The Income Tax Department is scrutinising over 20 insurance firms—around 5–6 life insurers and 15 general insurers—for potential breaches of Expense of Management (EoM) norms in the past two fiscal years. No notices have been issued yet, but companies may face tax implications if unable to justify excess spending. The probe follows IRDAI’s revised expense regulations issued in April 2023.
Credit card issuance hits strongest pace in more than two years
The additions were led, once again, by the country’s largest issuers. HDFC Bank topped the list, adding 163,000 net new credit cards and edging past
July 27, 2026