BANKING

Kotak Mahindra Bank on Wednesday said the tenure of Chengalath Jayaram as non-executive director on the board of the bank has ended on April 30. In a regulatory filing, the bank said Jayaram's term ended on April 30, 2024 on completion of eight continuous years (as a Non-Executive Director) on the bank's board, in line with the provisions of the Banking Regulation Act, 1949.

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BANKING

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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BANKING

As per latest data from the finance ministry, around 215,000 cases are pending before DRTs till January 2024, of which 162,000 are original applications (OAs) filed under Section 19 of Recovery of Debts and Bankruptcy Act (RDB Act), 1993. RBI data showed in FY23, around 58,000 cases with amounts totalling about ₹4.02 lakh crore were referred to DRTs.

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BANKING

At the time of the announcement, Manian said that he was tendering his resignation from Kotak Mahindra Bank to pursue other opportunities in the financial services sector that he is currently exploring. Manian also stepped down from his position on the board of the bank.

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BANKING

ICICI Prudential Life Insurance has been ordered to pay a GST and penalty of Rs 835 crore from Maharashtra's State Tax department for FY2019. The order includes violations related to input tax credit reversal, mismatch in ITC, non-payment of tax on fixed asset sales, and interest on GST payment.

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BANKING

The Indian financial system, recovering from a history of bad loans, faces new challenges as banks grapple with technology pitfalls. Kotak Mahindra Bank Ltd. was recently penalised for security deficiencies, highlighting broader risks of fraud and system vulnerabilities in the digital age. Regulatory scrutiny intensifies amid concerns about financial stability and cybersecurity in the evolving landscape of digitisation.

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BANKING

At a time when overseas capital flows have been firm, foreign lenders have requested the banking regulator for flexibility in compliance with the central bank's Large Exposures Framework (LEF), particularly in handling certain types of accounts that facilitate global transactions.

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