Kotak Mahindra Bank

Speaking at CII's Global Economic Policy Summit 2022, Kotak said that India is the fifth largest economy in the world and can rise further upwards. However, it's growth would depend on economic performance in terms of absolute GDP and absolute per capita income and doing well on current account and fiscal management, he said.

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"While motor (vehicle insurance) was muted at 12 per cent, retail health was higher at 19 per cent yoy (year-on-year). With a single-digit base ahead, we expect the motor business to pick up (20 per cent year to date- YTD). Retail health, up 14 per cent YTD, is also catching up," the report notes.

In stark contrast, the country's largest lender State Bank of India (SBI) reported only nine fraud cases during the same period. Though the nature of fraud and the quantum of amount involved in the cases is not specified in the data, the huge number of frauds reported by Kotak Mahindra Bank does raise concern.

Further the US 10-year yields regained the three per cent mark while commodities continued to slide lower. Providing some respite to the rupee was the fall in crude oil prices below US$100/bbl (from the week's high of US$114.8/bl) as fears of a potential global recession spurred concerns about oil demand. Further, the rupee got some support as the Reserve Bank of India (RBI) stepped in with measures to alleviate the dollar tightness.

Through its legal firm, Shardul Amarchand Mangaldas, BharatPe had appointed Alvarez and Marsal, a leading management consultant and risk advisory firm, to look into financial irregularities at the firm and submit the report to the Board. Ashneer's wife Madhuri Grover served as head of control at BharatPe since incorporation and headed procurement and admin departments.

During the same period of FY21, the bank had reported a standalone net profit of Rs 1,854 crore. Besides, Net Interest Income (NII) for Q3FY22 increased to Rs 4,334 crore, from Rs 3,876 crore in Q3FY21, up 12 per cent.