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Informist, Tuesday, Apr. 22, 2025

--IndusInd Bank: Have not engaged EY for forensic audit as reported by media

--IndusInd Bank: Internal Audit Dept reviewing bank's microfin business

--IndusInd Bank: Engaged EY to help internal dept review some records

MUMBAI – IndusInd Bank Tuesday clarified in an exchange filing that it has not engaged EY for a forensic audit and that the bank's internal audit department is conducting a review of its microfinance business to examine certain concerns.

"As a part of the process of finalisation of accounts, the Bank's Internal Audit Department (IAD) is conducting a review of the bank's MFI (microfinance) business to examine certain concerns which have been brought to the bank's attention. In connection with this exercise, bank is engaged with EY to assist the IAD in reviewing certain records of the bank. The review by the bank is ongoing," IndusInd Bank said in the exchange filing.

The Economic Times on Tuesday reported that IndusInd Bank's board has appointed EY to undertake a second forensic audit, especially to investigate a INR 6-billion discrepancy related to accrual of interest income in its microfinance portfolio. 

On the National Stock Exchange, shares of IndusInd Bank closed nearly 5% lower at INR 787.50.  End

Reported by Kshipra Petkar

Edited by Ashish Shirke

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