IDFC First Bank paid Rs 645-cr towards Chandigarh fraud claims

NEW DELHI: (Mar 10) IDFC First Bank on Tuesday said it has settled fraud claims at a Chandigarh branch at Rs 645 crore and has found no further discrepancies.

Private sector IDFC First Bank had last month disclosed a Rs 590 crore fraud committed by certain employees and others at a particular branch in Chandigarh in a specific set of Haryana state government accounts.

In a regulatory filing on Tuesday, the bank said against the initial principal estimate of Rs 590 crore, it has received claims and paid the net principal amount of Rs 645 crore, which is Rs 55 crore more than the original estimates.

Source: PTI News

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