'IDFC First Bank conducted a conference call on 23 February 2026 to discuss recognition of a incident of fraud at a branch in Chandigarh. V. Vaidyanathan, MD&CEO of the bank addressed the call:
Highlights:
The bank has identified an incident involving unauthorized and fraudulent activities by certain employees at a branch in Chandigarh and potentially involving other individuals / entities/ counterparties.
The bank received a request from a Department of Haryana Government for transfer of funds to another bank. In the process, certain discrepancy were observed in the amount mentioned against the balance in the account.
The matter is confined to a specific group of government-linked accounts within Haryana Government operated through a branch in Chandigarh and does not extend to other customers.
The aggregate amount under reconciliation across the identified accounts is approximately Rs 490 crore, while the bank is estimating additional impact o...
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