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Informist, Tuesday, Feb. 24, 2026

 

--IDFC FIRST Bank: Have paid back INR 5.83 bln to Haryana govt departments 

--IDFC FIRST Bank: Plan to recover dues, take actions against fraudsters 

 

MUMBAI – IDFC FIRST Bank Tuesday said it has paid back INR 5.83 billion to various departments of the Haryana government. The bank has repaid the state government departments the principal amount lost in the fraud, along with the interest, it said in an exchange filing. The fraud had come to light last week.

 

IDFC FIRST Bank on Saturday said it detected a fraud in accounts linked to the Haryana government, which was initially estimated at around INR 5.90 billion. The bank, which suspended four officials suspected of involvement in the fraud, has appointed KPMG to conduct an independent, external forensic audit.

 

The bank is now working with the state government departments and the law enforcement agencies to take action against the fraudsters. IDFC First Bank hopes to recover the dues, it said.

 

IDFC First Bank reiterated that the fraud will not deter the bank's growth trajectory going forward. "As stated publicly, with the MFI (microfinance institution) situation behind us, we expect to be strongly back in trajectory of profits from FY'27 onwards," the bank said. 

 

The bank said its strong margins will start to reflect in profits as it comes out of the investment stage. "The last few years have been a phase of building the foundation blocks, and the next few years we expect the operating leverage to reflect in the earnings," it said.

 

For the quarter ended December, the bank reported a net profit of INR 5.03 billion on a total income of INR 125.42 billion. Tuesday, the bank's shares ended at INR 70.97 on the National Stock Exchange, up 1.3% from the previous close.  End

 

Reported by Anshul Choudhary

Edited by Saji George Titus

 

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