Puneet Matai, a seasoned data and AI expert, has made significant contributions to the banking industry by driving data and digital transformation initiatives. His strategic leadership, encompassing data governance, compliance, and AI/ML, has resulted in tangible benefits, including improved data quality, reduced risk, and enhanced customer experience. This article delves into his remarkable achievements and insights into the future of data management in banking.
The Reserve Bank of India (RBI) has announced bank holidays for June 2023, impacting operations of private and public sector banks across the country. This article provides a comprehensive list of bank holidays in major cities, highlighting the dates when branches will remain closed and outlining alternative banking services available during these periods.
Sanjay Agarwal, a self-made business mogul, is one of India’s newest generation of billionaires. He transformed his small finance company into a full-fledged bank in just two decades, earning him a spot among Rajasthan’s wealthiest individuals. Today, his AU Small Finance Bank serves over 30 lakh customers across India. Despite facing challenges in his early life, Agarwal’s determination and hard work led him to amass a net worth of over Rs 10026 crore, making him a testament to the spirit of entrepreneurship in India.
Financial expert Martin Lewis advises consumers to open accounts with higher interest rates to increase their savings. Nationwide offers a £200 incentive for switching accounts, with minimal effort required. Experts emphasize that switching banks generally does not significantly impact credit scores, unless done frequently. Individuals who switch accounts strategically can save substantial sums of money.
The highly-anticipated third season of the acclaimed financial drama ‘Industry’ is set to premiere on August 11th on HBO. The new season promises a fresh wave of characters and rivalries, with the addition of Kit Harington as the enigmatic Henry Muck, head of a green tech energy firm.
Jamie Dimon, the veteran CEO of JPMorgan Chase & Co., may be approaching the end of his tenure at the helm of the banking giant. During a recent shareholder meeting, Dimon hinted that he could step down sooner than expected, potentially within the next five years. The bank’s succession plans are reportedly ‘well on the way,’ with several key executives being groomed for leadership roles. Dimon has held the CEO position since 2006 and is widely regarded as one of the most influential figures in the financial industry.
Data-driven insights from Plain Facts shed light on key developments during the past week. India’s retail inflation remained stable at 4.83% in April, but food prices continue to escalate. HCL Technologies has defied the trend of shrinking headcounts in the software industry, adding 1,537 employees, while other IT giants have experienced significant layoffs. Apple aims to produce 25% of its iPhones in India over the next few years, forging partnerships with Indian vendors. The banking sector has reported strong earnings in Q4, but experts caution against relying on one-time gains. India’s merchandise trade deficit has reached a four-month high of $19.1 billion, driven by rising gold and oil imports, with exports facing challenges due to global trade headwinds.
Dinesh Dalmia, the founder of DSQ Software Group, has been accused of fraudulent activities that have defrauded nine banks and financial institutions of a staggering 200 crore. Dalmia has denied all the accusations, maintaining his stance as a “victim” and a “scapegoat.” A forensic audit conducted by six lenders has revealed a weak connection to him. However, a First Information Report (FIR) lodged by Vivriti Capital Limited (Vivriti) on April 6, 2024, in Chennai lists him as the prime accused of criminal breach of trust, conspiracy, cheating, and forgery. The FIR implicates several individuals, including Dalmia, Gopal Padia, Ramnath Arumugam, Pankaj Dalmia, and Yekulu Venkata Subbiah, Murali Babu, who are part of a group of companies collaborating to deceive Indian lenders. Vivriti claims that Dalmia used the name Dinesh Kumar during the period to obscure his infamous background, contributing to Vivriti’s lack of awareness. Gopal Padia, a businessman based in Singapore and the owner of Avemore Pte Ltd, a Singaporean company, held a significant stake and served as a director at RHP. He purported to be a customer of RHP and was involved in the importation of its products, although much of this assertion was later found to be untrue. RHP had asserted its involvement in the dairy sector, claiming operational facilities in Tamil Nadu and Maharashtra. RHP defaulted on its loans in August 2023. Vivriti later claimed to have discovered that Gopal Padia had resigned from RHP and sold his shares without notifying the lenders. Substantial sums were allegedly transferred to Singapore-based entities associated with him by RHP in 2023. In August 2023, eight additional lenders became aware of Dinesh Kumar/Dalmia’s fraudulent activities. These lenders, who had provided loans, bill discounting, and other facilities to RHP, were Axis Bank, HDFC Bank, SBI Global Factor Limited, Fincare Small Finance Bank, Maglix Labs Private Limited, IndusInd Bank, and . A forensic audit of RHP uncovered two categories of RHP-associated entities. Firstly, those directly linked to RHP feature joint directors such as Gopal Padia, Pankaj Dalmia, and Ramnath Arumugam. These entities include KMP Fortune Advisors LLP, Raadin Health Food Private Limited, Wegan House Private Limited, and Right Health Product Private Limited. Additional entities utilized for money routing purposes consist of Kamadhenu Beverages Pvt Ltd, Exemplar Dealcom Pvt Ltd, and three private entities named Arrowline Food N Beverages, Arrowline Organic Products, and Arrowline Dairy Products, among numerous others. Axis Bank inspected RHP’s premises in MIDC, Baramati, near Pune, where alarming signs of a deceptive operation with fraudulent intentions were discovered.
Despite commitments to lower emissions, Europe’s top banks provided $24.2 billion to fossil fuel companies in 2023. The Banking on Climate Chaos report found that European banks contributed just over a quarter of the global fossil fuel financing last year, with Barclays, Santander, and Deutsche Bank among the biggest lenders. European banks appear to be particularly blind to the risks associated with the expansion of LNG, financing new facilities that will lock us into fossil gas for decades to come.
Kotak Mahindra Bank witnessed a significant surge in its share price by 4.2% to ₹1,612.30 apiece on the BSE, following the announcement of better-than-expected Q4 results. The private lender reported a standalone profit of ₹4,133.30 crore for the quarter ended March 2024, marking an 18.22% growth year-on-year (YoY). Furthermore, its net interest income (NII) witnessed a 13% YoY increase to ₹6,909 crore, while the net interest margin (NIM) in Q4FY24 rose to 5.28% from 5.22% in Q3FY24, contributing to the positive investor sentiment.
