Infina Finance, one of the promoter group entities of Kotak Mahindra Bank which was barred by the RBI on Wednesday from onboarding new customers, had donated electoral bonds worth Rs 60 crore to the BJP.
Infina Finance, owned by the Kotak family, is listed as one of the promoter group entities of Kotak Mahindra Bank which has now been stopped by the RBI, with immediate effect, from taking on new customers and issuing fresh credit cards.
The RBI order issued on Wednesday said business restrictions on Kotak Mahindra Bank have been imposed in the interest of the customers as the Uday Kotak-controlled bank was assessed to be deficient in its IT Risk and Information Security Governance.
BSE data shows that, as of March 2024, the promoter and promoter group entities hold a 25.89 per cent stake in Kotak Mahindra Bank.
Uday Kotak is the promoter and single-largest shareholder of Kotak Mahindra Bank, with a 25.71 per cent stake. The remaining 0.18 per cent stake is held by other promoter group entities.
Infina Finance donated electoral bonds worth Rs 60 crore to the BJP which were purchased in the denomination of Rs 1 crore in 2019, 2020 and 2021, according to data submitted by the State Bank of India (SBI) to the Election Commission.
The RBI order states: “In the absence of a robust IT infrastructure and IT Risk Management framework, the Kotak Mahindra Bank’s Core Banking System (CBS) and its online and digital banking channels have suffered frequent and significant outages in the last two years, the recent one being a service disruption on April 15, 2024, resulting in serious customer inconveniences. The bank is found to be materially deficient in building necessary operational resilience on account of its failure to build IT systems and controls commensurate with its growth.”
Indian share market ends in red ahead of key global policy decisions
Ahead of key policy decisions especially from the US Federal Reserve, the Indian stock market closed in red on Tuesday as selling was seen in the PSU bank, auto, IT, financial service, pharma, FMCG, metal, and realty sectors of Nifty.
Buy on dips strategy working well in Indian stock market amid sharp rebound
The surge in the Indian stock market on Friday helped the Indian benchmark indices end the week on a positive note. A strong 2,000-point rebound from the lows suggests that the buy-on-dips strategy is working well in the market, experts said on Saturday.
India’s GDP growth to hold steady in FY25, likely to clock 6.7 pc in FY26
India's economic growth will continue to hold steady in FY25 despite global uncertainties, with a projected GDP at 6.7 per cent in FY26, a report showed on Friday.
Share market ends lower ahead of CPI data, Sensex settles at 81,289
According to experts, "the market continued to remain range bound ahead of domestic CPI data and weakening rupee. Though inflation is anticipated to drop, investors are maintaining a close vigil on the vegetable prices, which will determine the future rate trajectory."
Indian share market opens higher ahead of CPI data
The Indian stock market opened higher on Thursday ahead of the consumer price index (CPI) data. In the early trade, selling was seen in Nifty's auto and PSU bank sectors.
Tira unveils its flagship luxury beauty store at Jio World Plaza
Tira, the beauty retail chain of Reliance Retail, unveils its luxury flagship store today at Jio World Plaza, Mumbai which is poised to elevate the beauty shopping experience to unprecedented heights, offering an experience that is comparable with the best of global standards in luxury beauty retail.
Sensex crashes 984 points, loses 1,795 points in 3 trading sessions
Due to the decline, the market cap of all the companies listed on the Bombay Stock Exchange (BSE) has declined by about Rs 6 lakh crore which now stands at Rs 430 lakh crore.
Sensex slips below 78,000, investors lose over Rs 6 lakh crore
Indian equity indices traded in deep red on Wednesday due to large selling in the heavyweights like Reliance Industries and HDFC Bank, among others.