Ratan Tata launches North East Small Finance bank
Guwahati, June 17: Tata Trusts Chairman Ratan Tata and Assam's Finance Minister Himanta Biswa Sarma on Sunday launched the first 28 branches of the North East Small Finance Bank (NESFB), the region's first small bank.
"If India has to grow as a prosperous place, we need to create opportunities and entrepreneurship," Tata said at the function here.
The Tata Trusts Chairman, through the investment arm RNT Associates, has invested Rs 40 crore in the bank.
"Most of us who have seen the growth and prosperity in India have to admit that it has been easy for borrowers to find funds to grow. However, there is a vast number of people in India who have been either under served or not served at all and finance is not available.
"I wish the bank every success and the Tata Trusts has been very happy to participate and play a role in spreading prosperity to millions of people who do not have access to funds and the opportunity," said Tata.
RGVN (North East) Microfinance Ltd got the Reserve Bank of India's Small Finance Bank license on March 31, 2017 mandating it to carry out banking services in remote and "unbanked" areas of the eight states of northeast India, as well as in West Bengal and registered a public limited company by the name of North East Small Finance Bank Ltd.
"We are starting with 28 branches and will soon add another 80 branches. After that (we plan to) have branches in all the northeastern states," the bank's Managing Director Rupali Kalita said at a press conference earlier in the day.
The North East Small Finance Bank Ltd which has a net worth of Rs 300 crore is supported by infusion of funds from domestic and overseas investors.
"During the years of operation RGVN (NE) MFL got equity investment and able support from Small Industries Development Bank of India (SIDBI), the North Eastern Development Finance Corporation Ltd, Opportunity International, Australia (through DiaVikas Capital Pvt Ltd (India), Brahmaputra Community Development Trust, Norways's Nordic Microfinance Initiative, and Oiko Credit Netherlands," a bank official said.
Fresh equity for strengthening the capital base to promote the banking company was received from the SIDBI as well as SIDBI Venture Capital, RNT Associates Pvt Ltd, Pi Ventures LLP, Bajaj Allianz Life Insurance Company, Nordic Microfinance Initiative, and DiaVikas Capital.
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JPMorgan executive sued in New York over alleged sexual abuse, harassment by former colleague
New York: A senior executive at JPMorgan Chase has been sued by a former colleague in New York, with allegations of prolonged sexual abuse, racial harassment and workplace intimidation.
The civil suit was filed before the New York County Supreme Court, as reported by The Observer Post. It names Lorna Hajdini, an executive director at the bank, as the defendant. The complainant, identified as “John Doe,” is described as an Asian banker who worked in the leveraged finance division.
The complaint alleges that the misconduct began after the two started working together in early 2024. It states that the defendant allegedly used her senior position to pressure him into unwanted sexual encounters and threatened his career progression if he refused.
The lawsuit further alleges multiple incidents of coercion and claims that the harassment escalated into sexual assault, despite repeated objections.
It also includes allegations of racial harassment, stating that derogatory remarks were made about the complainant’s ethnicity and personal life. The complaint further alleges that the defendant admitted to drugging him on certain occasions and accessed his bank account without authorisation.
Two witnesses have been cited in the filing as corroborating parts of the complainant’s account, including hearing his protests during alleged incidents.
The complainant has stated that he reported the alleged misconduct internally in May 2025. He further alleges retaliation, including loss of system access, reprimands, and being placed on involuntary leave. He also claims he received threatening calls referencing his ethnicity and immigration status.
His counsel, Daniel J. Kaiser, said the complainant has suffered emotional trauma and professional setbacks, including a diagnosis of post-traumatic stress disorder.
Responding to the allegations, JPMorgan Chase denied any wrongdoing, stating that an internal investigation found no evidence to support the claims. The bank said that while several employees cooperated with the inquiry, the complainant did not participate in the process or provide supporting details.
