ASHOK VASWANI
Indian banks to step up IT spends as regulatory scrutiny rises
Banks were earlier spending between 6%-8% of total operating expenditure on technology, sharply below the global average of 10%-12%.
Kotak Mahindra Bank plans to hire 400 engineers to ramp up tech transition
The lender, backed by billionaire Uday Kotak, has already brought on board more than 500 engineers from scratch over the last two years, according to Milind Nagnur, the bank’s chief technology officer. It has pulled them from firms like Google and Amazon.com Inc. as well as from Paytm and PhonePe Pvt., Nagnur said in an interview.
Kotak MD, CEO Ashok Vaswani guides for a hit of up to ₹400 cr from RBI curbs
Kotak Mahindra Bank's CEO discusses potential impact of RBI restrictions on profitability. The bank prioritizes prudence in credit growth and aims to mitigate the impact while focusing on smart business growth strategies.
RBI's ban to impact reputation of Kotak Mahindra Bank more than financial: Ashok Vaswani
"What is evident is that our efforts have fallen short of what the regulator expects. My commitment is to further accelerate our efforts and investments. Winning back the trust and reputation with our customers and regulators is number one priority for me and management,” Vaswani said after a board meeting to discuss March quarter earnings.
KVS Manian joining Federal Bank? Lender mum on new chief decision, gives a hint over succession plans
Federal Bank declined to comment on reports of KVS Manian as MD & CEO candidate, emphasizing their search for the best candidate, internal or external. Manian, a former Kotak Mahindra Bank executive, is speculated for the role. Federal Bank reported Q4FY24 earnings, with a net profit of Rs 906 crore
Kotak Mahindra Bank’s KVS Manian likely to join Federal Bank as MD CEO
The bank informed the stock exchange late Tuesday evening that Manian has stepped down from his position to pursue other opportunities in the financial services sector. Manian, who spent 29 years with the bank, has resigned with immediate effect.
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Operations continue uninterrupted: Kotak Mahindra Bank CEO Ashok Vaswani writes to customers amid RBI action
Kotak Mahindra Bank has reassured customers that all operations are continuing, despite the Reserve Bank of India (RBI) halting new customer sign-ups due to IT system failure. The bank's CEO, Ashok Vaswani, stated that customers can continue accessing existing banking services, but the issuance of new credit cards has been temporarily halted. Kotak Mahindra Bank is in constant communication with the regulator to resolve any issues.
RBI bars Kotak Bank from adding customers digitally
The Reserve Bank of India (RBI) has imposed strict restrictions on Kotak Mahindra Bank, a third-most valued private bank in India, for failing to fix its IT systems over the past two years. The bank was asked to stop functions cited "with immediate effect" and assured customers that there would be no interruption to services. Kotak Mahindra Bank has taken measures to strengthen its IT systems and will continue to work with the RBI to resolve balance issues at the earliest.
Kotak Bank's rejig seen to help retain key executives and ensure stability
On Monday, the bank announced the appointment of KVS Manian as joint managing director and Shanti Ekambaram as deputy managing director with effect from March 1, 2024. Both were seen as internal candidates for the CEO position. Before this appointment, there were news reports that KVS Manian was in the fray for the CEO position at Federal Bank, where the incumbent isn't getting the regulatory nod for another term.
Kotak Mahindra Bank reports 8% increase in net profit in Q3
Kotak Mahindra Bank reported 8% YoY growth in net profit to Rs 3,005 crore for Q3 2023, due to provisioning towards alternative investment funds and loss in the fixed income book. Net interest income rose nearly 16% YoY to Rs 6,553 crore. The gross non-performing assets ratio was 1.73%, and slippages increased to Rs 1,177 crore. The net non-performing assets ratio was 0.34%. Total advances were at Rs 3.72 lakh crore, driven by growth in retail micro finance and credit cards. The bank plans to raise funds and re-appoint Uday Shankar as independent director. For the nine months ended December, net profit rose 30% to Rs 9,648 crore.
Kotak Mahindra Bank hires Anupam Kaura as new HR chief for organisational transformation
Anupam Kaura has joined Kotak Mahindra Bank as the new chief human resources officer. The appointment of new HR comes after Ashok Vaswani assumed the office as CEO. The lender's whole time director Shanti Ekambaram said Kaura has experience in strategic HR leadership, change management, and technology integration.
Ashok Vaswani assumes charge as Kotak Bank's MD and CEO
Vaswani, a seasoned banker with experience at Barclays and Citigroup, is known for his role as a 'digital evangelist' at Barclays, where he pioneered digital banking, contributing to the bank's recovery after the 2008 financial crisis. As a chartered accountant and company secretary, Vaswani played a key role in reshaping Barclays' retail strategy after the global financial crisis. He is also associated with introducing Europe to digital banking through the innovative 'Pingit' mobile payments service.
Higher credit demand, lower NPAs to boost banking sector; public sector banks' total profit likely to touch Rs 1.50 lakh cr
India's banking sector is poised for another strong year, with public sector banks expected to achieve a total profit of Rs 1.50 lakh crore. The robust economic growth and stable non-performing assets are contributing to this positive outlook. However, slower deposit growth remains a challenge for banks. The RBI Governor Das has indicated that interest rates will remain high for the next six months.
Kotak Bank's new CEO choice reflects priorities over next decade: Santanu Chakrabarti
"We think KMB’s new CEO choice also reflects what they are prioritising over the next decade. They have chosen a global professional with best-in-class digital and technology experience rather than an Indian domain banker. At the risk of reading too much into it, we hypothesise that it is a statement of intent from the bank in terms of where it thinks the key competitive battleground of the future will be."
Board of Kotak Mahindra Bank appoints Ashok Vaswani as MD and CEO of bank
The board of directors at their meeting on Friday appointed Vaswani as a Director and Managing Director and CEO and a Key Managerial Personnel of the bank, for a period of three years with effect from January 1, 2024, Kotak Mahindra Bank said in a regulatory filing
Kotak Mahindra Bank board approves Ashok Vaswani's appointment as MD & CEO
Ashok Vaswani has been approved as the Managing Director and CEO of Kotak Mahindra Bank for a three-year term starting from January 1, 2024. The appointment received approval from the Reserve Bank of India in October.
Kotak Mahindra Bank's new outsider CEO Ashok Vaswani seen as break from billionaire founder
In a rare move for an Indian lender, Kotak went outside its own ranks with the selection of Ashok Vaswani as chief executive officer. Some senior managers were shocked and disappointed, as investment banker K.V.S Manian was seen as the front runner, according to people familiar with the matter. The bank’s board submitted both names for consideration and The Reserve Bank of India, which approves all senior bank appointments, chose Vaswani.
Stock market holiday: BSE, NSE to remain shut today on account of Dussehra
The multi-commodity exchange will also be closed for the morning session but will open for trading in the evening session (5-11:30 p.m.). In the entire calendar year, the markets have 15 annual holidays in 2023, two more than last year.
Is the stock market closed for Dussehra on Tuesday?
The multi-commodity exchange will also be closed for the morning session but will open for trading in the evening session (5-11:30 p.m.). In the entire calendar year, the markets have 15 annual holidays in 2023, two more than last year.
What exactly went wrong at Bank of Baroda, and what it tells about India's digital banking
Amid the rush to digitise banking, the news that employees of Bank of Baroda (BoB) tampered with bank accounts to inflate the number of digital users flags serious gaps in banking digitisation and lack of oversight as well as foolproof standard operating procedures.
Kotak Mahindra Bank can be a contra buy at 10-15% decline: Sandip Sabharwal
The appointment of Ashok Vaswani as the new CEO of Kotak Mahindra Bank brings a period of uncertainty to an end, but another period of uncertainty may lie ahead as external candidates often have trouble adjusting to the culture of the organization. Kotak's valuation remains at a premium compared to ICICI Bank and HDFC Bank, making it less attractive for investors. However, if the stock falls by 10-15%, it could present a contrarian buying opportunity. Other private banks like IndusInd and ICICI Bank are expected to continue outperforming.
Ashok Vaswani's brief: Igniting animal spirits at Kotak Mahindra Bank
Vaswani's challenges as the CEO of the country's fourth largest bank with a market value of ₹3.51 lakh crore would include ensuring management stability, building scale in commercial banking, maintaining margins while growing the balance sheet, and preserving a culture built on conservatism rather than aggressive growth, industry watchers said.
Meet 'digital eagle' Ashok Vaswani, who is set to be Kotak Mahindra Bank's first non-promoter chief
Vaswani will be the second full-time CEO at Kotak Mahindra Bank that began as a bill-discounting firm in the 1980s and converted into a full-fledged commercial bank early this century. It is among the few institutions that lives up to the name of a financial supermarket offering a full suite of services — from brokerage, to insurance to multi-billion-dollar advisory services and M&A.
Kotak Bank gets RBI nod to appoint Ashok Vaswani as MD & CEO for 3 years
Vaswani has more than three decades of experience in the banking sector. He was Chief Executive Officer of Barclays Bank, UK, and subsequently CEO of their global consumer, private, corporate and payments businesses.
Ahead of Market: 12 things that will decide stock action on Thursday
Analysts expect high volatility to persist over the next few trading sessions.
India leads global digital coding race: Barclays report
The index benchmarks 10 countries worldwide on their readiness to compete in the digital economy and was aimed at tackling areas in which the UK is lagging behind other countries.
I-banking is going through a difficult stage: Ashok Vaswani, Barclays
We will obviously play in the areas where we can add some value, where we can bring some competitive differentiation, where we can do something different.
Are oil marketing stocks worth buying after diesel deregulation?
ET analyses how the govt moves will impact OMCs and auto cos. The pundits are convinced that the govt is serious about deregulating diesel prices.
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