The private sector lender claimed twice from the credit guarantee fund for the micro units (CGFMU). After receiving the first tranche, it had applied for second tranche of CGFMU claim amounting to nearly Rs 1290 crore.
NCGTC had done a preliminary sample audit on the application, and further decided to conduct a detailed audit for the CGFMU portfolio of FY 2020-21, the bank said Tuesday in a regulatory filing to stock exchanges.
“We would further like to clarify that this is not an audit of the bank initiated by the regulator. It is only the audit of the CGFMU claim made by the bank pertaining to the portfolio,” Bandhan said.
The bank has assured full co-operation in the audit process and said it is confident of receiving the claimed sum.
Bandhan Bank’s gross non-performing assets ratio surged to 7.3% at the end of September last year as compared with 6.8% a quarter back. The NPA from micro and small loans was as high as 10.4%.
The bank had recovered Rs 1600 crore from the credit guarantee fund at the end of the second quarter out of the total stressed micro and small loans of Rs 6900 crore. It’s share price recovered 0.8% Tuesday to Rs 234.90 after losing nearly 4.5% in the last few trading sessions.