IndusInd Bank's accounting lapses

In March, the private sector bank had reported accounting lapses in the derivative portfolio which were estimated to have an adverse impact of approximately 2.35 per cent of the bank's net worth as of December 2024. Following this, the bank appointed external agency PwC to assess the impact on the bank's balance sheet, lapses at various levels and suggest remedial action. The agency in its report has quantified the negative impact of the above as of June 30, 2024, at ₹1,979 crore. On April 29, CEO Sumant Kathpalia and Deputy CEO Arun Khurana resigned from the bank, following which IndusInd Board appointed a Committee of Executives to oversee the operations of the bank, till a new MD & CEO assumes charge or a period of three months.