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RBI Governor Sanjay Malhotra Addresses IDFC First Bank's Rs 590-Crore Fraud, Citing 'No Systemic Issue'
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RBI Governor on IDFC First Bank fraud: 'No systemic issue here'
M
Moneycontrol
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24-02-2026, 09:29
RBI Governor on IDFC First Bank fraud: 'No systemic issue here'
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RBI Governor Sanjay Malhotra stated there is no systemic issue despite IDFC First Bank's Rs 590-crore fraud.
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IDFC First Bank shares fell nearly 16% after disclosing a Rs 590-crore fraud by employees in Haryana government accounts.
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The bank has suspended four employees, filed a police complaint, and ordered a forensic audit by KPMG.
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Haryana government has de-empanelled IDFC First Bank and AU Small Finance Bank for government business.
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Brokerage estimates suggest the fraud amount is about 0.9% of the bank's net worth and 20% of its fiscal 2026 pre-tax profit.
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