Staff collusion led to account fraud, profits to stay solid despite provisions: IDFC Bank

The ₹590-crore fraud involving Haryana government accounts is the result of a collusion between employees of the IDFC Bank and external parties, its Managing Director and Chief Executive V Vaidyanathan said on Monday. In a specially convened call for investors and analysts ahead of opening of the equity markets, Vaidyanathan said the bank will take some provisions as a result of the fraud and in line with its policies to recognise any stress upfront.Also read However, the same is unlikely to have a major im ...