Tag: IndusInd Bank

ICAI to Review Financial Statements of IndusInd Bank Amid Discrepancies

The Institute of Chartered Accountants of India (ICAI), the apex body for chartered accountants, is set to evaluate the financial statements of IndusInd Bank, which is currently facing significant accounting discrepancies amounting to Rs 2,100 crore.

On March 10, the private sector lender revealed discrepancies related to its derivatives portfolio, with potential adverse effects estimated at approximately 2.35 percent of the bank’s net worth as of December 2024, according to an internal review. Analysts have assessed the total discrepancy to be around Rs 2,100 crore.

Given these circumstances, the Financial Reporting Review Board (FRRB) of ICAI is expected to conduct a thorough review of the bank’s financial statements. ICAI President Charanjot Singh Nanda highlighted the proactive approach, stating, “As a proactive measure, ICAI-FRRB may undertake a review of the financial statements of IndusInd Bank.”

The FRRB’s responsibilities include assessing compliance with various accounting standards, auditing standards, and regulations outlined in Schedule II and III of the Companies Act, 2013. Additionally, the board is tasked with ensuring adherence to guidance notes on accounting and auditing, along with the directions issued by the Reserve Bank of India (RBI).

IndusInd Bank had previously indicated that the accounting issues were identified around September-October of last year. The bank provided the RBI with a preliminary update regarding the matter last week. A definitive figure regarding the discrepancies will be determined after the external agency engaged by the bank completes its report, which is expected by early April.

IndusInd Bank Hit with ₹21.62 Crore GST Demand

IndusInd Bank Faces GST Demand Notice of ₹21.62 Crore

IndusInd Bank announced on Tuesday that it has received a demand notice from tax authorities amounting to approximately ₹21.62 crore, citing alleged short payment of Goods and Services Tax (GST).

The communication regarding this demand order was issued by the Deputy Commissioner of State Tax, Ahmedabad, Gujarat, highlighting various GST issues pertaining to the bank, as stated in a regulatory filing.

The financial implications of this order include a total liability of ₹21.62 crore, which encompasses penalties. In response, IndusInd Bank has expressed its intent to explore the possibility of filing an appeal against the order.

Indices end higher, Nifty above 17460, Sensex gained 657 points

Benchmark indices ended higher. Nifty added 197 points to end at 17463.80. Sensex gained 657 points to close at 58465.97.

BSE Midcap and Small-cap indices gained 0.6-1.2%.

Except for Nifty PSU Bank and Nifty Oil & Gas, rest of the indices ended in green. Best performing indices were Nifty Auto, Nifty Metal, Nifty Bank, Nifty Consumer Durables, and Nifty IT.

Top Gainers on Nifty:

Coal India 5.41%

Maruti Suzuki 4.07%

IndusInd Bank 3.14%

Bajaj Auto 3.03%

Hindalco 2.94%

Top Losers on Nifty:

ONGC -1.80%

Sun Pharma -0.86%

SBI Life -0.48%

BPCL -0.48%

ITC -0.48%

Stocks in focus Tomorrow

The US indices did very well on Friday. The US Futures also were showing upward movement. 10-year US Treasury yield also dipped. However, amid escalating tensions between Russia and Ukraine might put a damper on the freshly-building optimism. 

A bunch of corporate results were out on Friday and Saturday. The impact of those results will be seen on Monday. Some of those are discussed here:

Marico: The company reported its Q3 net profit at Rs.310 Cr vs. Rs.307 Cr (YoY) and Rs.310 Cr (QoQ). Estimates were at Rs.306 Cr. It exceeds estimates. However, a flat QoQ.  Its Q3 revenue stood at Rs.2407 Cr vs. Rs.2120 Cr (YoY) and Rs.2420 Cr (QoQ). It declared an interim dividend of Rs.6.25 apiece.

Brokerage agency ICICI securities has given a BUY call. However, it has reduced the target price to Rs.550.

L&T: The infrastructure major has declared its Q3 earnings. Its consolidated net profit stood at Rs.2055 Cr vs. Rs.2470 Cr (YoY) and vs. Rs.1819 Cr (QoQ). Estimates were at Rs.2300 Cr. It missed the Estimates.  Its Q3 revenue was at Rs.39563 Cr vs. Rs.35596 Cr (YoY) vs. Rs.34773 Cr (QoQ). Its revenue beats both QoQ and YoY. Its Consolidated order book were at Rs.340000 Cr at Quarter End.

HDFC SECURITIES:  It sets a target price of Rs.2296, with a BUY call. The LTP of the stock was 1897.55. 

Crompton Greaves: Household Appliances company Crompton Greaves Consumer Electricals declares Q3FY22 result. Its Q3 Consolidated net profit was down to Rs.148 Cr vs. Rs.151 Cr (YoY) and Rs.160 Cr (QoQ). Estimates were of Rs.166 Cr. It missed the estimates. Poor quarter.  Its revenue was seen at Rs.1411 Cr vs. Rs.1348 Cr (YoY) and Rs.1385 Cr (QoQ). 

IndusInd Bank: The private lender declared its Q3 results. Net profit rose to Rs.1241.55 Cr from Rs.830.39 Cr (YoY). The NII stood at Rs.3793 Cr, up 11% from the previous year’s figure of Rs.3406 Cr. Its Other income also grew by 14% to Rs.1877 Cr.

Its GNPA% declined to 2.48% from 2.77% YoY, while its NNPA% declined to 0.71% from 0.80%. Edelweiss has set the target price at Rs.1330 with a BUY call. LTP on Friday was Rs.903.55.

NTPC: The State-owned power major has reported a consolidated net profit of Rs.4626.11 Cr, a 19% rise YoY.
Its total income rose to Rs.33292.61 Cr vs. Rs.27526.03 Cr (YoY). The company declared an interim dividend of Rs 4 per share. 
The Stock has been in one of the Top Picks of HDFC Securities.

Relaxo: The company reported its Q3 revenue at Rs.743.52 Cr vs. Rs.672.02 Cr, (YoY) and Rs.714.43 Cr. It reported a lower Q3 net profit at Rs.70.10 Cr vs. Rs.90.07 Cr (YoY). 

Neogen Chemicals: The chemical manufacturer  has reported a 22.91% YoY rise in the consolidated profit at Rs.10.46 Cr. Its net profit stood at Rs.8.51 Cr. 
Its revenue from operations grew to Rs.132.64 Cr from Rs.85.15 Cr, a 55% rise YoY. Its EBITDA grew by 34.67% (YoY) to Rs.23.81 Cr from Rs.17.68 Cr.

HDFC Securities has set a target price of Rs.2150 with a BUY call. Its LTP on Friday was Rs.1691.65.  

 

   

IndusInd Bank Customer? Now Transfer Money From Abroad Through UPI

Now it has become easier than ever to transfer money from abroad to India. IndusInd Bank has entered into an agreement with National Payments Corporation of India (NPCI), under which customers sitting abroad will be able to easily transfer their money to India through UPI. The bank has started this facility from Thailand. Explain that the facility of Foreign Inward Remittance (FIR) has been started through the bank’s UPI.

Take advantage of this facility like this

Let us inform that IndusInd Bank has become the first bank in this initiative to transfer money from abroad to India through UPI. This bank can offer the facility of UPI payments for cross border payments or NRI remittances. The special thing is that this facility will work in real time.

Facility will start from Thailand

To avail this facility, the customer has to add the beneficiary on the DeeMoney website. Let us tell you that DeeMoney is a financial solution provider from Thailand that provides services like money transfer and foreign currency exchange.

The idea of ​​​​implementing the scheme in other countries

The bank plans to provide the facility of cross border payments with other countries through UPI in the future. The bank said that customers can avail this facility 24 hours a day. 

No need for bank account number 

People of India like to transfer money in the country without a bank account or only through UPI ID. Similarly, money can be transferred from abroad also through UPI. Bank account number will not be required for this. The sender just needs to enter his UPI PIN. Keep in mind that the information about all such transactions will remain with the government.

Important Information From IndusInd Bank: New RBI Guidelines On Recurring Payments

What is the impact of new RBI guidelines on my current Standing instruction (SI) set up on my cards?

We may have allowed merchants to auto-charge our Credit Card / Debit Card on a recurring basis for services such as Netflix, Postpaid mobile, Insurance payments, etc. These recurring payments will not get through for merchants not compliant with RBI conditions from 1st Oct’21 onwards.

However, the given list of merchants is compliant, re-registration is required:

  • Netflix
  • Hotstar
  • Max Life Insurance
  • Amazon Prime
  • Policy Bazaar
  • HDFC ERGO General Insurance
  • Google India
  • Vodafone
  • Bajaj Allianz General Insurance

What shall I do for my bill payments?

We have introduced 17,000+ billers on our bill payments platform.

For checking your existing billers or adding new billers:

Go To IndusMobile

Go To IndusNet

For FAQs on new RBI guidelines on recurring payments, please click here

Assuring you of our best-in-class services at all times.

Warm Regards,
Team IndusInd Bank

IndusInd Bank launches “IndusEasy Credit” a digital lending platform

IndusInd Bank launched ‘IndusEasy Credit’, a comprehensive digital lending platform that enables customers to meet their financial requirements from the comfort of their homes. With this, both existing, as well as non-IndusInd Bank customers, can instantly avail of personal loans or credit cards on a single platform in a completely paperless and digital manner.

A first of its kind proposition, ‘IndusEasyCredit’ offers a fully digital end to end process that leverages the power of India’s public digital infrastructure – ‘Indiastack’ to offer personal loans and credit cards in a paperless, presence less and cashless manner.