Archive · 24 Jul 2025
IndusInd Bank to Raise Funds After Accounting Issues
IndusInd Bank, a bank backed by the Hinduja family, is planning to raise a large sum of money after some errors in its accounting were found.
These errors led to a loss of Rs 2,000 crore, and the bank's CEO resigned as a result.
To fix things, the bank will get money by selling bonds and stocks.
The Hinduja family, who own the bank, will now be able to choose two people to be on the board of directors.
The bank also had a large loss for the first three months of the year, showing its financial troubles.
IndusInd Bank will raise up to Rs 30,000 crore via debt and equity.
The bank's board approved the plan after a Rs 2,000 crore accounting lapse.
The Hinduja family will get to nominate two board directors.
The bank reported a net loss of Rs 2,328 crore for January-March.
CEO Sumath Kathpalia resigned due to the accounting issues.
- Who
- IndusInd Bank and the Hinduja family.
- What
- IndusInd Bank is raising funds through debt and equity after an accounting lapse.
- When
- The decision was made recently, following a loss reported for January-March.
- Where
- Mumbai.
- Why
- To restore confidence and address financial issues after accounting errors.
- Amount to be raised
- Rs 30,000 crore
- Method of raising funds
- Debt and Equity
- Accounting Lapses
- Rs 2,000 crore
- Net Loss (Jan-Mar)
- Rs 2,328 crore
- CEO Resigned
- Sumath Kathpalia
- NII Decline
- 43.4%