Bandhan Clarifies No RBI Audit on Microbook, Shares Rise Following Reassurance

9 Jan 2024 , 11:15 AM

Bandhan Bank declared that this is not a regulator’s audit, but rather that the National Credit Guarantee Trustee Company (NCGTC) has chosen to carry out a thorough examination for the credit guarantee fund for micro units (CGFMU) portfolio of the financial year 2020–21.

On January 9 morning, Bandhan Bank shares were trading at 234.30 apiece, up about 0.5% from the previous close, while the benchmark Sensex was up 0.49%.

‘The bank is confident that it will recover the initiated claim and will extend its full cooperation in the proposed audit,’ the bank stated.

The bank claims that after getting the first tranche of the CGFMU recovery, it applied for a second tranche of the CGFMU claim, which was supposed to be worth about Rs 1,290 crore.

The bank has offered complete cooperation in the process, and the NCGTC has completed an initial sample audit on the application, it continued. It has provided NCGTC with thorough justifications and the procedure that was followed in support of the claim, based on the preliminary audit findings.

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