Principled Banking: IDFC FIRST Bank's Response to Fraud Incident

The Haryana Government has expressed gratitude to IDFC FIRST Bank for its principled approach in addressing a fraud incident at their Chandigarh branch. The bank promptly honored INR 583 crore in claims, demonstrating its financial strength and commitment to ethical banking, while continuing to expand and innovate.

The Haryana Government has publicly thanked IDFC FIRST Bank for its integrity and proactive measures following a fraud incident at the bank's Chandigarh branch. The incident involved fraudulent clearance of forged instruments, potentially with the involvement of external parties.

Undeterred by the ongoing investigation, the bank swiftly honored the full INR 583 crore in principal and interest claimed by the affected government departments. This decision has highlighted the bank's commitment to ethical standards and customer satisfaction.

IDFC FIRST Bank remains financially robust, consistently achieving high ratings, and continues to invest in technology and infrastructure to ensure superior customer experience, aiming for significant growth in the near future.

(With inputs from agencies.)