Independent Probe
IndusInd Bank to hire independent firm to probe derivatives discrepancies
This story was originally published at 23:04 IST on 20 March 2025
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--IndusInd Bk: Independent firm to look into discrepancies disclosed Mar 10
--IndusInd Bank: Independent firm to conduct comprehensive investigation
--IndusInd Bank: Independent firm to identify root cause of discrepancies
--IndusInd Bk: Independent firm to identify lapses, establish accountability
NEW DELHI – IndusInd Bank on Thursday said it had decided to appoint an "independent professional firm" to comprehensively investigate the discrepancies disclosed by the lender on Mar. 10 in relation to the accounting of certain internal trades in its derivatives portfolio.
The independent firm would "identify the root cause of the discrepancies, assess the correctness and impact of the accounting treatment of the derivative contracts with regard to the prevailing accounting standards/Guidance, identify any lapses and establish accountability in relation to the above", the private bank said in an exchange filing late Thursday.
The disclosure on Mar. 10 has seen IndusInd Bank come under heavy fire, with its shares falling 24% since the discrepancies were made public. On Thursday, the shares closed 1.2% lower at INR 684.10 on the National Stock Exchange.
As per an internal review conducted by the bank, the discrepancies could have an adverse impact of around 2.35% of the bank's net worth as at the end of December, which is equal to around INR 15 billion.
On Saturday, amid intense speculation, the Reserve Bank of India said the lender's board and management had been told to fully complete the remedial action during the current quarter "after making required disclosures to all stakeholders". End
Reported by Siddharth Upasani
Edited by Ashish Shirke
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