Chandigarh, February 25: IDFC First Bank has completed a full payment of ₹583 crore, including principal and interest, to various departments of the Haryana Government amid an ongoing investigation into alleged fraud at its Chandigarh branch. The bank confirmed this in an official statement released on Tuesday, emphasizing its commitment to customer trust and transparency.
According to the bank, preliminary 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. The bank stated that the investigation is still being conducted by relevant authorities and law enforcement agencies. It has promised 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 be possible based on other claims or agreements, the government’s claim has been fully addressed for now.
Officials from the Haryana Government 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 robust capitalization.
As of December 31, 2025, the bank’s position remains strong. CRISIL has awarded 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.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
