IDFC First Bank Ltd Uncovers Fraudulent Transactions at Chandigarh Branch Impacting INR590 Crores

IDFC First Bank Ltd has discovered fraudulent transactions at one of its Chandigarh branches, involving Haryana government-linked accounts. The fraudulent transfers, potentially carried out with external parties, amount to approximately INR490 crores. The bank has suspended the suspected employees, appointed KPMG for a forensic audit, and initiated recovery and lien marking actions. The bank assures customers and shareholders that there is no impact on other customers or branches. The financial impact is estimated at INR590 crores, but the bank expects to absorb it due to its strong capitalization and improving profitability.