The Reserve Bank of India (RBI) is monitoring the ₹590-crore fraud reported by IDFC First Bank but does not see any systemic risk arising from the incident.
“As a policy, we do not comment on any individual bank or regulated entity. We are watching the development, and there is no systemic issue over here,” RBI governor Sanjay Malhotra told reporters in New Delhi after the conclusion of the 621st meeting of the central board of directors.
IDFC First Bank on Sunday disclosed a ₹590-crore fraud involving certain bank employees and external individuals at a branch in Chandigarh, linked to a specific set of Haryana state government accounts.
The bank said the fraud is confined to a defined group of government-linked accounts operated by the Haryana government through the Chandigarh branch and does not affect other customers of the branch.
In a stock exchange filing, IDFC First Bank said it has informed the RBI, lodged a complaint with the police, and is in the process of filing additional complaints with appropriate law enforcement agencies.
