IndusInd Bank losses

IndusInd to provide for Rs 1,960 cr losses in Q4, to take action against staff

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IndusInd to provide for Rs 1,960 cr losses in Q4, to take action against staff

Mumbai: IndusInd Bank said on Sunday it would absorb ₹1,959.98 crore-or the full impact-of losses from incorrect accounting practices in its March earnings. It also promised action against errant employees and sought to strengthen accountability through a realignment of roles. “The board is taking necessary steps to fix accountability of the persons responsible for these … Read more

What’s behind the fiasco at IndusInd Bank?

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What’s behind the fiasco at IndusInd Bank?

Mumbai: IndusInd’s guarded statements. A flurry of accounting jargon. A maze of derivative deals behind the numbers. Social media chatter. Confusion. And then, the Reserve Bank of India‘s reassurance on a festive weekend. As the story plays out amid rating action and a 24% fall in the stock, the declaration of the bank’s derivative losses, … Read more