27 Feb 2026 | 5 Mins Read
Rs 590 crore fraud at IDFC First Bank sparks bank-partnership scrutiny
Flipitmoney
The Haryana government de-empanelled IDFC First Bank after uncovering a Rs 590 crore fraud, leading to an outflow of nearly Rs 200 crore. The Reserve Bank of India assured no broader threat to the banking system but highlighted the strained relationship between government departments and private banks. Reputational damage for IDFC First Bank will take months to repair.