NFRA to Review Audit of IndusInd Bank’s Books After Complaint:

NFRA to Review Audit of IndusInd Bank’s Books After Complaint The National Financial Reporting Authority (NFRA) has got a complaint about the possible mistakes in IndusInd Bank's foreign exchange (forex) derivatives transactions. The complaint was filed on a government platform called Centralized Public Grievance Redress and Monitoring System (CPGRAMS) where people can write their complaints online. After receiving the complaint, NFRA is now collecting details from the RBI, as per this information the decision of starting a full investigation into the matter will be taken. The other authorities are already looking into this issue. SEBI is also checking if the bank has broken any rules under its control. The ICAI is also reviewing the bank's records to see if there are any accounting errors done. The IndusInd Bank has shared earlier about its mistakes in forex derivatives portfolios, which could decrease its net worth by 2.35% of December 2024. This error may result in Rs. 1,600 crore after tax and Rs. 2,100 crore before tax. The bank discovered these issues during an internal review. The problems were linked to transactions made over the last 7 to 8 years, up to the financial year 2023–24. The bank found this error while doing an internal review. The errors were connected to transactions which were made over the last 7 to 8 years, up to financial year 2023-24. Recently, a net loss of Rs. 2,329 crore was faced by the bank for the March quarter. The main reason behind this loss was keeping aside of more money (provisions) for the suspected accounting fraud. It is believed that there are some also employees who are involved in this. The bank's board has directed the management to inform investigation agencies and regulators. There will be a detailed forensic audit to find out what has really happened.