Kotak Mahindra Bank Clarifies Alleged Rs 160-Crore FD Fraud with Panchkula Municipal Corp, No Material Impact Detected

Kotak Mahindra Bank Ltd. has issued a clarification regarding a recent news item that appeared on the website moneycontrol.com, alleging a fraudulent fixed deposit (FD) of approximately Rs 160 crore linked to the Panchkula Municipal Corporation. The bank reassures that there is no material impact, as per Regulation 30(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Municipal Corporation of Panchkula has instructed Kotak Mahindra Bank to examine the matter, and the bank is fully cooperating with government authorities and law enforcement agencies in the process.