IndusInd Bank on Saturday admitted that in the month of May, it had disbursed loans to customers after taking approval from them. Such loans were given to 84 thousand customers. A day earlier, it was reported that some unknown whistleblowers have written to the bank management and RBI complaining that the bank’s microfinance focused subsidiary BFIL has done the evergreening of the loan. Under Loan Evergreening, a loan is given to the existing customer despite not repaying the loan.
Bank said – Whistleblower wrong, loan not evergreening
The bank has rubbished the complaints of the whistleblowers and said that the loan evergreening has not happened. all these loans BFIL has given and she was also managing it. These include loans given to customers during the first and second rounds of COVID and all the rules have been followed. However, the bank has admitted that in May 2021, 84 thousand loans were disbursed without asking the customers. But this happened due to technical fault.
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Bank said, SOP has been corrected, cash loan is not being given
The bank said that some loans were disbursed in the form of cash due to restrictions on coronavirus infection, containment zones and village-panchayat level. After this the SOP of the bank has been reviewed and 100% of the loan has been transferred to the customers’ account. Cash loan has not been given at all. As of the end of September 2021, out of these 84,000 customers, 26,073 were active and have an outstanding of Rs 34 crore. This is 0.12 per cent of the loan portfolio for the September quarter.
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