RBI directs IndusInd Bank to complete remedial action this month

MUMBAI: The Reserve Bank on Saturday asked IndusInd Bank’s board to complete remedial action during the current quarter amid disclosure of a whopping Rs 2,100 crore discrepancy in accounting announced by the bank.

Earlier this week, IndusInd Bank disclosed a discrepancy in accounting with an estimated impact of 2.35 per cent of the bank’s net worth. Soon after the disclosure, massive price correction in the bank’s scrip was witnessed.

Basis the disclosures available in public domain, the bank has already engaged an external audit team to comprehensively review their current systems, and to assess and account for the actual impact expeditiously, RBI said in a statement. PTI