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Private-sector lender Bandhan Bank is expecting the National Credit Guarantee Trust Company (NCGTC) audit of its claims under the Credit Guarantee Fund for Micro Units (CGFMU) and Emergency Credit Line Guarantee Scheme (ECLGS) to be completed soon, said Chandra Shekhar Ghosh, the bank's managing director and chief executive officer (MD and CEO).
“We expect the CGFMU audit to be completed soon. As per the communication, we are expecting a positive response,” Ghosh said at the post-results analyst call on May 17.
This comes after Bandhan Bank had taken insurance of the portfolio of Rs 20,800 crore under the CGFMU scheme and disbursed over Rs 1,950 crore under the ECLGS in FY 2020-21. The NCGTC has flagged that the loans were either evergreen or that Bandhan Bank created fictitious accounts to obtain the maximum guarantee cover.
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