English हिन्दी
Connect with us

India News

Ashok Hinduja reassures shareholders amid IndusInd Bank’s market turbulence

IndusInd Bank’s promoter, Ashok Hinduja, has assured investors of the bank’s stability, despite a sharp decline in its stock. He confirmed readiness to inject capital if required while emphasizing the strength of the bank’s financial position.

Published

on

IndusInd Bank promoter Ashok Hinduja addressing financial concerns

IndusInd Bank’s promoter, Ashok Hinduja, has assured investors that the bank remains financially strong despite recent turbulence in its stock performance. He confirmed that the promoters are prepared to inject capital if needed, reiterating confidence in the institution’s ability to handle its ongoing challenges.

The reassurance follows a sharp decline in IndusInd Bank’s stock, which plummeted 26% on March 11, wiping out nearly Rs 18,000 crore from its market capitalization. The drop was triggered by concerns over discrepancies in the bank’s derivatives portfolio, which is expected to have a 2.35% impact on its net worth.

“Shareholders need not panic”

Speaking to the media, Hinduja emphasized that the bank remains in a strong financial position.

“Shareholders need not panic. These are routine issues. I understand the concern regarding the delay in communication, but banking is built on trust and integrity,” he stated.

Hinduja also reaffirmed confidence in the bank’s leadership, noting that IndusInd Bank has successfully navigated various challenges over its 30-year history.

“We’ve seen IndusInd Bank through various challenges, and they have been handled effectively. This issue, too, will be resolved,” he added.

Capital adequacy remains strong

Despite the market reaction, Hinduja reiterated that the bank remains well-capitalized. He clarified that while the promoters are willing to inject fresh capital if necessary, the bank’s capital adequacy ratio stands above 15%, and there is currently no immediate concern.

“If there’s a need for capital raise, the promoter is ready to inject funds. We are awaiting approval from the regulator. However, as of now, the bank’s capital adequacy ratio is above 15%, and there are no concerns.”

Market reaction and leadership concerns

The decline in stock value was further exacerbated by brokerages downgrading IndusInd Bank following the Reserve Bank of India’s (RBI) decision to approve a one-year extension for MD & CEO Sumant Kathpalia—shorter than expected.

On March 10, IndusInd Bank disclosed that an internal review had revealed discrepancies in its derivatives portfolio, which could impact its net worth by approximately Rs 1,500 crore. However, the final impact is still subject to an external review.

Hinduja assured that the bank’s board and management are fully equipped to manage the situation, adding that similar challenges have been faced by banks worldwide.

“The board and management are capable of resolving these issues,” he stated.

As IndusInd Bank navigates the current volatility, investors are closely monitoring further developments regarding its derivatives portfolio review and capital injection plans.

India News

IPS Officer Nupur Prasad gets Medal for Meritorious Service after Sushant Singh Rajput probe

IPS officer Nupur Prasad, who led the CBI investigation into Sushant Singh Rajput’s death, has been selected for the Medal for Meritorious Service this year.

Published

on

IPS officer Nupur Prasad, who led the CBI investigation into actor Sushant Singh Rajput’s death, has been recognised with the Medal for Meritorious Service (MSM) this year.

A 2007-batch AGMUT cadre officer, Ms Prasad recently returned to the Delhi Police after completing her tenure with the CBI. She is currently serving as Joint Commissioner of Police in the Economic Offences Wing (EOW), where she oversees investigations involving financial and economic crimes.

The award is part of this year’s recognition for police personnel for distinguished and meritorious service. Such honours recognise contributions in areas including investigation, crime prevention, public service, law and order and administration.

Nupur Prasad’s role in Sushant Singh Rajput case

Ms Prasad came into national focus during the CBI investigation into the death of Sushant Singh Rajput, who was found dead at his Mumbai residence on June 14, 2020.

The case was transferred to the CBI in August 2020 following a complaint by the actor’s family and a legal dispute over jurisdiction.

During her tenure with the agency, Ms Prasad supervised key aspects of the investigation, including the examination of witness statements, forensic evidence and medical records.

In 2025, the CBI filed closure reports, saying its investigation found no evidence of foul play, abetment to suicide or criminal conspiracy in the actor’s death.

Career across Delhi Police, CBI

Ms Prasad has served in several positions during her career, including assignments in the Delhi Police, CBI, Arunachal Pradesh and West Bengal.

Before joining the CBI, she held senior positions in the Delhi Police and became the first Deputy Commissioner of Police (DCP) of Shahdara. During her tenure, she worked on establishing the district’s policing framework following its creation.

She also led operations targeting drug networks and illegal gambling activities while focusing on crime-prevention measures.

Later, as DCP of North Delhi, she oversaw security arrangements for major events, including Independence Day celebrations at the Red Fort and Delhi University elections.

Community-focused policing initiatives

Beyond investigations, Ms Prasad has been associated with community-focused programmes involving women’s self-defence, youth development, cyber safety and drug de-addiction.

During her CBI tenure, she was also associated with several prominent investigations. Media reports have linked her to cases concerning businessman Vijay Mallya and the AgustaWestland helicopter deal.

Current role in Delhi Police

After completing her assignment with the CBI, Ms Prasad returned to the Delhi Police and took charge as Joint Commissioner of Police in the Economic Offences Wing.

The latest recognition adds to her career spanning investigations, policing and public service across several challenging assignments.

Continue Reading

India News

Kharge, Rahul Gandhi skip Independence Day event for 2nd straight year

Congress chief Mallikarjun Kharge and Rahul Gandhi skipped the 80th Independence Day celebrations at the Red Fort for the second consecutive year.

Published

on

Rahul Kharge

Congress president Mallikarjun Kharge and Leader of Opposition in the Lok Sabha Rahul Gandhi skipped the 80th Independence Day celebrations at Delhi’s Red Fort for the second consecutive year.

Prime Minister Narendra Modi led the Independence Day celebrations at the historic venue on Saturday.

The absence of the two senior Congress leaders comes amid strained relations between the ruling party and the Opposition, which further deteriorated during the Monsoon Session of Parliament that concluded on Thursday.

2024 seating controversy

Rahul Gandhi had attended the Independence Day celebrations in 2024 but his seating arrangement triggered a controversy. The Congress leader, who holds the status of a Cabinet minister as Leader of the Opposition in the Lok Sabha, was seated in the second-last row during the ceremony at the Red Fort.

The Opposition had criticised the seating arrangement, calling it an insult to the people. The Defence Ministry, which organised the event, said the arrangement had been modified to accommodate Olympians at the venue.

According to protocol, the Leader of the Opposition is seated in the front row during ceremonial events.

Opposition-ruling party tensions

Relations between the government and the Opposition remained tense during the Monsoon Session, which ended on Thursday.

The session saw repeated clashes between the two sides, with both the Opposition and the ruling party blaming each other for the low productivity of Parliament.

The session began on July 20, with students marching towards Parliament on the first day. Twelve bills were passed during the session, while detailed discussion took place on only one legislation, concerning paper leaks.

The Congress, along with the Trinamool Congress and Samajwadi Party, also boycotted the customary tea party hosted by Lok Sabha Speaker Om Birla after the House was adjourned sine die.

Continue Reading

India News

PM Modi’s Saptadhara Vision: 7 streams driving India’s next growth phase

PM Modi outlined “Shakti Ki Saptadhara”, identifying seven streams including manufacturing, farming, technology, defence, green energy and soft power.

Published

on

PM modi speech

Prime Minister Narendra Modi, in his Independence Day address from the Red Fort on Saturday, outlined “Shakti Ki Saptadhara”, describing seven key streams that he said can drive India’s next phase of growth and strengthen its journey towards self-reliance and development.

The seven streams identified by the Prime Minister are manufacturing, farming, technology, Gatishakti, Raksha Shakti, green and blue economy, and soft power.

Calling on the country to focus on these areas, PM Modi said the seven streams represent India’s strength and can help the country become more self-reliant.

Manufacturing as the engine of growth

PM Modi called manufacturing the first stream of Saptadhara and stressed the need to significantly strengthen the sector.

He said India needs to produce both components and complete products and should emerge as a key destination in global supply chains.

The Prime Minister highlighted cost, quality and scale as important factors for Indian manufacturers to compete globally. He also stressed the importance of attractive packaging and precision in manufacturing.

Farming and food processing

Agriculture and food processing were identified as the second stream.

PM Modi said global markets are increasingly accessible to Indian farmers and called for greater efforts to take agricultural products from farms to international markets.

He highlighted traditional foods, millets, spices, fruits and vegetables, saying these products should be developed into global brands.

Technology and innovation

Technology and innovation form the third stream of Saptadhara, according to PM Modi.

He highlighted areas such as data centres, robotics and emerging technologies, saying India should aim to become a hub for these sectors.

Referring to the country’s experience with UPI and Digital Public Infrastructure, PM Modi said India has already demonstrated its technological capabilities and must now take the next leap in next-generation communication technology.

He also spoke about the goal of Made-in-India 6G reaching across the country.

Gatishakti and faster connectivity

The fourth stream is Gatishakti, with the Prime Minister stressing the importance of speed and connectivity for India’s growth.

PM Modi called for greater emphasis on roads and expressways to support businesses and said the country needs seamless, high-speed connectivity.

He also highlighted high-speed rail connectivity between cities and port-led development as areas requiring greater focus.

Raksha Shakti and self-reliant defence

Defence is the fifth stream of Saptadhara.

PM Modi called for greater self-reliance in defence manufacturing and highlighted the need to develop advanced technologies in the sector.

He particularly stressed the importance of drone and counter-drone technology, saying India needs to invest in these areas.

The Prime Minister also said India should move beyond being a market for defence equipment and work towards becoming a global supplier by developing next-generation defence technologies.

Green and blue economy

Green energy forms the sixth stream of Saptadhara.

PM Modi called for greater innovation in green energy and said India should aim for global leadership in green hydrogen, renewable energy and energy storage while continuing to contribute solutions to global challenges.

He also highlighted opportunities in the Blue Economy, particularly in fisheries, coastal tourism and ocean technology, saying these areas can create new pathways for India’s growth.

Soft power

Soft power is the seventh stream identified by PM Modi.

He cited Yoga, handicrafts, films, animation, gaming, digital content and the creative sector as examples of India’s soft power.

The Prime Minister also highlighted India’s potential to attract global tourists and called for greater focus on the country’s tourism opportunities, including its national parks and other attractions.

With “Shakti Ki Saptadhara”, PM Modi outlined a broad growth framework covering manufacturing and agriculture, emerging technology, connectivity, defence, sustainable energy, the blue economy and India’s cultural and creative influence.

Continue Reading

Trending

© Copyright 2022 APNLIVE.com