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Time of India
27-05-2025
- Business
- Time of India
IndusInd Bank shares in focus amid NFRA complaint over audit discrepancies
Shares of IndusInd Bank will be in focus on Tuesday following reports that the National Financial Reporting Authority (NFRA) has received a complaint highlighting audit lapses related to the bank's forex derivative portfolio. The complaint, lodged via the government's Centralised Public Grievance Redress and Monitoring System, has sparked a wider regulatory scrutiny. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like "무릎 시큰거리고 걷기 힘들어 하신다면… 이젠 집에서 편하게!" pt 더 읽기 Undo According to earlier ET reports, NFRA is consulting with the Reserve Bank of India ( RBI ) to decide whether to launch a formal probe into the bank's books. Additionally, the Securities and Exchange Board of India ( SEBI ) and the Institute of Chartered Accountants of India (ICAI) are also examining the matter for potential regulatory violations and accounting lapses. The complaint centres on discrepancies identified by IndusInd Bank itself during an internal review of its derivative portfolio. Live Events These irregularities, tied to transactions spanning over 7–8 years up to FY24, could result in a financial impact of nearly Rs 1,600 crore post-tax and Rs 2,100 crore pre-tax, with the bank earlier flagging a potential 2.35% hit on its net worth as of December 2024. Additionally, according to a report by NDTV Profit, J Sridharan, the executive vice chairman of Bharat Financial Inclusion, has resigned with immediate effect. Bharat Financial Inclusion serves as the microfinance subsidiary of IndusInd Bank. Further, two other officials responsible for handling loan data have been asked to leave. These exits come in the wake of findings that revealed significant accounting gaps in the microlending business. IndusInd Bank Q4 results IndusInd Bank reported a consolidated net loss of Rs 2,329 crore in its Q4FY25 versus a net profit of Rs 2,349 crore in the year ago period period amid losses in its derivatives segment. The private lender reported net interest income of Rs 3,048 crore in Q4FY25, which was down 43% YoY versus Rs 5,376 crore reported in the year ago period. The bank earned interest income of Rs 10,634 crore in the quarter under review, down 13% from Rs 12,199 crore reported in the corresponding quarter of the last financial year. Also read: EQT firm Sagility B.V. to offload up to Rs 2,671 crore stake in Sagility India via offer for sale IndusInd Bank share price performance Over the past one year, IndusInd Bank's stock has declined sharply by 44.50%. The year-to-date (YTD) performance shows a fall of 17.43%, while the six-month return is down by 20.73%. In the last three months alone, the stock has dropped 22.59%, and over the past month, it has slipped 2.68%. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Economic Times
27-05-2025
- Business
- Economic Times
IndusInd Bank shares in focus amid NFRA complaint over audit discrepancies
Shares of IndusInd Bank will be in focus on Tuesday following reports that the National Financial Reporting Authority (NFRA) has received a complaint highlighting audit lapses related to the bank's forex derivative portfolio. ADVERTISEMENT The complaint, lodged via the government's Centralised Public Grievance Redress and Monitoring System, has sparked a wider regulatory scrutiny. According to earlier ET reports, NFRA is consulting with the Reserve Bank of India (RBI) to decide whether to launch a formal probe into the bank's books. Additionally, the Securities and Exchange Board of India (SEBI) and the Institute of Chartered Accountants of India (ICAI) are also examining the matter for potential regulatory violations and accounting complaint centres on discrepancies identified by IndusInd Bank itself during an internal review of its derivative irregularities, tied to transactions spanning over 7–8 years up to FY24, could result in a financial impact of nearly Rs 1,600 crore post-tax and Rs 2,100 crore pre-tax, with the bank earlier flagging a potential 2.35% hit on its net worth as of December 2024. ADVERTISEMENT Additionally, according to a report by NDTV Profit, J Sridharan, the executive vice chairman of Bharat Financial Inclusion, has resigned with immediate effect. Bharat Financial Inclusion serves as the microfinance subsidiary of IndusInd Bank. Further, two other officials responsible for handling loan data have been asked to leave. These exits come in the wake of findings that revealed significant accounting gaps in the microlending business. ADVERTISEMENT IndusInd Bank reported a consolidated net loss of Rs 2,329 crore in its Q4FY25 versus a net profit of Rs 2,349 crore in the year ago period period amid losses in its derivatives segment. ADVERTISEMENT The private lender reported net interest income of Rs 3,048 crore in Q4FY25, which was down 43% YoY versus Rs 5,376 crore reported in the year ago bank earned interest income of Rs 10,634 crore in the quarter under review, down 13% from Rs 12,199 crore reported in the corresponding quarter of the last financial year. Also read: EQT firm Sagility B.V. to offload up to Rs 2,671 crore stake in Sagility India via offer for sale ADVERTISEMENT Over the past one year, IndusInd Bank's stock has declined sharply by 44.50%. The year-to-date (YTD) performance shows a fall of 17.43%, while the six-month return is down by 20.73%. In the last three months alone, the stock has dropped 22.59%, and over the past month, it has slipped 2.68%. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
26-05-2025
- Business
- Time of India
NFRA gets complaint against audit lapses at IndusInd Bank
The National Financial Reporting Authority ( NFRA ) has received a complaint against crisis-ridden IndusInd Bank , which has prompted the audit watchdog to gather inputs from the banking regulator, a person aware of the development said. NFRA has received the complaint over accounting discrepancies in IndusInd Bank's forex derivative portfolio through the Centralised Public Grievance Redress and Monitoring System, which is an online platform for citizens to lodge their grievances with the authorities. Based on its discussions with the Reserve Bank of India ( RBI ), NFRA may take a final call on whether to launch a probe into IndusInd's books, the person said. Already, apart from the RBI, capital markets watchdog Sebi is looking into any 'egregious violation' of norms by the lender that falls within its jurisdiction. The Institute of Chartered Accountants of India is also reviewing IndusInd Bank's books for any accounting lapses. Last month, IndusInd Bank said the accounting discrepancies in its forex derivative portfolio could have an adverse impact of around 2.35% on its net worth as of December 2024. The deficiencies were then estimated to have a financial impact of nearly Rs 1,600 crore post-tax and about Rs 2,100 crore pre-tax on the bank. The private lender, during an internal review of processes relating to other assets and liability accounts of the derivative portfolio, had found discrepancies in its derivative portfolio linked to transactions over 7-8 years through FY24. Last week, IndusInd Bank reported a consolidated net loss of Rs 2,329 crore for the March quarter. The losses were driven by higher provisioning towards accounting frauds. Suspecting involvement of certain employees, the bank's board also directed the lender to report the matter to investigative agencies and regulatory authorities. The bank is also undergoing a forensic probe .
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Business Standard
26-05-2025
- Business
- Business Standard
NFRA gets IndusInd Bank complaint; in talks with RBI to avoid probe overlap
The authority, however, is in talks with the Reserve Bank of India (RBI) to cross-check the investigations, including a forensic audit, that the central bank has conducted so far to avoid duplication New Delhi Listen to This Article The National Financial Reporting Authority (NFRA) has received a complaint over accounting lapses at IndusInd Bank through the Centralised Public Grievance Redress and Monitoring System (CPGRAMS), according to people in the know. The authority, however, is in talks with the Reserve Bank of India (RBI) to cross-check the investigations, including a forensic audit, that the central bank has conducted so far to avoid duplication, sources said. 'If RBI is already looking into the same issues and they are the regulators of banks, then NFRA need not do the same exercise again,' the source said. IndusInd Bank on March 10 had
India Gazette
16-05-2025
- Politics
- India Gazette
Total of 57,021 grievances redressed by States
New Delhi [India], May 16 (ANI): The Department of Administrative Reforms and Public Grievances (DARPG) released the Centralised Public Grievance Redress and Monitoring System (CPGRAMS) 33rd monthly report for States/UTs for April, 2025. The said report provides a detailed analysis of types and categories of public grievances and the nature of disposal by the States/UTs. According to release, a total of 57,021 grievances were redressed by the States and Union Territories in April, 2025. The pendency of grievances on the CPGRAMS portal stands at 2,08,103 grievances across the States/UTs Governments for the month of April, 2025. The report provides the data for new users registered on CPGRAMS through the CPGRAMS Portal in April 2025. A total of 62,227 new users registered for April, 2025, with maximum registrations from Uttar Pradesh (9,327), as stated in the release The said report also provides the state-wise analysis on the grievances registered through Common Service Centres in April 2025. CPGRAMS has been integrated with the Common Service Centre (CSC) portal and is available at more than 5 lakh CSCs, associated with 2.5 lakh Village Level Entrepreneurs (VLEs). 5,004 grievances were registered through CSCs in April 2025. It also highlights the major issues/categories for which the maximum grievances were registered through CSCs. The release mentioned that Uttar Pradesh has received the maximum number of grievances in April 2025, with the number standing at 25,863 grievances. 23 States/UTs have more than 1000 pending grievances as on 30th April, 2025. Uttar Pradesh and Gujarat disposed of the maximum number of grievances in April 2025, with the number standing at 22,834 and 3,624 grievances, respectively. 16 States/UTs have disposed of more than 1000 grievances between 1st to 30th April, 2025. The report also includes the status of grants released under the Sevottam Scheme in the FY 2024-25. In the last three Financial Years (2022-23, 2023-24, 2024-25), 822 training courses have been completed, in which ~27,230 officers have been trained. In March 2025, the Centralised Public Grievance Redress and Monitoring System (CPGRAMS) recorded significant activity for States and Union Territories (UTs). During this period, States/UTs received 59,271 public grievances, with 59,523 grievances successfully redressed by March end, 2025, reducing the pendency from 1,90,994 cases at the end of February 2025 to 1,89,742 cases. However, by April 30, 2025, the pendency increased to 2,08,103 cases, with 23 States/UTs reporting over 1,000 pending grievances each. Additionally, the monthly disposal of grievances in States/UTs slightly decreased from 59,523 cases in March 2025 to 57,021 cases by the end of April 2025. (ANI)
