OTHER NEWS - July 6, 1992

Central Bank Orders Audit of 4 Foreign Banks: Citibank and Bank of America will be audited by government authorities in Bombay as part of India’s investigation into a billion-dollar financial scandal. India’s central bank also ordered a detailed scrutiny of the books of two other foreign banks, Australia’s Grindlays Bank and the London-based Standard Chartered Bank. The Reserve Bank of India said Saturday it appointed “special auditors to conduct a detailed audit of the treasury operations of four banks.” The Standard Chartered has said that its Indian branches lost $296 million in the scandal, the worst in India’s financial world. Grindlays has said that its possible losses stand at $168.67 million. The two American banks say they did not lose any money.