IndusInd Bank Launches Comprehensive Investigation

In a significant move, IndusInd Bank's board has decided to appoint an external agency to delve into discrepancies identified within its derivative portfolio. This decision follows the bank's disclosure on March 10 about an ongoing review by an external agency concerning certain discrepancies in account balances related to derivative transactions.

Focus of the Investigation

The investigation will concentrate on uncovering the root cause of these discrepancies, evaluating the accuracy and impact of the accounting treatment of derivative contracts in accordance with prevailing accounting standards, identifying any lapses, and establishing accountability.

Clarification on Leadership Changes

Amidst these developments, IndusInd Bank has clarified that reports suggesting the central bank sought an early replacement of the bank's CEO and deputy CEO are unfounded.