Wednesday, August 8, 2018

Mint : ICICI Bank's accounts fudged

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According to Financial news paper Mint says that the accounts of ICICI Bank were fudged to keep the NPAs at lower level, during Chanda's period.

As financial year 2016-17 drew to a close, the ICICI Bank management wrote off unsecured portions of doubtful corporate loans totalling ₹5,000-5,600 crore, according to a note Kochhar sent to the bank’s board in early April.

The change in accounting policy that enabled these “technical write-offs” was cleared by the bank’s board only in the new financial year, and never communicated to shareholders, as required by banking and market regulators. Thanks, in part, to the changed policy, ICICI Bank managed to keep its 2016-17 bad loan ratios low, according to Mint. 

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