In the last week of July, the board of directors of Axis Bank Ltd, India’s third largest private bank by assets (Rs6.07 trillion in June 2017) said it had reappointed its chief executive officer (CEO) and managing director (MD) Shikha Sharma, 58, for three years from June 2018. The announcement, almost a year before her term comes to an end, was to silence endless media speculation on Sharma moving out of the bank which she has been heading since June 2009.
For every Rs100 lent by Mumbai-based IDBI Bank Ltd, Rs24.11 has turned bad. This means, it does not earn any interest from almost one-fourth of its loan portfolio.
W.E. Preston, a member of the Royal Commission on Indian Currency and Finance, set up in 1926, once said: “.
The Reserve Bank of India (RBI) is transferring Rs30,659 crore of its surplus to the government for financial year 2016-17 (July-June), less than half of the Rs65,876 crore it had transferred in the previous year, and substantially lower than what the government had estimated in its budget document (Rs58,000 crore). At least four factors have contributed to the decline in the Indian central bank’s surplus for the year and behind two of them, demonetisation has played a critical role. While the jury is still out on the long-term benefits versus short-term pains inflicted by demonetisation, the sharp drop in the central bank’s dividend payout to the government is a direct fallout of the exercise.
Rajesh Mokashi, managing director and chief executive officer of Care Ratings Ltd, will complete his first year in the new role later this month. He has a tough task ahead. Apart from expanding business and working hard for higher profits, Mokashi, who has been with the company since its inception in 1993, needs to keep the morale of his 800-odd colleagues high as many of them believe the company is under a takeover threat.
Everyone had been expecting the Reserve Bank of India (RBI) to cut its policy rate by a quarter of a percentage point. The Monetary Policy Committee (MPC) of the Indian central bank didn’t disappoint. The six-member MPC voted 4-2 in favour of the cut, which has brought down the policy rate to 6%, a level last seen in September 2010.