Error or fraud: IndusInd Bank pressured to explain ₹2k cr derivative loss

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Error or fraud: IndusInd Bank pressured to explain ₹2k cr derivative loss - Business Standard

Quick Summary:

To stabilise operations, the Reserve Bank of India (RBI) approved the formation of an interim committee of executives to oversee the bank’s day-to-day management.

However, that language may now be insufficient, given the auditor’s legal responsibilities and the impact on investor and regulatory confidence. The decision on terminology rests with the bank’s board of directors, led by Chairman Sunil Mehta, and its audit committee, chaired by Bhavna Doshi.

The response of employees implicated in the forensic report prepared by Grant Thornton may influence how the bank ultimately characterises the issue in its 2024–25 annual report and the auditor’s report.