IDFC First Bank fraud case: RBI ‘watching development’; what the central bank said

IDFC First bank has filed police complaints, informed regulators and statutory auditors, and begun recovery measures.The Rs 590 crore fraud linked to Haryana government accounts stemmed from collusion between certain IDFC First Bank employees and outside entities, Managing Director and Chief Executive Officer V. Vaidyanathan said on Monday.Speaking during a special call with investors and analysts before the equity market opened, Vaidyanathan said the bank would make provisions in accordance with its policy ...