IDFC First Bank is dealing with a crisis that started with something as routine as a government department asking to close its account. When a Haryana government unit requested that its account at the bank’s Chandigarh branch be shut and its balance transferred, the numbers on the two sides simply did not match.
That mismatch uncovered what is now a Rs 590 crore fraud and led the state to immediately remove the bank from its list of empanelled bankers.
Axis Securities, in a detailed assessment of the incident, says the fraud appears to be linked to a set of government accounts at the Chandigarh branch.
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