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Consistent goof-ups in the banking sector?

Wednesday, April 11, 2018

In the recent spate of bank frauds, the Industry is shaken up and there are changes expected in the Banking structure soon. Axis Bank CEO cuts short her tenure and it is an expected one. Again, the ICICI Bank board is divided over continuing with Chanda Kochhar in view of the allegation of impropriety. This is a very bad sign as some more drastic changes are on the cards. The ground rules of banking were not followed which the top level executives are now accountable for, and there is no proper answer as everything took place in front of their nose during their peak period. Now they are repenting and trying to come out of the rut without any serious trouble. These moves comes out amid controversy surroundings in their tenure and in the wake of the mounting NPA in these Banks. The allegations of nepotism against Kochhar have put a question mark on the bank's corporate governance. The rating agencies fear the ongoing investigations will undermine investor confidence in the bank and have potential implications for funding costs and liquidity. The major reason for such a setback for the top post holders is that they were retained as CEOs for an unduly long period and that provided scope for major irregularities in these two major Banks. If Chanda is on a sticky wicket, then Shikha Sharma is on her way out of her own. Banking goof-up is a major setback in the handling of these banks by the RBI.

— C.K. Subramaniam, Sanpada

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ICICI Bank honcho Chanda Kochar should step down as the CEO of one of the leading private sector banks of our country till her name is cleared in the ongoing financial fraud involving Videocon. The bank has lost over 3,000 crores in the financial mess and double the amount of the market capital of the bank has shrunk on the bourses since the scam came to the public domain. Her family members are on the run and are being made to parade to CBI and other investigating agencies offices. Kochhar's passport too has been impounded by the authorities. Stepping down before she is sacked is the best case scenario for Chanda Kochhar now, who is one of India's best known banker and the lady who helped ICICI Bank reach its peak in the world of finance and banking. She can always be reinstated if investigations prove she is innocent and her position in the bank hierarchy would only rise if nothing concrete comes out of the muddle in which her bank is involved at the moment.

— S.N. Kabra, Goregaon

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It was the time of the early 1991 to end-2002. Sensing that the Americans are soon going to invade Iraq to look for the Weapons of Mass Destruction, the Baghdad regime surreptitiously shifted the entire stockpile to Syria, another Muslim country. The result: The USA did not find any WMD on Iraqi soil and returned empty-handed after dethroning Saddam Hussain. And now, 15 years later, Syria has used these chemical weapons in the form of Nerve Gas to kill the rebel armies battling the government forces in the theocratic country.

— Arun Malankar, Santacruz

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