How IndusInd Bank's profit push and lax controls drove it into crisis

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How IndusInd Bank's profit push and lax controls drove it into crisis - Business Standard

Quick Summary:

The external trades were marked-to-market, meaning they reflected real-time market movements and were mostly profitable for the bank, adding to its trading gains, multiple sources said.

In September 2024, the bank's then chief financial officer, Gobind Jain, approached CEO Sumant Kathpalia to flag "suspicious transactions" in the derivative trades, according to two of the sources.

That compounded the mark-to-market losses as the bank had to repurchase the foreign currency at much higher rates than it had anticipated, the three sources said.