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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
An unprecedented number of top executives are set to retire from the bank, amid dangerous levels of stress on its books and concerns over shareholding.
It sounded like a routine change in leadership. On 29 September, the board of IndusInd Bank decided to change its chief financial officer. Two days later, it filed a carefully worded announcement with the stock exchanges stating that former Kotak Mahindra Bank executive Gobind Jain would be replacing S.V. Zaregaonkar as CFO.
“S.V. Zaregaonkar shall hand over charge of the CFO position, and take over other responsibilities until the date of his superannuation,” the bank said in the filing, adding that “it was part of succession planning” and that Zaregaonkar would be moving to “other roles”. In a statement to …
The central bank’s shift to a 100% collateral requirement threatens to erode leverage, reduce volumes and force a consolidation across prop desks.
Atanu Chakraborty’s resignation does not appear as damaging as the bank’s response to it. The ‘all is well’ narrative needs an independent audit.
The Kerala-based bank has been chasing costly and risky bulk term deposits amid tanking profitability.
