Facing allegations of branch-level malfeasance, IDFC First Bank moved decisively to reimburse the Haryana government ₹583 crore—principal plus interest—for impacted departments. Tuesday’s official release confirms the transaction during an unfolding inquiry, exemplifying the bank’s focus on trust-building and clear practices.
Investigations initially exposed complicit employees who facilitated sham documents and payments with external accomplices, hitting government funds. Ongoing agency-led probes will dictate further internal actions, the bank affirmed.
The settlement honors the state’s full tally, with room for post-audit refinements. Praises poured in from Haryana for the bank’s alacrity and principled stance, setting a precedent for the sector. Financially, IDFC First stands tall: triple ‘A’ on fixed deposits per CRISIL, double ‘A plus’ long-term ratings across boards, and a thriving ₹5,62,090 crore customer portfolio growing 22.6% year-over-year into 2025. This resolution not only mends ties but elevates the bank’s reputation for reliability.