markets rebounded, registering the biggest ever recovery in the Indian stock markets. IANS reported that the market observers predict a temporary bounce back in the key Indian stock indices — S&amp;P BSE Sensex and the NSE Nifty50— as they might get a reprieve from the massive bouts of volatility that have been witnessed lately. The two key indices had witnessed heavy sell-off last week due to the global outbreak of Coronavirus and its impact on the world economy. "However for a sustained rise, we will need more confirmation of the scare reducing drastically and economies getting back on their feet," said Deepak Jasani, head of retail research, <keyword id="103838" type="COMPANY" weightage="20" keywordseo="HDFC-Securities">HDFC Securities</keyword> told IANS. The Indian currency was trading <a href="https://www.businessinsider.in/business/news/rupee-plunges-45-paise-to-74-20-against-us-dollar-in-early-trade/articleshow/74646615.cms">at 74.20 against a US dollar.</a> Last week, Rupee touched a new low after the value downgraded to 73 against the dollar. SEE ALSO: <a href="https://www.businessinsider.in/topic/coronavirus">coronavirus: Latest News, Articles on coronavirus | Business Insider India</a>

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