IndusInd admits to Rs 674 crore lapse, this time in microfin |...

IndusInd admits to Rs 674 crore lapse, this time in microfin

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IndusInd Bank faced scrutiny for wrongly booking Rs 674 crore in interest income. The bank reversed the amount after a whistleblower complaint. Internal audits revealed the accounting errors. CEO Sumant Kathpalia and deputy CEO Arun Khurana resigned. The Reserve Bank of India had earlier extended Kathpalia's term by only a year. The bank initiated corrective measures following the report.

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