IDFC First Share Plunge Due To Fraud Case, Not De-Empanelment, Says Bank

IDFC First Bank has clarified that the recent decline in its share prices is primarily linked to an ongoing fraud investigation, rather than its de-empanelment from the Reserve Bank of India's (RBI) list of banks allowed to participate in government business. The bank emphasized that after an initial assessment of the fraud claims, the issue was escalated to its Special Committee of the Board for Monitoring and Follow-up of Cases of Frauds (SCBMF). This development comes amidst growing concerns among investors about the bank's operational integrity and governance. The clarification aims to restore confidence among stakeholders, asserting that the bank is taking necessary actions to address the allegations. IDFC First Bank continues to engage with regulatory authorities to ensure compliance and transparency as it navigates the challenges posed by these fraud allegations. The bank's proactive measures are crucial as it seeks to maintain its reputation and reassure clients and investors of its financial stability amidst scrutiny.