Economy
IDFC First Bank CEO Addresses ₹646 Crore Fraud
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THE BRIEF
1
IDFC First Bank CEO V. Vaidyanathan confirmed that the bank compensated the affected counterparty within one working day after a ₹646 crore fraud was discovered at the Chandigarh branch.
2
The fraud, which involved collusion between branch employees and outsiders, reduced the bank's FY26 net profit to ₹1,636 crore, which would have otherwise been ₹2,119 crore.
3
Following the incident, the bank implemented new controls, including centralized oversight of branch-level authorizations and a nationwide verification of closing balances as of 28 February 2026.