After this feat, the stock fell by 10 percent, even the cleanliness of the bank did not increase the confidence of the investors.
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IndusInd Bank share price: As soon as the market opened on Monday, the first trading day of the week, the shares of IndusInd Bank saw a decline of more than 10 percent. In this, trading closed at Rs 1,063.95 per share, down 10.52 per cent i.e. Rs 125.15. The reason for the fall in the shares of IndusInd Bank is a claim of the whistleblower.
The whistleblower has claimed that IndusInd Bank has disbursed 84,000 loans without the approval of the customers. Although the management of IndusInd Bank has given clarification in this matter on Sunday, but despite that there was a big fall in the shares of IndusInd Bank.
this is the claim
On Friday, November 5, there were reports that an anonymous whistleblower informed the bank management and RBI about BFIL that the company had disbursed all-time loans without the consent of the customers. The whistleblower claims that the existing customers of the bank who have not been able to repay the loan are also being given new loans.
Company’s argument
Although giving clarification in this matter, the bank had said that the field staff had informed about it in the last two days, but now this technical flaw is being rectified.
In this case, Indusind Bank has issued an official statement calling the allegations of evergreen loan baseless. All the loans are given and managed by BFIL. This also includes loans disbursed during the first and second wave of Covid-19. BFIL is a microlending focused subsidiary of Indusind Bank.
Indusind Bank said that in May 2021, 84,000 loans were disbursed without the consent of the customers due to a technical snag. The bank further said that some loans were disbursed in cash due to restrictions on coronavirus infection, containment zones and village-panchayat level.
Of these 84,000 customers, 26,073 were active as of the end of September 2021 and have an outstanding of Rs 34 crore. This is 0.12 per cent of the loan portfolio for the September quarter.
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