New Delhi, March 10 (IANS) IDFC First Bank on Tuesday said it paid Rs 645 crore in claims linked to the fraud at its Chandigarh branch, about Rs 55 crore more than its initial estimate, and confirmed no further discrepancies have been found.IDFC First Bank said in an exchange filing that “against the initial estimate of principal of Rs 590 crore, the bank has received claims and paid the net principal amount of Rs 645 crore.”The claims “pertain to the same incident and linked to the same branc…
Latest Haryana Government News & Updates
Mumbai, Feb 26 (IANS) Multinational brokerage Bank of America Securities (BofA) downgraded the rating on IDFC First Bank Ltd. to ‘Neutral’ and cut its 12‑month target price to Rs 75 from Rs 95, citing near‑term headwinds after the bank was de‑empanelled by the Haryana government following a fraud incident.The brokerage predicted a 13 to 14 per cent cut to the bank’s EPS estimates which prompted a downgrade from its earlier ‘Buy’ rating.The bank has seen nearly Rs 200 crore of deposit outfl…
Chandigarh, Feb 24 (IANS) Haryana Chief Minister Nayab Singh Saini on Tuesday said that while democracy guarantees every individual the right to protest and express views against the government, the Opposition’s decision to stage a demonstration at the main entrance of the Vidhan Sabha was not appropriate. Speaking on the issue of the Congress protesting outside the main gate of the Assembly in the morning, the Chief Minister said the demonstration was not proper.He said that the right to diss…
Chandigarh, Feb 24 (IANS) The Haryana Vigilance and Anti-Corruption Bureau has registered an FIR in the Rs 590-crore fraud involving Haryana government accounts at the Chandigarh branch of IDFC First Bank and AU Small Finance Bank, a government official said on Tuesday. The case has been filed against bank officials, public servants and other individuals under Section 13 (2) of the Prevention of Corruption Act and Sections 316 (5), 318 (4), 336 (3), 338, 340 (2) and 61 (2) of the Bharatiya Nyaya…
Mumbai, Feb 23 (IANS) Shares of IDFC First Bank hit the 20 per cent lower circuit on Monday after the lender reported fraudulent transactions worth about Rs 590 crore, allegedly committed by its employees at its Chandigarh branch.The stock fell to Rs 66.85, its intra-day low, down 20 per cent. The shares opened 10 per cent lower and later extended their losses. At 10:33 am, shares were trading at Rs 70.10, down 16.06 per cent on the day.The bank said the matter is confined to a set of Haryana go…
New Delhi, Feb 22 (IANS) The Haryana Government on Sunday de-empanelled IDFC First Bank and AU Small Finance Bank from handling government business with immediate effect after an alleged fraud of around Rs 590 crore came to light.In an official circular, the state government said both banks have been barred from carrying out any government-related transactions in Haryana until further orders.It directed all departments, boards, corporations and public sector undertakings to stop using these bank…
New Delhi, Feb 22 (IANS) IDFC First Bank on Sunday disclosed a Rs 590 crore fraud at its Chandigarh branch involving Haryana government accounts, saying four suspected officials have been placed under suspension pending investigation.The Bank said in an exchange filing that it will pursue strict disciplinary, civil and criminal action against the employees and other external individuals responsible, in accordance with applicable law.The filing said that some employees at IDFC First Bank’s Chan…
Amritsar, Feb 21 (IANS) Haryana Chief Minister Nayab Singh Saini, on Saturday, appealed to the Saini community and intellectuals to work together to make Punjab a strong and leading state and to resolve to form a Bharatiya Janata Party (BJP) government in the state in 2027. Attending a community gathering organised by the Saini Samaj Trust here, Chief Minister Saini launched the Trust’s website that will share information about the community’s activities and other updates. The Chief Minister sai…
Chandigarh, Jan 30 (IANS) Haryana Chief Minister Nayab Singh Saini on Friday called upon the youth to make knowledge, humility, success, sensitivity, inner strength and a spirit of selfless service an integral part of their lives, stating that these values form the true message and guiding path of India’s great Gurus. Addressing the 61st foundation day of Sri Guru Gobind Singh College here, the Chief Minister announced a grant of Rs 11 lakh for the Sikh Education Society. He expressed pride an…
Chandigarh, Jan 30 (IANS) In a major reform aimed at removing long-standing administrative bottlenecks in agricultural lending, the Haryana government is set to launch a transparent and technology-driven rural credit system that will free farmers from the routine of running between banks and revenue offices for loan-related documentation, said state Financial Commissioner (Revenue) Sumita Misra on Friday. The government will soon sign a memorandum of understanding with the Reserve Bank of India …