Bandhan Bank clarifies no audit by the regulator on microbook, shares trade in green

According to the bank, subsequent to receiving the first tranche of CGFMU recovery, the Bank had applied for second tranche of CGFMU claim amounting approximately Rs 1290 Crore.

Kolkata-based Bandhan Bank on January 9 said that the National Credit Guarantee Trustee Company (NCGTC) has decided to conduct a detailed audit for the credit guarantee fund for micro units (CGFMU) portfolio of financial year 2020-21, but asserted that this isn’t an audit by the regulator.

Bandhan Bank shares were trading at 234.30 apiece, nearly 0.5 percent up from the previous close, on January 9 morning, while the benchmark Sensex was trading 0.49 percent up from the previous close.

“We would further like to clarify that this is not an audit of the bank initiated by the regulator. It is only the audit of the CGFMU claim made by the bank pertaining to the portfolio,” the lender said in a notification to stock exchanges.

“The bank shall extend its full co-operation in the proposed audit and is confident that it will get recovery of the claim initiated,” the bank said.

According to the bank, subsequent to receiving the first tranche of CGFMU recovery, it had applied for a second tranche of CGFMU claim amounting approximately Rs 1,290 crore.

The NCGTC had conducted a preliminary sample audit on the application, and the bank has extended full co-operation in the process, it added. Based on the preliminary audit findings, it has given detailed explanations along with the process followed in support of the claim to NCGTC.