IDFC First Bank on Sunday informed that it has identified a potential fraud amounting to ₹590 crore emerging from its Chandigarh branch, according to an exchange filing. The matter is confined to a specific group of government-linked accounts within Haryana government operated through the said branch in Chandigarh and does not extend to other customers of the Chandigarh branch, it said. The fraud amount is higher than ₹503 crore net profit that the lender posted in Q3FY26.The lender recently received a requ ...

Dubai - Mubasher: Emirates NBD has launched Emirates NBD-branded silver bars, expanding its precious metals portfolio for retail and high-net-worth investors seeking secure access to physical silver. The bars are available in denominations of 100 grams (g), 250g, 500g, and 1,000g, with high-purity silver (999.0 and 999.9) and the Emirates NBD hallmark ensuring authenticity and quality, according to a press release. This builds on the success of ‘Emirates NBD Gold,’ introduced in December 2025 as the UAE’s f ...

In an order issued by the additional chief secretary, the finance department laid down fresh conditions for opening bank accounts, managing deposits and ensuring stricter oversight.Under the new norms, administrative secretaries can approve opening of accounts for govt schemes only in nationalised banks operating in the state. Opening accounts in corporate or private sector banks will now require prior approval from the finance department.The govt said any proposal to open an account with a private bank mus ...

Group 1 - IDFC First Bank Ltd reported a discrepancy of Rs 590 crore in deposits linked to the Haryana Government at its Chandigarh branch, leading to the suspension of four employees pending investigation [4] - The Haryana Government has mandated the closure of all accounts with specific private banks, including IDFC First Bank and AU Small Finance Bank, effective February 18, 2026, requiring departments to shift funds to nationalised banks [3][4] - The bank has initiated a forensic audit and informed its statutory auditors, while also sending recall requests to beneficiary banks to lien-mark balances in suspicious accounts [4] Group 2 - The discrepancy is confined to a specific group of Haryana Government-linked accounts at the Chandigarh branch and does not extend to other customers at the branch [4] - The eventual impact of the discrepancy will depend on the validation of claims, recoveries, and the outcome of legal proceedings [4] - The move to close accounts with private banks is aimed at enforcing compliance with fund-parking guidelines and ensuring monthly reconciliations to safeguard public money [3][4]

Core Viewpoint - IDFC FIRST Bank Ltd has reported a fraud amounting to ₹590 crore at one of its branches in Chandigarh, which is currently under investigation [1][2]. Group 1: Fraud Details - The fraud involves discrepancies in accounts linked to a specific group of government-related accounts within the Haryana Government [5]. - The bank identified the fraud during a request from a Haryana Government department for account closure and fund transfer, which revealed inconsistencies in account balances [3][4]. - The total amount under reconciliation across the identified accounts is approximately ₹590 crore, with further impacts to be determined based on ongoing investigations and recoveries [2]. Group 2: Internal Actions and Investigations - Following the discovery of the fraud, the bank has suspended four suspected officials pending investigation [5]. - The bank plans to pursue strict disciplinary, civil, and criminal actions against those responsible, in accordance with applicable laws [6]. - A Special Committee of the Board for Monitoring and Follow-up of Cases of Frauds was convened to address the issue, and an independent external agency will conduct a forensic audit [6][7].

Core Viewpoint - IDFC First Bank has reported a ₹590 crore fraud involving four employees at its Chandigarh branch, primarily affecting government-linked accounts in Haryana [1][2]. Group 1: Fraud Discovery and Impact - The fraud was identified following a preliminary internal assessment after a request from a Haryana Government department for account closure and fund transfer revealed discrepancies [5]. - The fraudulent activities are confined to a specific group of government-linked accounts and do not extend to other customers of the Chandigarh branch [5]. - The total amount under reconciliation across the identified accounts is approximately ₹590 crore [1]. Group 2: Actions Taken by the Bank - IDFC First Bank has informed its regulator, filed a police complaint, and is cooperating with law enforcement agencies [4]. - The bank is appointing an independent external agency to conduct a forensic audit and has notified its statutory auditors about the fraud [5]. - Four suspected employees have been suspended pending investigation, and the bank plans to pursue strict disciplinary, civil, and criminal actions against those involved [6]. Group 3: Internal Review and Monitoring - A Special Committee of the Board for Monitoring and Follow-up of Cases of Frauds was convened to address the issue [6]. - Meetings of the Audit Committee and the Board of Directors were held to discuss the matter and ensure proper oversight [6]. - The bank has sent recall requests to beneficiary banks to lien mark balances in suspicious accounts [6].

Nifty Bank index began today’s session higher at 61,661 compared to yesterday’s close of 61,551. It is now hovering around 61,300, down 0.4 per cent.The advance-decline ratio is 3-11 now, showing a bearish bias. AU Small Finance Bank (up about 0.8 per cent) and IDFC First Bank (up 0.4 per cent) top the chart. At the other end, IndusInd Bank (down 0.9 per cent) and Punjab National Bank (down 0.8 per cent) are the top losers.Nifty PSU Bank and Nifty Private Bank have lost 0.4 per cent each. Therefore, both pu ...

He noted that customers are actively opting for green deposit options as environmental consciousness deepens.“First of all, there is a lot of public awareness and we find especially the youth more conscious about social causes and green deposits. So, we have just seen… somehow we went to our app and went to our website and we just promoted this concept of green deposits and we have four choices. Customers are choosing green deposits. So, we are actually quite happy to note there is a movement for green dep ...

Global investors, development finance institutions and commercial banks signalled an unprecedented scaling up of climate finance for India, positioning the country as a central pillar in the global energy transition.At the Mumbai Climate Week, speakers underscored the trillions of dollars required annually to meet net-zero goals. HSBC estimated that the global transition economy needs about $5 trillion a year — nearly double the current investment levels — with additional demand emerging from energy-intensi ...

Bank of Baroda, Bank of India, Of the 17,350 ATM contracts currently in the request-for-proposal (RFP) stage across banks, about 7,800 are structured around fixed payment models, underscoring the industry's pivot towards cost stability and long-term service alignment."Most of the contracts now being awarded are on fixed-price models, as banks have realised that if they want assured quality, consistency, and clearly defined outcomes from their partners, a fixed-fee structure works far better than a transact ...