Indusind Denies Collusion Prior To Payment Crisis

IndusInd Bank today denied any collusion between itself and the group of brokers involved in the recent payment crisis on the Calcutta Stock Exchange (CSE).

In a release, the bank has said it has A written acknowledgment from CSE that it was informed about the bounced cheques.

Instead it has termed as incorrect the allegations made by the executive director of the CSE in his testimony to the joint parliamentary committee.

The bank has said that it performed strictly the role of a commercial bank. When the cheques of some brokers were dishonoured due to paucity of funds in the brokers account, "the Bank informed the CSE on the same day, for which it holds the bourse's written acknowledgment."

In his deposition to the Joint Parliamentary Committee, CSE executive director Tapash Dutta was quoted by the committee chairman SPM Tripathis as having said that the bank withheld the information for four days which in turn contributed to the crisis.

But IndusInd Bank has denied the allegation saying that it performed strictly the role of a commercial bank.