IndusInd Bank denies report of PwC submits report to board

IndusInd Bank

IndusInd Bank on April 2 denied media reports that states that the PwC have submitted report to the board of the bank, according to the bank’s official statement.

“IndusInd Bank hereby clarifies that the Bank has not received the report from the external agencies who are conducting the review,” bank official clarified.

Earlier today, media report suggested that PwC have submitted its report to the board of the bank. The report also said that board will review the report to determine further course of action.

Prior to this, some media report said that PwC will submit its report on March 28.

IndusInd Bank's board has hired Grant Thornton to conduct a forensic audit into accounting lapses.

As per the mandate, Grant Thornton would conduct a comprehensive investigation to identify the root cause of the discrepancies and assess the correctness and impact of the accounting treatment of the derivative contracts with regard to the prevailing accounting standards.|

Additionally, the firm would identify any lapses and establish accountability with regard to discrepancies in accounting.

The bank on March 10, had disclosed certain discrepancies identified by the lender in its account balances relating to its derivatives portfolio.