Chat with M R Venkatesh on the health of the Private Banks of India

Who are the real shareholders in the Private Banks of India?

In this wide-ranging chat on India’s “Private” Banks where no one (including the Reserve Bank of India (RBI)) can tell who the real owners are, how their Chief Executive Officers are chosen and why the masters are keeping quiet on the transgressions of their CEO.

The exact shareholding details are listed in the form of graphs at the end of this post. GDR, Global Depository Receipts are counted as Foreign investment.

The need of the hour is:

  1. For the Watchdog organizations to bark and if no action, bite.
  2. Full disclosure by babudom on where their kith and kin are employed and to recuse themselves completely from decision making in cases of conflict of interest.
  3. The Big Four Accounting firms must reveal how many sinecure postings have been given. This must be a matter of public record.
  4. The need to re-constitute the entire board of the RBI.
  5. Who are the real owners in these Banks? Will RBI reveal this information?

Here are the shareholding details of the three biggest Private Banks in India.

ICICI Shareholding details
Fig 1. ICICI Shareholding details
Axis Shareholding details
Fig 2. Axis Shareholding details
HDFC Shareholding details
Fig 3. HDFC Shareholding details


  1. In your haste to sensationalise, you guys have quoted very high wrong PE in the case of ICICI and Axis bank,,their 52 week high is almost 40% what you have quoted.

  2. Scoundrels form team to loot people shamelessly.There is no law to haul them up.
    Even if there are laws,govt.has no courage to take action.
    Even if there is a political will to take action,bureaucrats will ensure no case move forward.
    If bureaucracy shows will,cases will not be heard in courts for decades.
    Simply pathetic!


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