India's IDFC First Bank pays 6.45 billion rupees to settle claims tied to suspected fraud

IDFC First Bank

10/03/2026 04:43

March 10 (Reuters) - India's IDFC First Bank IDFB.NS has paid 6.45  billion rupees ($70.18  million) to settle claims related to a suspected fraud involving accounts of entities related to the northern state of Haryana, the mid-sized private bank said on Tuesday.

Here are some details:

The mid sized lender said it has paid 550 million rupees more than its initial estimate of 5.9 billion rupees.

The updated claims are for the same incident and no new material claims have emerged.

IDFC First said it had completed reconciliation of all relevant accounts at the branch and had found no further discrepancies.

The private bank anticipates growth in deposits and loans broadly in line with past trends.

The lender said there were no other pending claims and that no other claims have been received across the country since February 25, 2026.

($1 = 91.9040 Indian rupees)

 (Reporting by Urvi Dugar in Bengaluru; Editing by Mrigank Dhaniwala)

 ((UrviManoj.Dugar@thomsonreuters.com; +91 9558725583;))