Banks to seek change in definition of 'fraud'
A rigid regulation requires all banks to label a borrowing company and all its accounts as 'fraud account (s)' when one lender puts a fraud tag. It sets off a process where lenders have to file police complaints and take a knock- which is often disproportionately higher than the size of the fraud -on their bottom lines.
Would like Deepak Parekh to continue as a key advisor to the group: Atanu ChakrabortyBoth the bank and HDFC Ltd have very high foreign shareholding. So, some shake-up from FIIs was expected. Some of the active funds were rebalancing their portfolios and moving toward bonds. But they were not buying because we were not in the index. Add to that the murmurs of regulatory roadblocks. Over the next few days since the announcement, we have explained to each and every institutional investor.
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