Institute of Chartered Accountants of India’s (ICAI’s) financial reporting review board (FRRB) will also review the 2015-16 financial statements of Axis Bank and Yes Bank for bad loans. ICAI’s financial reporting review board (FRRB) will also review the 2015-16 financial statements of Axis Bank Ltd and Yes Bank Ltd, the accounting body said. Similarly, RBI’s classification of Axis Bank’s bad loans was 156%, or Rs9,478 crore, more than the bank’s disclosure in fiscal 2016. ICICI Bank and Yes Bank did not respond to emails seeking comment. Both Axis Bank and Yes Bank were audited by S.R.

Source: Mint May 28, 2017 18:22 UTC