Yes Bank is in the process of carrying out an enquiry into a whistleblower’s allegations of irregularities in operations, potential conflicts of interest concerning a former chief and incorrect classification of non-performing assets, the bank said Wednesday.
The bank became aware of an anonymous whistleblower complaint in September 2018, through communications from stock exchanges. The private lender’s management then conducted an internal enquiry of these allegations under the supervision by the bank’s board of directors.
The enquiry resulted in a report that was reviewed by the board. Based on further inputs, the bank’s audit committee engaged an external firm to independently examine the matter. —FE