Sharing a potential #redflag on $IDFC First Bank Ltd given it's one of the most popular stocks.

Risk and credit underwriting policies are not clear. Their head of retail credit risk doesn't have the best track record. Shared 2 images from his tenure at Fullerton when he was head of risk and the NPA write-offs that were created due to lax policy. He was subquently the credit risk head for Reliance Money (Reliance Capital) and now heads Credit Risk for IDFC First.

Makes me wonder if IDFC First have an independent credit risk structure? Risk not being independent of business is the biggest red flag in financials - nicely explained in the book 'Diamonds in the Dust'.