/
•
•
Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
An independent investigation, in its report, blames the notional recording of profits by the bank in its internal derivatives trades.
IndusInd Bank, in an exchange filing on Sunday, said that a report of an investigation into a discrepancy in its derivatives portfolio had found that it was caused by incorrect accounting practices. The impact on the bank’s financials has been estimated at Rs 1,959.98 crore.
“The Report identifies incorrect accounting of internal derivative trades, especially in case of early termination, which resulted in recording of notional profits, as the principal root cause for accounting discrepancy,” said the bank in its filing.
IndusInd found the discrepancy during an internal review related to the RBI Master Direction - Classification, Valuation and Operation …
The Kerala-based bank has been chasing costly and risky bulk term deposits amid tanking profitability.
As the private lender reeled from serial scandals, Hinduja insisted he was merely a shareholder. Board-level links, conflicts of interest and regulatory blind spots suggest otherwise.
After successive controversies and growing unease over promoter influence, the central bank is reshaping the lender—starting with management, moving to its board and tightening the screws on ownership.
