Moneylife News Bites

Sashidhar Jagdishan’s Six Years at HDFC Bank: Did He Get a Fair Hearing?Sashidhar Jagdishan’s decision not to seek a third term as HDFC Bank’s MD & CEO has triggered intense speculation about the bank’s future. But behind the headlines lies a bigger question: Did Jagdishan pay the price for problems that began before his tenure?In this audio, Sucheta Dalal examines the six years of Jagdishan’s leadership—from the historic HDFC Ltd–HDFC Bank merger and the RBI’s digital banking restrictions to the Atanu Chakraborty controversy, the Lilavati Trust dispute, the MSRDC deposit matter and the Credit Suisse AT1 bond mis-selling episode.The HDFC merger was arguably the defining event of his tenure, bringing a massive mortgage book into the bank but also creating pressure on deposits, growth and profitability. At the same time, several legacy issues and regulatory challenges continued to follow the bank.The audio also looks at a larger concern for Indian banking: How much accountability should rest with a sitting CEO for legacy problems, and how much transparency should there be when regulators decide whether a bank chief gets another term?Sucheta Dalal puts Jagdishan’s record in context and asks whether his exit was warranted—or whether he was simply the banker left holding other people’s baggage.

Bank of Baroda has written off a staggering ₹35,715 crore in loans over the past five years, while recovering less than 28% of that amount. At the same time, the bank has agreed to pay US$600 million—around ₹5,700 crore—to settle claims linked to the collapse of NMC Health.In this audio, Sucheta Dalal examines the questions that these numbers raise about banking governance, accountability and taxpayer-funded institutions.Why are the names of large defaulters kept confidential? What does the NMC settlement reveal about internal controls and regulatory oversight? And can falling NPAs and lower write-offs really be celebrated when concerns about evergreening, stressed loans and governance failures persist?The discussion also looks at the wider imbalance between how large borrowers and ordinary depositors are treated—from loan write-offs and settlements to KYC-related account restrictions and growing concerns over access to customers' digital banking records.The headline numbers may suggest that India's banking system is healthier. But, as Sucheta Dalal argues, the real question is whether the system is becoming more accountable—or simply better at hiding its problems.

Foreign portfolio investors (FPIs) have been pulling money out of Indian equities. India has even slipped to the bottom of Bank of America’s Asia fund-manager preferences. Should this really worry us?In this audio, Debashis Basu explains why the FPI pessimism may be less alarming than it appears. While foreign investors remain heavily concentrated in large-cap stocks, Indian mutual funds and domestic investors are increasingly directing money towards small- and mid-cap companies—many of which are benefiting from powerful growth trends across pharmaceuticals, engineering, capital goods, defence, power and services.The numbers tell an intriguing story: while FPIs withdrew more than $50 billion from Indian equities between October 2024 and June 2026, mutual-fund SIPs brought in roughly ₹6.31 lakh crore during October 2024–July 2026.Basu also examines the much-discussed “AI opportunity” and asks whether India really needs to worry about not having a large listed semiconductor or AI hardware sector. More importantly, he argues that India should focus less on short-term FPI sentiment and more on attracting long-term foreign direct investment (FDI), particularly into manufacturing.The bigger question is not whether global fund managers currently prefer India. It is whether India can become the destination of choice for global manufacturers.

What really drives a country from poverty to prosperity?Economic theories often point to capital, technology, markets, institutions and sound policies. But Debashis Basu argues that there is a crucial missing ingredient: leadership.In this audio, we explore why good policies alone cannot create prosperity. Drawing on the experiences of Singapore, South Korea, Taiwan and China—and research on the economic impact of changes in national leadership—Basu examines how serious, visionary and accountable leaders can shape a country's economic trajectory.The key question is not simply whether a country has the right policies, resources or institutions, but whether its leadership has the ability and integrity to implement, learn, experiment and course-correct.The invisible hand of the market may be indispensable. But history suggests that successful economic transformation also requires another hand—visible, fallible and distinctly human.

What’s really inside the food packet you buy—and how much of that information is actually visible to you?In this video, Sucheta Dalal examines the ongoing battle over front-of-pack warning labels for foods high in sugar, salt and saturated fats, and asks a fundamental question: Do consumers have a right to know what they are buying before they buy it?The issue is now before the Supreme Court, after concerns were raised over the slow progress of the Food Safety and Standards Authority of India (FSSAI) in introducing effective front-of-pack labelling.The debate goes beyond nutrition labels. It is about whether consumers should have to decipher tiny-print ingredient lists, calculate serving sizes and percentages, or rely on health claims and marketing messages to understand what is really in a product.From malt drinks and fruit juices to flavoured yoghurt, namkeen, muesli and granola, this video looks at how seemingly healthy products can contain significant amounts of added sugar or sodium.The audio also explores evidence from a Mumbai study involving adolescents, which found that explicit red warning labels were more effective at helping participants identify healthier food choices than Health Star Ratings or NutriScore.With rising concerns around obesity, diabetes, cardiovascular disease and ultra-processed foods, the question is becoming increasingly urgent:When a packet is designed to sell, who ensures that the truth is equally visible?Watch, share and join the conversation on consumer rights, food safety and public health.

Can one honest officer change an entire system?In this episode, veteran journalist Sucheta Dalal examines the remarkable impact of Maharashtra FDA Commissioner Tukaram Mundhe's crackdown on food safety violations.From elite clubs and iconic restaurants to adulterated milk suppliers and government canteens, the message has been unmistakable: the law applies to everyone.Why has this enforcement drive triggered such widespread compliance? Why are businesses rushing to clean up before inspections? And what does this reveal about India's larger crisis of weak regulation, poor enforcement and powerful lobbying?Sucheta Dalal also places Mundhe's actions in the context of India's history, comparing his approach with administrators like GV Ramakrishna, SR Rao, GR Khairnar and RC Sinha, whose willingness to enforce existing laws transformed public institutions.Key topics covered:- The "Tukaram Mundhe Effect"- Maharashtra FDA raids on restaurants and clubs- Food safety and public health- Adulterated milk and fake food products- Regulatory enforcement vs. industry lobbying- Why India struggles with food safety compliance- Lessons from honest public administratorsWatch the full analysis to understand why credible enforcement—not new laws—is often the missing ingredient in protecting consumers.

A ₹6 crore railway station that hasn't seen a single train in nearly three years. Empty airports. Phantom schools. Idle hospitals. Ghost employees.Is India building infrastructure for citizens—or for headlines?In this audio, senior journalist Sucheta Dalal examines the growing phenomenon of "ghost infrastructure"—public assets that are inaugurated with great fanfare but remain unused, abandoned or grossly underutilised.From the mysterious Nishatpura railway station in Bhopal to loss-making transport projects, abandoned schools, idle airports under the UDAN scheme, unused hospitals and digital ghost beneficiaries, this investigation asks a simple question:Why are taxpayers paying for projects that fail to serve the public?Drawing on CAG audit reports, official data and documented examples from across India, this video explores:- The ₹6 crore ghost railway station- The Mumbai Monorail's continuing losses- Ghost schools and empty classrooms- Idle hospitals despite overcrowded patients- Ghost airports under the UDAN scheme- Phantom government employees and welfare leakages- Why announcements often matter more than outcomes- What accountability is needed before India can achieve Viksit Bharat 2047This is not merely a story about wasted money—it is about governance, accountability and the public trust.

India's highways, airports and digital infrastructure showcase rapid progress. But is physical infrastructure alone enough to achieve the dream of Viksit Bharat?In this thought-provoking talk, Debashis Basu argues that India's biggest challenge is not the lack of capital or technology, but a persistent human capital deficit. Drawing on economic research by Gregory Mankiw, David Romer, David Weil, Robert Lucas and Paul Romer, he explains why education, healthcare and skills—not just GDP growth—determine whether a nation becomes truly prosperous.The video also examines how South Korea, Singapore and China transformed themselves through sustained investments in human capital, and why India risks remaining trapped as a lower-middle-income country unless it reforms education, vocational training and public health.Topics covered:• Why human capital matters more than physical capital• The limits of infrastructure-led growth• India's skilling and employability crisis• Lessons from South Korea, Singapore and China• NEP, vocational education and workforce readiness• What India must do to realise the Viksit Bharat vision