Axis Bank woes…

Andy Mukherjee hits and hits hard:

Axis Bank’s credit costs have surged, mainly as a result of the nine accounts the lender has had to reclassify as nonperforming assets.

Whichever way you look at it, the failure of governance at Axis is now absolute. That other banks will also be admitting to having similarly lied about their nonperforming loans can’t be an excuse.

If the non-executive directors of Axis, including the former bureaucrat who chairs it, feel even a modicum of responsibility toward shareholders, they should quit, and leave it to a new board to deal with management and its fibs.

Governance has become such an issue…

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