Induslnd Bank Engages EY To Help Internal Team To Review Microfinance Business
The lender’s Internal Audit Department is conducting a review of its MFI business to examine certain concerns
(The Corner Office Journal) -- Induslnd Bank Ltd. has engaged consulting and auditing firm EY to help the lender’s internal audit team in the review of its microfinance business.
As a part of the process of finalization of accounts, Induslnd Bank’s Internal Audit Department (IAD) is conducting a review of its microfinance institution (MFI) business to examine certain concerns, which have been brought to the bank’s attention, the private-sector lender said in a stock exchange announcement.
“In connection with this exercise, [the] bank is engaged with EY to assist the IAD in reviewing certain records of the bank,” it added.
Induslnd Bank, which clarified that the lender has not engaged EY for a forensic audit, said the review by the bank is ongoing.
The development came after Induslnd Bank last week said the review by an external agency pegged the negative impact of certain discrepancies in the bank’s derivatives portfolio at 1,979 crore rupees ($232 million) as of 30 June 2024.
Note: $1 = 85.1760 Indian rupees
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