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Motilal Oswal Report
IndusInd Bank Ltd. hosted a concall, to discuss the concerns around the whistleblower complaint regarding the evergreening of loans in its micro finance institution subsidiary (Bharat Financial Inclusion Ltd. - BFIL) and the disbursements of loans without customer consent. Here are the key takeaways:
the management has strongly refuted the allegations around the evergreening of loans, citing it as 'inaccurate and baseless.' It has further clarified the inadvertent disbursements to ~84,000 accounts happened without customer consent due to a technical glitch. However, of these, only 26,000k clients were active, with a loan outstanding of Rs 340 million (0.12% of MFI loans).
It was also reported in media articles that there have been various top-level resignations in BFIL. The management refuted the same and highlighted that no resignations have been received from the BFIL top management. Mr. MR Rao, Non-Executive Chairman of BFIL who resigned in September 2021, continues to work as an advisor with the IndusInd Bank.
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