Private sector lender, ING Vysya Bank has suspended two officials after it discovered that they had presented disguised positions in foreign exchange currency trades. There are also losses which they have disguised.

One of them continued to take new positions when the market went in opposite direction with a hope to recover the losses incurred.

"About two months ago, the officials in question went on leave. ING has informed RBI about the development," said a person familiar with the development.

"It's unclear whether such trades took place on a sustained basis and for how long, but the losses may have surfaced when the forwards started moving up in anticipation that the central bank will raise interest rates," said a dealer with a foreign bank.