Shayan Ghosh

HDFC Bank is facing complaints over the sale of a financial product that raised $100 million, the second time in recent years that India's biggest private lender is embroiled in such trouble in West Asia.

According to Neeraj Kumar, the projection was revised upward over the past two months after the RBI introduced measures in June allowing banks and public-sector companies to raise foreign-currency funds under a special window.

The bank has now fast-tracked the process to find its successor. With this, HDFC Bank becomes the latest private-sector lender to witness a leadership change.

HDFC Bank Deputy MD Kaizad Bharucha is likely to hold the fort while the lender searches for a full-time CEO, putting succession firmly in focus.

RBI has taken anywhere from a little over a month to 14 months to approve the appointment of chief executives of private banks.

The RBI on Wednesday said its dollar swap facility received a total of $136.4 billion till 31 August, with FCNR-B deposits accounting for the lion’s share.

As proof of the group’s track record in incubating and then offloading investments, Shah cited the case of Nuvama Wealth Management, a company that got listed in 2023, where Edelweiss shareholders received 30% of the shares.

Mumbai, Sept. 7 -- The Edelweiss Group sees itself as an investment house and incubator of long-term financial services businesses, and has identified a few white spaces it aims to fill, said co-founder and chairman Rashesh Shah.

The deputy governor warned that speed, concentration and opacity could amplify familiar financial risks and make disruptions spread faster through the system.

HDFC Bank Ltd said that a Bahrain court has rejected all seven cases brought by investors who bought Credit Suisse additional tier-1 bonds through