Shares of Bandhan Bank gained nearly 1 per cent on Wednesday after the private sector lender announced that it has received a claim payout of ₹289.59 crore under the Credit Guarantee Fund for Micro Units (CGFMU) scheme.
“It is to be informed that the bank has received claim payout of ₹289.59 crore under the CGFMU scheme (computed as ₹314.68 crore assessed as claim payout as at March 31, 2024, net of ₹25.09 crore pertaining to recoveries from eligible accounts from April 1, 2024 to October 31, 2024),” the bank said in a stock exchange filing.
The bank’s scrip ended the day at ₹151.45 apiece on BSE, up 0.77 per cent compared to the previous close.
In a stock exchange filing in October last year, it said the detailed forensic audit was completed and based on the review of the audit outcome, the NCGTC deliberated and issued a communication dated October 10, 2024, wherein they assessed the total claim payout to the bank under the CGFMU scheme as ₹1,231.29 crore as on March 31, 2024.
“Considering that the first claim has been settled to the extent of ₹916.61 crore, final claim payout as on March 31, 2024 stands at ₹314.68 crore. The revised amount considers exclusion of certain accounts which have been adjusted from the claim, based on a conservative approach taken by the bank in view of certain operational gaps due to limitations imposed by Covid restrictions during FY 2020-21...” it said, adding in total, therefore, the claim payout of ₹314.68 crore and the recoveries (from the first tranche claim) held in the bank’s books of ₹228.40 crore as on March 31, 2024 will be suitably accounted in the bank’s P&L as part of “other income”.