IndusInd to appoint external agency to probe discrepancies

MUMBAI: IndusInd Bank's board has decided to appoint an external agency to conduct a comprehensive investigation into discrepancies identified in its derivative portfolio.

On March 10, the bank disclosed that there was an ongoing review by an external agency regarding certain discrepancies in its account balances related to derivative transactions. The bank said any resultant impact would be appropriately reflected in its financial statements once the review is completed.

At its meeting today, the board approved the appointment of an independent professional firm to conduct a detailed investigation. The probe will focus on identifying the root cause of the discrepancies, assessing the correctness and impact of the accounting treatment of derivative contracts as per prevailing accounting standards, identifying any lapses, and establishing accountability.

Meanwhile the bank has issued a clarification that denying media reports that the central bank has sought an early replacement of the bank's CEO and deputy CEO.

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