IndusInd Bank appoints firm to investigate root cause of accounting discrepancies
The Hindu
IndusInd Bank investigates accounting discrepancies in derivatives portfolio, potential impact on net worth, Moody's review for downgrade.
IndusInd Bank has appointed a professional firm to investigate the root cause of accounting discrepancies relating to its derivatives portfolio.
As per an estimate, ₹2,100 crore discrepancy in accounting may impact 2.35% of the bank's net worth.
The board of directors at its meeting held on Thursday (March 20, 2025), decided to appoint an independent professional firm to conduct a comprehensive investigation to 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, the bank said in a regulatory filing.
Besides, the firm would identify any lapses and establish accountability with regard to discrepancies in accounting.
The bank on March 10, had disclosed the ongoing review by an external agency, of certain discrepancies identified by the lender, in its account balances relating to its derivatives portfolio.
Meanwhile, Moody's has placed the IndusInd Bank's baseline credit assessment (BCA) under review for a possible downgrade following the disclosure.
Moody's placed IndusInd's Ba1 Baseline Credit Assessment (BCA) and adjusted BCA under review for downgrade.
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