NFRA gets IndusInd Bank complaint; in talks with RBI to avoid probe overlap

The National Financial Reporting Authority (NFRA) has received a complaint over accounting lapses at IndusInd Bank through the Centralised Public Grievance Redress and Monitoring System (CPGRAMS), according to people in the know.

 

The authority, however, is in talks with the Reserve Bank of India (RBI) to cross-check the investigations, including a forensic audit, that the central bank has conducted so far to avoid duplication, sources said.

 

“If RBI is already looking into the same issues and they are the regulators of banks, then NFRA need not do the same exercise again,” the source said.

 

IndusInd Bank on March 10 had