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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BANKING

Punjab National Bank recorded a credit growth of 13.6%, reaching Rs 11.17 lakh crore in the March quarter, alongside a 14.3% increase in deposits. Central Bank of India and Punjab & Sind Bank also reported advancements with loan growths of 16.20% and 16.39% respectively, indicating a robust performance in the public sector banking segment.

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BANKING

South Indian Bank experienced a 10% increase in gross advances, reaching Rs 88,447 crore by the end of FY25, while deposits grew at a slower rate of 5.5%, totaling Rs 1.08 lakh crore. The bank's CASA share slightly decreased compared to the previous year but showed improvement from December 2024 figures.

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BANKING

IDFC FIRST Bank has been authorized by the Central Pension Accounting Office (CPAO) to disburse pensions for central government pensioners, including high-ranking officials and former dignitaries. The bank's integration with CPAO is complete, allowing pensioners to receive their pension directly in their IDFC FIRST Bank savings account.

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BANKING

Kotak Alternate Asset Managers Ltd. plans to raise up to $2 billion for a new private credit fund in India. The fund will offer various financing options with expected returns of 18%-20%, relying on structured credit instruments. The private credit market in India is growing rapidly, reaching $9.2 billion across 163 deals last year.

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BANKING

Salila Pande has been appointed MD & CEO of SBI Card, effective April 1. With nearly three decades at SBI and key leadership roles in India and abroad, Pande is expected to drive innovation and growth for SBI Card. She previously led the retail business at SBI Mumbai Metro Circle and held international roles in Singapore and California.

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