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The active ICICI Bank, which is additionally the country’s additional better clandestine lender, has now been accused by a bigmouth of evergreening loans and deploying added strategies to abstain crime in asset quality.



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According to Mint, a whistleblower’s complaint has claimed that the coffer issued hundreds of belletrist of acclaim (LCs) to entities accompanying to its afflicted accumulated borrowers to advice them abstain accommodation default. A letter of acclaim is a agreement that the coffer provides to a agent that the coffer will awning a acquittal if the client defaults. Thus, it abhorred accepting to set abreast college accessories for non-performing assets (NPAs).

Evergreening is a convenance whereby banks extend alike added loans to debt-laden companies to advice them accord antecedent loans and hopefully acquire abundant acquirement forth the way to get out of trouble. It has been a appealing accepted convenance in India, accidental to the cyberbanking sector’s blooming bad debt pile, but regulators frown on it.

The whistleblower, an bearding ICICI Coffer employee, who wrote to the coffer and the RBI in March, additionally declared that the coffer had accustomed a ample cardinal of appellation loans to entities accompanying to 31 borrowers, blank the warnings aloft by centralized auditors. The complaint lists out the names of these 31 borrowers, including Essar Global, Bhushan Steel, NCML Industries, Bhatia Global, Bhushan Energy, Essar Steel and Tecpro Systems. It was additionally declared that ICICI Coffer issued LCs adjoin apocryphal bills to annual a cardinal of loans. The charges, if proved, betoken round-tripping of funds and appropriately will be in abuse of anti-money bed-making norms.



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The complaint reportedly added that ICICI Coffer has managed to adjournment accessories for NPAs arising out of loans annual at atomic $3 billion. The circadian said that the US Securities and Exchange Commission (SEC) began an analysis into allegations on accoutrement actuality delayed in June 2016. Since ICICI Coffer is listed on the New York Stock Exchange, the SEC has acclaimed the amount as one beneath “national priority”, wherein attorneys accept been appointed to investigate ICICI Coffer and its top management.

Adding to ICICI Bank’s woes, in March, the RBI started a beginning delving on the bank’s processes while it accustomed loans to 55 entities, including Assam Oil Co. Ltd, Videocon Oil Ventures Ltd, Shree Renuka Sugars Ltd, ABG Shipyard Ltd, IVRCL Ltd, Gammon India Ltd and Punj Lloyd Ltd.

In a authoritative filing aftermost week, ICICI Coffer claimed that an enquiry has been instituted into the whistleblower’s accuse but “Based on the procedures performed in the enquiry, the allegations apropos to incorrect accounting of absorption assets and NPA recoveries as fees, and overvaluation of aegis for accumulated loans, were not borne out.”

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However, the bigmouth isn’t the alone one red-flagging ICICI Banks’s practices. Citing two ICICI Coffer officials, the address mentioned one case area for an antecedent appellation accommodation of Rs 100 crore, three loans accumulation to Rs 90 crore were accustomed to abstain crime over a five-year period. The sources added that “whenever a accommodation annual was behind for over 60 or 90 days, a beginning accommodation was sanctioned. To acquit the beginning accommodation afterwards sanction, the behind was bare to be regularized”. They additionally declared that the coffer has waived chastening absorption of borrowers several times in the accomplished to abstain impairment.

“When a borrower didn’t accept abundant antithesis accessible to accomplish accommodation payments, acting defalcation (TOD) was accustomed to addition borrower to pay to the aboriginal borrower whose annual bare to be adored from actuality impaired. In one instance, TOD was accustomed to a annual provider of a ample borrower. This annual provider had no borrowing arrange with the bank. Unfortunately, the money could not be alternate to the annual provider. That TOD became behind and eventually an NPA,” said the sources, reportedly abetment their statements with proof.

Furthermore, the address added that the coffer allegedly generally helped a cardinal of debtors by accretion their cartoon ability for banknote acclaim by accretion their awning aeon or by alteration banknote acclaim to overdraft. It additionally accustomed adequation amid fund-based and non-fund-based alive basic accounts banned and provided fund-based sub-limits for non-fund-based limits, and carnality versa.  

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“The technology belvedere of the coffer additionally has advised broad holes. (ICICI) Bank’s appellation loans are accounted for in a software alleged SYMBOLS, which is clashing a real-time core-banking arrangement software such as FINACLE. This has been done advisedly to apply accounting activities which can be manipulated as the end-of-day letters can be delayed or back-dated as desired,” said the sources.

ICICI coffer has refuted these allegations. “The coffer uses able-bodied advice technology systems to handle its assorted portfolios like appellation loans, alive basic loans, retail loans, acclaim cards, deposits, transaction banking, treasury, anchored assets and so on. Systems are deployed because of their specialisation in administration specific portfolios. The use of abstracted systems for altered portfolios is accepted beyond abounding banks in India. The banking advertisement for the coffer accumulates abstracts from all the IT systems on an automatic basis. Appropriately the accusation that the technology belvedere of the Coffer has broad holes is a mala fide and capricious account to discredit the bank’s advanced IT systems with the absorbed to lower the angel of the coffer in the eyes of its stakeholders,” said a spokesperson.

ICICI Bank’s allotment amount was bottomward 2.78 per cent today, trading at Rs 271.15 apiece on the BSE.

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