HomeMarket NewsNCGTC examines 1,231 cr claim for Bandhan Bank under CGFMU plan following forensic audit
The comprehensive audit is now finished and based upon the evaluation, the NCGTC have actually examined the overall claim payment to the Bank under the CGFMU plan as 1,231.29 crore as on March 31, 2024.
Bandhan Bank today stated that the National Credit Guarantee Trustee Company (NCGTC) has actually finished the in-depth forensic audit of claims made by the bank under the Credit Guarantee Fund for Micro Units (CGFMU) plan, and examined the overall claim payment to the Bank under the CGFMU plan as 1,231.29 crore as on March 31, 2024.
Of this, the Bank had actually currently declared and gotten a quantity of 916.61 crore from NCGTC in December 2022. Thinking about that the very first claim has actually been settled to the level of 916.61 crore, last claim payment as on March 31, 2024 stands at 314.68 crore, Bandhan Bank stated in a declaration.
This quantity has to do with 56% of the 2,212.93 crores declared by the bank under plan, however consisting of the healings of roughly 228.40 crore made from accounts covered under CGFMU plan (declared under very first tranche), the bank will recuperate over 65% of the claims.
The Bank had actually formerly guaranteed a loan portfolio worth 20,807 crore under the CGFMU plan for the 2020-21 and paid out over 1,948 crore under the Emergency Credit Line Guarantee Scheme (ECLGS) because FY 2020-21. Bandhan Bank at first declared 916.61 crore from the NCGTC in December 2022 and later on applied for an extra 1,296.32 crore throughout the 2nd quarter of FY24. Following the claims, the NCGTC carried out an audit through an independent company, which caused observations that triggered a comprehensive forensic audit start in December 2023.
Upon conclusion of the audit, NCGTC modified the overall claim total up to 1,231.29 crore, with 314.68 crore pending after the settlement of the preliminary 916.61 crore claim. Particular accounts were omitted from the last claim due to functional restrictions dealt with by the Bank throughout the COVID-19 pandemic in FY 2020-21, which resulted in modifications in the payment.
“The comprehensive audit is now finished and based upon the evaluation of the audit result, the NCGTC has actually pondered and released an interaction dated October 10, 2024, in which they have actually examined the overall claim payment to the Bank under the CGFMU plan as 1,231.29 crore as on March 31, 2024. Thinking about that the very first claim has actually been settled to the level of 916.61 crore, last claim payment as on March 31, 2024 stands at 314.68 crore. The modified quantity thinks about exemption of specific accounts which have actually been changed from the claim, based upon a conservative technique taken by the Bank in view of particular functional spaces due to restrictions enforced by Covid constraints throughout FY 2020-21,” Bandhan Bank stated in its declaration.
In addition to the 314.68 crore payment, Bandhan Bank recuperated 228.40 crore from accounts covered under the very first tranche of claims.
