Bandhan Banks CGFMU Claim Faces Detailed Audit by NCGTC

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In a significant development, the National Credit Guarantee Trustee Company (NCGTC) has decided to conduct a detailed audit of claims filed by Bandhan Bank under a credit guarantee scheme. This move comes after the bank applied for a second tranche of the Credit Guarantee Fund of Micro Units (CGFMU) recovery, amounting to Rs 1,290 crore.

Preliminary Audit and Bank's Cooperation

Following the receipt of the first tranche of CGFMU recovery, Bandhan Bank submitted its application for the second tranche. NCGTC conducted a preliminary sample audit on the application, and the bank extended its full cooperation during the process. Based on the initial audit findings, the bank provided detailed explanations and supporting documentation to substantiate its claims.

Detailed Audit of CGFMU Portfolio

NCGTC has now decided to undertake a comprehensive audit of the bank's CGFMU portfolio for the financial year 2021. The bank has been duly informed about this development. It is important to note that this audit is specific to the CGFMU claims made by the bank and does not constitute a broader audit of the bank initiated by the regulator.

Bank's Response and Share Price

Bandhan Bank has expressed its commitment to fully cooperating with the proposed audit. The bank remains confident that it will successfully recover the initiated claim. Meanwhile, shares of Bandhan Bank closed at Rs 234.90 on the BSE, marking a rise of 0.79% compared to the previous close.

The detailed audit of Bandhan Bank's CGFMU claims highlights the importance of ensuring transparency and accountability in credit guarantee schemes. The bank's cooperation in the audit process demonstrates its commitment to maintaining high standards of governance and compliance. As the audit progresses, further developments in this matter will be closely monitored.