IDFC First Bank has cleared all outstanding claims from the Haryana government, paying out ₹583 crore in principal and interest linked to a suspected fraud at its Chandigarh outlet. The announcement came via an official communiqué on Tuesday, even as investigations into the scam persist. This proactive settlement highlights the lender’s dedication to upholding stakeholder confidence and maintaining utmost transparency in its dealings.
The fraud came to light through initial probes, which uncovered employee involvement with outsiders in approving fake paperwork and disbursements. State departments bore the brunt of these irregularities. Authorities and enforcement agencies are still delving deeper, and the bank vows comprehensive disciplinary measures once facts are established.
The bank emphasized that the payment matches the government’s exact demands, though minor tweaks might occur based on future reconciliations. Haryana’s leadership praised this swift action as exemplary corporate responsibility. Looking ahead, IDFC First Bank showcased its solid footing: triple ‘A’ CRISIL rating for fixed deposits and double ‘A plus’ from multiple agencies for long-term debt. Its loan and deposit portfolio hit ₹5,62,090 crore, up 22.6% annually as of late 2025. Such resilience positions the bank strongly amid regulatory scrutiny.