💨 Abstract

IndusInd Bank CEO Sumant Kathpalia has resigned, taking moral responsibility for accounting lapses in the derivatives portfolio worth Rs 1,960 crore. The lapses, which came to light in January, led to the resignations of Deputy CEO Arun Khurana and Chief Financial Officer Govind Jain. The bank is likely to post a loss or heavy decline in net profit due to these accounting errors.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖