Chandigarh, February 25: IDFC First Bank has completed a payment of ₹583 crore, including principal and interest, to various departments of the Haryana government amid an investigation into alleged fraud at its Chandigarh branch. The bank confirmed this in an official statement released on Tuesday, emphasizing that this action reflects its commitment to customer trust and transparency.
According to the bank, initial investigations revealed that some employees at the Chandigarh branch colluded with external parties to clear fraudulent documents and payment instructions, resulting in losses for the Haryana government departments. The bank stated that the investigation is ongoing, with relevant authorities and law enforcement agencies involved. It has pledged strict action against all responsible parties once the inquiry is concluded.
The statement clarified that despite the ongoing investigation, the bank has settled the full amount of ₹583 crore as claimed by the Haryana government. While adjustments to the final amount may occur based on other claims or agreements, the government’s claim has been fully addressed for now.
Haryana government departments have praised the bank for its prompt action, professional demeanor, and accountability. A government spokesperson noted that the bank acted swiftly based on principles, setting a precedent for financial institutions. IDFC First Bank has reiterated its financial strength and solid capitalization.
As of December 31, 2025, the bank’s position remains robust. CRISIL has assigned a triple ‘A’ rating for the bank’s fixed deposits, while it has received a long-term rating of double ‘A plus’ from CRISIL, ICRA, India Ratings, and CARE. The bank’s total customer business, comprising loans and deposits, has reached ₹5,62,090 crore, reflecting a year-on-year growth of 22.6 percent.
