BANKING

ICICI Bank's board has approved Sandeep Bakhshi's reappointment as Managing Director and Chief Executive Officer. His new term will begin on October 4, 2026, and conclude on October 3, 2028. This decision is subject to approvals from the RBI and shareholders. Bakhshi has led the bank since 2018, focusing on risk controls and asset quality.

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BANKING

Tiger Global's Supreme Court setback allows the income tax department to revive its 2018-19 assessment and a Rs 968 crore refund claim. The ruling, upholding the tax department's stance on a Flipkart stake sale, has unsettled foreign investors, raising concerns about ongoing and past transactions due to perceived reinterpretation of tax policies.

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BANKING

The National Company Law Tribunal has approved a major restructuring for Poonawalla Finance. This plan will split the company's lending and real estate businesses into separate entities. Poonawalla Finance will continue its lending operations. Its real estate assets will move to new companies, Rising Sun Holdings and Synergist Realtors. This move aims for sharper focus and better investor attraction.

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BANKING

Anuj Tyagi, CEO and MD of HDFC Ergo General Insurance, has resigned. He will depart in mid-April to pursue new ventures. Tyagi joined the company in 2008 and has been leading it since July 2024. The board is ensuring a smooth transition. Tyagi strengthened the company's foundation and expanded its reach. The board thanked him for his service.

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BANKING

The Central Information Commission (CIC) rejected the Central Registrar of Cooperative Societies' (CRCS) claim that letters from a Sahara depositor were untraceable due to office relocation. The CIC ordered the CRCS to submit a status report on actions taken regarding the depositor's letters and orders within four weeks, emphasizing the need to address the specific grievance.

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BANKING

Standard Chartered is reviewing its retail credit card business in India as part of a broader effort to reshape its operations in the country, people familiar with the matter said. The bank has held preliminary discussions with stakeholders and could take a decision as early as this year, though talks remain at an early stage and may change.

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BANKING

Government is pushing state-owned banks to use the JanSamarth portal for loans up to one crore rupees. This digital process aims to speed up credit for micro and small businesses. Banks can automatically access borrower data for faster loan approvals. This initiative is set to improve credit access for MSMEs.

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