{"id":28212,"date":"2022-03-09T10:01:20","date_gmt":"2022-03-09T04:31:20","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-indusind-bank-loans\/"},"modified":"2022-03-09T10:08:24","modified_gmt":"2022-03-09T04:38:24","slug":"biz-indusind-bank-loans","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-indusind-bank-loans\/","title":{"rendered":"Micro loans sans customer consent due to tech glitch; panel to assess accountability: IndusInd Bank"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-494210534\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p> New Delhi, Mar 9 (PTI) IndusInd Bank has said microfinance loan disbursals by its subsidiary during the COVID-19 period was the result of a &#8220;technical glitch&#8221;, according to the findings of audit firm Deloitte, and the bank has set up a panel to assess its staff&#8217;s accountability.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3472830435\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p> The matter relates to allegations of disbursal of microfinance loans by its subsidiary Bharat Financial Inclusion Ltd (BFIL) between March 2020 and October 2021, without seeking the consent of the customers.<\/p>\n<p> Following receipt of the complaints, the bank took immediate corrective steps, including conducting an internal audit, IT audit and discontinuation of OTP-based authentication for loan disbursal in November 2021.<\/p>\n<p> Subsequently, it appointed Deloitte Touche Tohmatsu India LLP (Deloitte) to conduct an independent review.<\/p><div class=\"trade-content_5\" id=\"trade-3834314589\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> IndusInd Bank said Deloitte submitted its final report on March 7, 2022. On the basis of the assessment and findings of the report, the bank&#8217;s board noted key points that there was a technical glitch that led to the disbursement of loans without recording of client consent.<\/p>\n<p> It was a result of the IT change management and process gap, IndusInd Bank said in a late-night stock exchange filing on Tuesday.<\/p>\n<p> &#8220;The portfolio, net of provisions, where consent recording was an issue amounted to Rs 8.87 crore as of December 31, 2021 (0.03 per cent of the microfinance portfolio).<\/p>\n<p> &#8220;The bank&#8217;s microfinance products require the full collection of arrears or repayment of overdue loan outstanding prior to fresh disbursement to a customer. Certain operational issues were highlighted in product rollout,&#8221; the bank said.<\/p>\n<p> On a prudent basis, the bank carries a contingent provision of Rs 3,328 crore outside of the provision coverage ratio, including Rs 368 crore towards the standard microfinance portfolio, as of December 31, 2021.<\/p>\n<p> &#8220;Further, the bank will make an additional provision of Rs 13.5 crore in Q4FY22 based on the findings of the review. The board has constituted a committee to assess staff accountability, if any, arising out of the findings of the report,&#8221; it said in the filing.<\/p><div class=\"trade-content-10\" id=\"trade-3598191449\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> The lender reiterated that there is a &#8220;strong risk management and control framework in place&#8221;, which will be further strengthened, basis the findings of the independent review. PTI KPM  HRS hrs<\/p>\n<div class=\"trade-after-content\" id=\"trade-298642655\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>New Delhi, Mar 9 (PTI) IndusInd Bank has said microfinance loan disbursals by its subsidiary during the COVID-19 period was the result of a &#8220;technical glitch&#8221;, according to the findings of audit firm Deloitte, and the bank has set up a panel to assess its staff&#8217;s accountability. The matter relates to allegations of disbursal of [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31],"tags":[],"class_list":["post-28212","post","type-post","status-publish","format-standard","hentry","category-corporate-action","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Micro loans sans customer consent due to tech glitch; panel to assess accountability: IndusInd Bank - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-indusind-bank-loans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Micro loans sans customer consent due to tech glitch; panel to assess accountability: IndusInd Bank\" \/>\n<meta property=\"og:description\" content=\"New Delhi, Mar 9 (PTI) IndusInd Bank has said microfinance loan disbursals by its subsidiary during the COVID-19 period was the result of a &#8220;technical glitch&#8221;, according to the findings of audit firm Deloitte, and the bank has set up a panel to assess its staff&#8217;s accountability. 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