IDFC Bank settles fraud claims at ₹645 cr

IDFC First Bank has successfully reconciled accounts at its Chandigarh branch, concluding a significant fraud incident that emerged in February 2026. The bank announced that it has paid out ₹645 crore to claimants, which is ₹55 crore above its initial estimate of ₹590 crore due to additional claims associated with the same fraud. Following a thorough investigation into unauthorized activities by bank employees, which potentially involved external accomplices, the bank has confirmed that no further claims are pending. Its total deposit balance remains stable at ₹2,92,381 crore, reflecting continued customer confidence despite the scandal. The bank also reported a healthy liquidity coverage ratio of 114% for the quarter ending February 2026, indicating robust financial stability. Legal actions are ongoing against those involved in the fraud, which was first highlighted when discrepancies arose during a fund transfer requested by a Haryana government department. A forensic audit by KPMG has been initiated to assess the extent of the fraud and identify systemic weaknesses within the bank's operations.