IndusInd Bank has issued an official clarification regarding the Serious Fraud Investigation Office (SFIO) probe, stating that the matter was reported to SFIO under mandatory RBI guidelines rather than being independently ordered by the Ministry of Corporate Affairs. The bank's clarification, issued under Regulation 30 on December 18, 2025, provides detailed context about the regulatory reporting requirements that led to the investigation.

RBI Mandate for SFIO Reporting

According to the bank's official statement, the RBI Master Directions on Fraud Risk Management dated July 15, 2024, mandate that any fraud reported to the RBI involving an amount of ₹1.00 crore and above must also be reported to the SFIO in the same format as submitted to the RBI.

Specific Matters Under Investigation

The bank disclosed that three specific areas were reported to SFIO on June 2, 2025. These matters include accounting of internal derivative trades, certain unsubstantiated balances in other assets and other liabilities accounts, and microfinance interest income and fee income irregularities.

Current Status and Communication

SFIO officials have had telephonic conversations with bank representatives and indicated they will send written communication seeking additional details from the bank. The bank stated it is currently awaiting this formal written communication from the investigation office.

Regulatory Compliance Framework

The bank emphasized its commitment to disclosure obligations under Regulation 30 of the SEBI Listing Regulations and assured continued compliance with these requirements. This clarification demonstrates the complex regulatory environment where banks must report potential irregularities to multiple agencies based on specific thresholds and guidelines.

The development highlights how regulatory reporting mechanisms can lead to investigations across different agencies, with banks required to maintain transparency about such processes with their stakeholders and the public.

Indusind Bank has announced the resignation of Shiv Bhasin from his position as Chief Transformation Officer, with the resignation becoming effective from the close of business hours on January 16, 2026. The bank disclosed this information through a regulatory filing under Regulation 30 of the SEBI Listing Regulations.

Resignation Details

The following table summarizes the key details of the resignation:

Official Communication

In his resignation email dated December 17, 2025, Bhasin expressed gratitude to the Board, Management Committee, and colleagues for their trust and support. He acknowledged serving the bank during a phase of significant transformation and change, highlighting the important foundations laid across transformation initiatives, data and technology modernization, governance, and operating effectiveness.

Bhasin committed to ensuring a smooth and orderly transition of responsibilities and extended full cooperation to enable continuity across ongoing initiatives during the notice period. He requested for his earliest possible relieving from job responsibilities.

Leadership Transition Impact

The departure of the Chief Transformation Officer represents a notable change in Indusind Bank's senior management structure. The role is crucial for driving digital initiatives and organizational change within the banking institution. The bank has not yet announced plans for Bhasin's replacement or interim arrangements for the transformation division.

Regulatory Compliance

The bank has fulfilled its disclosure obligations under Regulation 30 of the SEBI Listing Regulations, providing formal notification to the National Stock Exchange, BSE Limited, and Luxembourg Stock Exchange. The disclosure has also been hosted on the bank's official website in compliance with regulatory requirements.