IDFC First Bank's Quick Recovery Amid Haryana Fraud Case

IDFC First Bank has promptly repaid Rs 583 crore to relevant Haryana government departments, following a significant fraud in its Chandigarh branch. The announcement was made on Tuesday, after the discovery of a Rs 590-crore discrepancy involving collusion by certain employees.

The Haryana government successfully recovered Rs 556 crore within 24 hours, as confirmed by Chief Minister Nayab Singh Saini in the Assembly. The rapid recovery included nearly Rs 22 crore in interest related to the fraudulent case.

IDFC First Bank assured that the issue was isolated to government-linked accounts in Haryana and is collaborating with law enforcement for further action. Meanwhile, the government de-empanelled AU Small Finance Bank and IDFC First Bank from handling government business amid the fraud allegations.