The pair were charged with serious misconduct by New Zealand Cricket.
New Zealand Cricket Players' Association executive manager Heath Mills said the two breached security protocols by leaving the hotel late at night to visit a nightspot in Chennai.
After leaving the nightspot, Redmond and Broom, in an act of good-natured but misguided charity, decided to hand out money to people living on the streets.
The act of generosity quickly turned sour as an unruly crowd developed.
The cricketers were picked up by the police and taken back to the station.
Broom and Redmond said they put their hands up so no other player was unfairly associated with the misconduct, NZPA reported..
Redmond said they had not informed team management they would be leaving the team's hotel.
"Unfortunately when we decided to leave the night spot we were picked up by police following another poor decision to hand out money to people living on the street, whereupon a crowd developed," Redmond said.
"The players fully accept that they should not have left the hotel, and also showed poor judgement," Mills said.
New Zealand Cricket dealt with the matter in house but Redmond and Broom came forward to clear their team-mates' names after the story was leaked last week.
