Why Axis Bank has Shamed the Banking Fraternity and country today .... Must read to know this.....
Axis Bank which has got its root which got started by a few disgruntled senior functionary of SBI , esp then DMD Mr Gupte , who decided to open a Bank in the year 1993-94 by taking best of the talents from SBI , Associates of SBI and other PSU Banks . The equity was mainly from SUUTI (UTI) and the bank was floated after the new economic liberalisation policy .
The Bank started well , as UTI Bank and was also perceived well by the people and robust system copied from PSU Banks mainly from SBI .
It did well as it was on the principle of customers delight , cutting edge technology of CBS system and the frustrated and talented officials of SBI and it's Associates and PSU Banks .
Dr P J Nayak who took over as MD of the bank took the Bank to its great height by taking care of its people, system and expansion .
The employees were cared so much that even lowest rung employees used to get ESOP benefits .
Then came the regime of Ms Shikha Sharma an IIM graduate who took over the Bank in the year 2008-2009 ,after taking over the mantle from Dr Nayak.
She came from ICICI Prudential with no background of Banking .In ICICI pru , she could not get along with her peer rivals esp Ms Chanda Kochar of ICICI and managed to get into the saddle of then great Bank UTI , which changed its name in 2007 as Axis Bank under Dr Nayak.
The day she joined she started kicking out the loyalists and Bankers who were with Dr Nayak and settled with the least competent people in her coterie who did know much of the Banking . She started eliminating all the Bankers from the top to bottom and testimony of the fact could be gauzed from the data that no one came from PSU Bank during her tenure to serve Axis Bank .
She kept on increasing her salary alongwith her few lieutenants such as Mr V Srinavasan ,Mr Rajesh Dahiya , Mr Rajeev Anand , Mr Jairam Sridharan and a few others . Allegations are as such that many of the outsourcing jobs were favoured to her near and dear ones by giving a go by to the established practices .
Board members were bought and ESOP allocations of the official at certain level were scrapped . Robust employee welfare system were compromised such as leave encashment ,restricted to only 60 days and other many welfare benefits were squeezed. While on other hand ,she kept on increasing her salary and ESOP allocations , which is in many Crores . Last FY she was the most satisfied industry lady who crossed her peer rivals salary of Ms Chanda Kochar . Its a matter of investigation that how she benefited her own ESOPs by selling at the price of its height around 630 when the watch list of loan decaying under her nose was 22000 crore and quarter after quarter Bank is sinking under cumulative loss ,YOY.
The recent spate of event which has brought the ignominy to the fore ,is mainly due to the reason that all robust compliance people at the top such as Mr Partha Mukherjee ( who is presently heading Laxmi Vilas Bank), Mr RV Sridhar, Mr R D Frank and many others left the Axis Bank due to high-handedness of the coterie of Ms Shikha Sharma.
Now a fuming frustrating lot of PSU Bankers mostly from SBBJ and other Banks are at the second rung who are spineless and keeping mum on the nefarious activities of Ms Sharma and her gang .
Most shocking activity is , that during demonetization , all Regional Heads were indirectly asked by its Retail Head and Group Executive Mr Rajiv Anand ,to sore up the numbers especially the Number of accounts and sell of insurance policies . Natural fall out of this instruction was the unprecedented business in some of the Circles esp Delhi Circle and a few Circles, where cases of non kyc compliances are caught in abundance .
Noteworthy to mention that a few employees who were caught in Cobra Post sting operation of mis selling are continuing in Delhi Circle and if sources are to be believed, it is the same set of employees who are again found to be in wrong practices .
The Bank had already paid a penalty of Rs 5 crores after Cobra Post Sting under the leadership of Ms Sharma
Please circulate this post to know the whole world that a few corrupt employees doesn't make Axis Bank , Majority of the employees are looking for a change in the top management ,to salvage their prestige and image which is built in years together .Why axis bank
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