BANKING

LIC has refuted US claims of receiving 'special treatment' from the Indian government and regulators, stating it operates in a competitive market with other insurers. The insurer emphasized that it is treated like any other insurance company and the guarantee from 1956 has never given it an undue advantage.

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BANKING

The NCLAT has permitted Canara Bank and Indian Bank to proceed with labeling former directors of IL&FS, not part of the current board, as 'wilful defaulters'. The new board has been in place since October 1, 2018, with protection extended only to reappointed professional directors.

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BANKING

Uday Kotak, Asia's richest banker, warns of a significant deposit crunch threatening banks with margin erosion. Retail deposit growth is slow, pushing banks towards expensive bulk deposits. This situation leads to negative lending margins, especially with home loans. The challenge persists amid high-term deposit rates, tighter liquidity, and RBI's policy rate cuts.

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BANKING

State-owned Bank of Baroda reported a 12.8% credit growth with advances reaching Rs 12.3 lakh crore in the March quarter. Total deposits rose by 10.25% to Rs 14.7 lakh crore. Bank of India and IDBI Bank also showed significant growth in loans and deposits in the same period.

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BANKING

LIC announced its branches will remain open over the weekend and on Monday, a public holiday due to Eid, to help policyholders deposit premiums. This includes normal operations on March 29-31 as guided by the IRDAI's advisory issued on March 12, 2025, to avoid any inconvenience for policyholders.

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BANKING

IndusInd Bank's auditors dropped 'derivative valuation' from their key audit matters in the 2023-24 financial year, despite it being a significant concern earlier. This shift occurred even as the RBI issued directives in 2023 affecting the bank's accounting practices, leading to the eventual announcement of ₹1,500 crore in derivative losses by March 2025.

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BANKING

Munich turnaround specialist Mutares plans to launch a $250 million India-dedicated fund to acquire underperforming companies in manufacturing. With $100 million already achieved in Indian revenues, Mutares aims for two to three deals per year. The initiative includes local and global assets, targeting $10 billion in sales by 2028 through strategic acquisitions and turnarounds.

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