Profile of Reserve Bank of India (RBI) Governor Dr. Urjit Patel from Bloomberg:
"Dr. Urjit R. Patel has been Governor of Reserve Bank of India since September 5, 2016 and served as its Deputy Governor from January 7, 2013 to September 5, 2016. "
On April 24, 2017 Dr. Urjit Patel delivered a Lecture at below location:
"India: Macroeconomic Challenges"
Monday, April 24, 2017
Reception | 2:30 to 3:30 p.m.
Lecture | 3:30 to 5:00 p.m.
Italian Academy at Columbia University
(1161 Amsterdam Avenue — between 118th and 116th Street)
The above lecture was hosted by Kotak Family (Mr. Uday Kotak - Promoter / Major shareholder of Kotak Bank).
Question:
Is there conflict of Interest when RBI Governor (Urjit patel and Raghuram Rajan) delivered a lecture?
Was any fees paid, who bore the travelling and stay expenses?
The above questions raised after reading a brilliant article by Hemindra Hazari (https://thewire.in):
Having Tackled Yes Bank, Will the RBI Take On Kotak’s Defiance?
The article is worth reading to understand:
In the case of KMB, the RBI made a special dispensation to Uday Kotak, providing him with a lengthy time frame to reduce his shareholding in a staggered manner to 20% by December 31, 2018, and finally to 15% by March 31, 2020. This relaxation was not given to similar banks like Yes Bank and IndusInd Bank. The RBI has never explained to the public why Uday Kotak was given such differential treatment. By this single relaxation, the promoters of KMB (essentially Uday Kotak) enjoyed a notional gain of a staggering Rs 15,609 crores as on June 30, 2018, which was denied to the non-promoter shareholders of KMB.
“I ask Kotak the obvious question: What is his next course of action? Without showing any sign of stress, he says the bank continues to believe that it has met the RBI’s requirement and will engage with the regulator. Since, unlike the capital market regulator, India’s banking regulator does not have any appellate body, I ask him whether he will explore legal options. Kotak says it is for the bank’s board to decide (on this).”
References:
Source for Hemindra Hazari article: Alphaideas.in
No comments:
Post a Comment