Money & Banking

ICICI Bank: US SEC investigation into loan impairment provisions over, no action to be taken

Our Bureau Mumbai | Updated on October 28, 2020

ICICI Bank has said the investigation by the United States Securities and Exchange Commission into its loan impairment provisions is over and it does not plan to take any further action.

“The bank has via its legal counsel received a communication from the United States Securities and Exchange Commission that they have concluded their investigation into the bank’s loan impairment provisions under US GAAP and that the SEC does not intend to take any enforcement action against the bank,” ICICI Bank said in a regulatory filing.

The disclosure came over two years after the private sector lender had on July 27, 2018, said it has been responding to requests for information from the SEC investigatory staff regarding an enquiry relating to the timing and amount of the loan impairment provisions taken under US GAAP.

“The bank evaluates loans for impairment under US GAAP for the purpose of preparing the annual footnote reconciling the bank's Indian GAAP financial statements to US GAAP. The bank has voluntarily complied with all requests of the US SEC investigatory staff for information and interviews related to the bank's US GAAP loan impairment process,” ICICI Bank had said at the time.

Published on October 28, 2020

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