IDFC First Bank Limited has informed the Exchange about Transcript

IDFC First Bank held an investor call to explain a fraud at a single Chandigarh branch where employees, in alleged connivance with external parties, fraudulently transferred funds from Haryana government-linked accounts. The identified financial discrepancy is INR 490 crores, with an additional INR 100 crores flagged through extra diligence, bringing the total to INR 590 crores. KPMG has been appointed for a forensic audit (expected in 4–5 weeks), all suspect employees have been suspended, and police complaints filed; no senior management involvement is suspected. The bank holds an employee dishonesty insurance policy of about INR 35 crores. Management stressed the incident is isolated to one branch and one client group, and that the bank can absorb the impact given its strong position: net worth of INR 46,000 crores, total deposits of INR 2.8 lakh crores, operating profit crossing 2% (up from 0.5%), and NIM expected at 5.8% in Q4 with a path towards 3.5% operating profit margin. Haryana government deposits are only ~0.5% of total deposits, though about INR 200 crores have already seen outflow.