IndusInd Bank Raises $2 Billion Via Market Deposits in March

India's IndusInd Bank garnered $2 billion in higher-cost bulk deposits in March, its biggest monthly haul in at least two years, as the lender shored up its funding base after disclosing accounting lapses.

- Reuters

MUMBAI:

The country's fifth-largest private sector bank flagged earlier in the month a $175 million hole in its balance sheet, citing accounting discrepancies in its derivatives portfolio.

The discrepancies have led to concerns over governance at the bank and the appointment of Grant Thornton to conduct a forensic review into the accounting lapses. The bank's shares are down nearly 27% since the lender disclosed the matter.