Shares of IDFC First Bank plunged nearly 20 per cent after the lender disclosed a Rs 590-crore fraud involving Haryana government accounts. The Haryana government de-empanelled IDFC First Bank and AU Small Finance Bank from government business with immediate effect
RBI stated there is no systemic risk to the banking system following a Rs 590-crore fraud at IDFC First Bank’s Chandigarh branch. Four officials were suspended; the stock fell sharply amid ongoing investigation
