IndusInd Bank has appointed a professional firm to investigate the root cause of accounting discrepancies related to its derivatives portfolio. An estimated Rs 2,100 crore discrepancy in accounting may affect 2.35% of the bank's net worth.
During its board meeting on Thursday, the bank decided to engage an independent professional firm to conduct a thorough investigation. The firm will assess the accuracy and impact of the accounting treatment of the derivative contracts in line with the prevailing accounting standards, as stated in the bank's regulatory filing.
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