Private sector lender IDFC First Bank on Tuesday said it has settled claims related to the fraud detected at its Chandigarh branch at ₹645 crore and confirmed that no additional discrepancies have been found after a detailed review. 

The bank had earlier disclosed a fraud of ₹590 crore involving certain employees and other parties at a specific branch in Chandigarh linked to a set of Haryana government accounts.

In a regulatory filing, the lender said the total claims received and settled stand at ₹645 crore, which is ₹55 crore higher than the initial principal estimate of ₹590 crore. "These claims pertain to the same incident and linked to the same branch and not a new incident. There are no other pending claims," IDFC First said. The bank added that it will continue to pursue legal and recovery actions against those responsible for the fraud. 

The lender also said it has completed reconciliation of all the relevant accounts connected to the case and did not identify any further irregularities. "No other claims have been received from the said Chandigarh branch, from any other entity across the country since February 25, 2026," the bank added. 

What was the IDFC First Bank fraud case? 

The case came to light last month after IDFC First Bank reported that certain employees at its Chandigarh branch, along with external parties, had allegedly carried out unauthorised transactions in a group of accounts linked to the Haryana state government. The lender had then estimated the exposure at about ₹590 crore and initiated an internal review, reconciliation of accounts and recovery proceedings while informing regulators about the incident. 

Despite the episode, the bank said its deposit base remains stable. Total deposits stood at ₹2,92,381 crore as of February 28, 2026, compared with ₹2,91,133 crore at the end of December 31, 2025. 

The bank said it expects deposits and loan growth to continue broadly in line with its historical trend in the coming periods. 

Shares of IDFC First Bank on Tuesday were trading at ₹67.17 on the BSE, up 0.61% from the previous close. 

(With inputs from PTI)