ICAI Set to Review IndusInd Bank's Financials Amidst Accounting Discrepancy

The Institute of Chartered Accountants of India (ICAI) may review IndusInd Bank's financial statements due to a notable Rs 2,100 crore discrepancy in its derivatives portfolio, potentially impacting 2.35% of the bank's net worth. This review aims to ensure compliance with accounting standards and regulatory guidelines.

The financial community is abuzz as the Institute of Chartered Accountants of India (ICAI) considers reviewing the financial statements of IndusInd Bank due to notable accounting discrepancies.

Reported discrepancies amount to Rs 2,100 crore, affecting about 2.35 percent of the bank's total net worth. IndusInd Bank publicly acknowledged these discrepancies on March 10, linked to its derivatives portfolio as of late 2024.

ICAI's Financial Reporting Review Board (FRRB) aims to conduct this review to ensure alignment with established accounting standards and regulations set forth by the Reserve Bank of India (RBI).

(With inputs from agencies.)