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RBI rejects reappointment of Raj Kumar Bansal as MD, CEO of Edelweiss ARC
VCCircle
ยท
1y ago
Medial
The Reserve Bank of India (RBI) has rejected the reappointment request of Raj Kumar Bansal as the Managing Director and CEO of Edelweiss Asset Reconstruction Company (ARC), according to an exchange filing by the company. Bansal also serves as the chairman of the Association of ARCs in India. The RBI had previously barred Edelweiss ARC and ECL Finance, an entity within the Edelweiss Group, from acquiring financial assets due to concerns of engaging in "evergreening" distressed loans. The RBI has increased its supervision of ARCs to ensure compliance and prevent systemic risks.
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CDPQ-backed Edelweiss ARC appoints insider as interim MD and CEO
VCCircle
ยท
8m ago
Medial
Edelweiss Asset Reconstruction Company appointed Mythili Balasubramanian as interim MD and CEO, following RBI approval. Balasubramanian, with over 40 years in banking and insolvency, will serve until September 30. Her appointment comes after the RBI rejected reappointment of former MD and CEO Raj Kumar Bansal. Edelweiss ARC, backed by Canadian pension fund CDPQ, manages Rs 28,000 crore in assets. The company plans to explore international opportunities and potential public listing in coming years.
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RBI imposes biz restrictions on Edelweiss' lending and ARC arms on evergreening concerns
YourStory
ยท
1y ago
Medial
The Reserve Bank of India (RBI) has imposed business restrictions on Edelweiss Group's lending and asset reconstruction arms due to concerns over evergreening of loans. The RBI has ordered ECL Finance Ltd to cease undertaking any structured transactions in relation to wholesale exposures, while Edelweiss Asset Reconstruction Company Ltd has been instructed to stop acquiring financial assets and reorganising existing assets. The central bank cited concerns over conduct of the group entities entering into structured transactions to evade regulations. The restrictions will be reviewed upon the rectification of supervisory observations by the group.
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Navi Finserv appoints ex-RBI director Anil Misra as non-executive Chairman
YourStory
ยท
1y ago
Medial
Former Executive Director of the Reserve Bank of India (RBI), Anil Kumar Misra, has been appointed as the non-executive Chairman of Navi Finserv Limited. Misra will join as the Executive Chairman while Sachin Bansal will continue as CEO. With extensive experience in overseeing banking and non-banking financial institutions, Misra's appointment is expected to strengthen Navi Finserv's focus on governance and long-term growth. Commenting on the addition, Bansal expressed excitement and emphasized Misra's expertise in financial services. Misra has also served on the boards of significant banks, including Punjab National Bank and Union Bank of India.
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Varun Garg Quits Edtech Unicorn upGrad, Joins Nandan Nilekaniโs EkStep
Inc42
ยท
2y ago
Medial
Varun Garg, the President of Learning Experience at upGrad, has departed from the edtech company after 7.5 years. His exit comes nearly 10 months after upGrad's CEO, Arjun Mohan, also left the company. Garg has joined EkStep, a nonprofit organization founded by Nandan Nilekani, focused on providing learning opportunities to students through a collaborative platform. Kshitij Jain, Raj Reddy, Abhishek Agarwal, and Ashish Nagar will take over Garg's responsibilities at upGrad, according to the company's co-founder and MD, Mayank Kumar.
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Uday Kotak passes baton to Dipak Gupta, top things to know about him
Livemint
ยท
2y ago
Medial
Dipak Gupta, currently Joint MD of Kotak Mahindra Bank, will serve as MD and CEO until December 31, 2023, pending RBI and member approval. Gupta, a highly regarded banker, joined Kotak Mahindra Primus Limited as CEO in 1996 and has held various leadership roles in the organization. Founder Uday Kotak expressed his commitment to the bank as a non-executive director and significant shareholder following his resignation as CEO.
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J&K Bank appoints veteran banker S Krishnan as non-executive chairman
Economic Times
ยท
3m ago
Medial
J&K Bank's board has approved the appointment of S Krishnan as its non-executive chairman, effective until March 26, 2028, pending RBI approval. Previously an independent director at the bank, Krishnan has served as MD & CEO of Punjab & Sind Bank and, following retirement, as MD & CEO of Tamilnad Mercantile Bank. With over four decades of banking experience, Krishnan holds a postgraduate degree in Commerce and is a qualified Cost Accountant.
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WestBridge Capital Divests Stake In IndiaMART For INR 380 Cr
Inc42
ยท
1y ago
Medial
WestBridge Capital recently sold shares of IndiaMART via three separate bulk deals, at a discounted price of INR 2,601 per share. SBI Mutual Fund acquired 10.8 lakh shares for INR 280.9 crore, while Morgan Stanley Asia (Singapore) PTE purchased 1.9 lakh shares for nearly INR 50 crore. This coincided with IndiaMART receiving shareholder approval for the reappointment of Dinesh Agarwal as its MD and CEO until January 2030.
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Yes Bank Open To Taking Over Paytm Payments Bank Merchant Accounts
Inc42
ยท
1y ago
Medial
Yes Bank is open to acquiring Paytm Payments Bank's merchant accounts, according to Yes Bank MD and CEO Prashant Kumar. However, this would require Yes Bank to complete Know Your Customer (KYC) verification and due diligence. Yes Bank sees this opportunity as a chance for cross-selling and long-term benefits. The Reserve Bank of India (RBI) had recently cracked down on Paytm Payments Bank but said that Paytm QR codes and card machines could still be operational after the March 15 deadline if the merchants migrate to other banks.
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RBI declines re-appointment of Federal Bank CEO
Livemint
ยท
1y ago
Medial
The Reserve Bank of India (RBI) has rejected the reappointment of Shyam Srinivasan as the Managing Director and CEO of Federal Bank. Srinivasan's term is set to end on September 22. The RBI has asked Federal Bank to propose at least two executives for the top position. The decision comes as part of the RBI's corporate governance guidelines that restrict the tenure of bank MDs and CEOs to 15 years. Srinivasan has been credited with transforming Federal Bank into a digital-friendly private bank.
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Slice secures RBI nod to appoint ex-Andhra Bank executive as MD & CEO
Economic Times
ยท
1y ago
Medial
Satish Kumar Kalra, former executive director of Andhra Bank, has been appointed as the new MD and CEO of North East Small Finance Bank. The RBI has approved his appointment, and he has already assumed office. The bank is in the process of merging with fintech unicorn Slice, aiming to create a tech-first digital banking platform focused on financial inclusion in the northeastern states. Kalra's appointment is expected to help drive the bank's operational matters and aid in broader funding plans for the merged entity. The bank intends to offer home loans, business loans, and savings accounts to its customers.
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