Case of unapproved loans to 84,000 Indusind Bank customers, the bank said technical failure is the reason for this – Indusind Bank


Business Desk, Amar Ujala, New Delhi

Published by: Deepak Chaturvedi
Updated Sat, Nov 6, 2021 3:20 pm IST

Summary

IndusInd Bank admitted Saturday that it had disbursed 84,000 loans in May without customer approval. Along with this, it has been said on behalf of the bank that it was not due to human error but to technical failure.

industrial bench
– Photo: Social networks

listen to the news

IndusInd Bank admitted Saturday that it had disbursed 84,000 loans in May without customer approval. Along with this, it has been said on behalf of the bank that it was not due to human error but to technical failure. The bank has qualified the complainant’s claim as completely unfounded.

The issue was raised by an anonymous whistleblower
In clarifying this matter, IndusInd from the private sector said that according to the report provided by field staff after a thorough investigation in the last two days, the bank had disbursed loans without the consent of clients. This all happened due to a technical glitch and we are now quickly fixing this glitch. Significantly, on November 5, there were reports that an anonymous whistleblower had informed the bank’s management and the RBI that the company had disbursed perpetual loans without clients’ consent. He stated that the bank’s existing clients who have not been able to repay the loan are also receiving new loans from the bank.

Official statement issued by the bank
Now IndusInd Bank has issued an official statement about it. In this, whistleblowers’ perennial loan distribution allegations have been said to be unfounded. The statement says that all the loans have been granted by BFIL. This also includes loans disbursed during the first and second waves of Kovid-19. BFIN is actually a subsidiary of IndusInd Bank focused on microloans. In providing information, the bank also said that of these 84,000 clients, 26,073 were active at the end of September 2021 and have an outstanding amount of Rs 34 crore. This is 0.12% of the loan portfolio for the September quarter.

Expansion

IndusInd Bank admitted Saturday that it had disbursed 84,000 loans in May without customer approval. Along with this, it has been said on behalf of the bank that it was not due to human error but to technical failure. The bank has qualified the complainant’s claim as completely unfounded.

The issue was raised by an anonymous whistleblower

In clarifying this matter, IndusInd from the private sector said that according to the report provided by field staff after a thorough investigation in the last two days, the bank had disbursed loans without the consent of clients. This all happened due to a technical glitch and we are now quickly fixing this glitch. Significantly, on November 5, there were reports that an anonymous whistleblower had informed the bank’s management and the RBI that the company had disbursed perpetual loans without clients’ consent. He stated that the bank’s existing clients who have not been able to repay the loan are also receiving new loans from the bank.

Official statement issued by the bank

Now IndusInd Bank has issued an official statement about it. In this, whistleblowers’ perennial loan distribution allegations have been said to be unfounded. The statement says that all the loans have been granted by BFIL. This also includes loans disbursed during the first and second waves of Kovid-19. BFIN is actually a subsidiary of IndusInd Bank focused on microloans. In providing information, the bank also said that of these 84,000 clients, 26,073 were active at the end of September 2021 and have an outstanding amount of Rs 34 crore. This is 0.12% of the loan portfolio for the September quarter.


www.amarujala.com

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *