Resilience of Indian banking system
India has a long tradition of banking, traces of which are in ancient literature. In modern times, India is probably the only country that has many commercial banks that trace their history of more than a century. These century-old banks survived the Great Depression of the 1930s and the partition of India in 1947. The rich tradition of successful commercial banking in India is based on responsible accounting practices for inter-generational sustainable performance.
In recent few days, IndusInd Bank (IB) has had issues with its financial health. The bank started operations in 1994 and is currently the 5th largest private sector bank in India. Recently, IndusInd bank has been in the news after it said that it found certain discrepancies as detailed below.