Kotak Bank Files Complaint in Panchkula Municipal Corp Case Amidst FD Discrepancies

• Kotak Mahindra Bank filed a formal complaint with Panchkula Police regarding discrepancies in Fixed Deposit Receipts (FDRs) held by the Panchkula Municipal Corporation.
• Initial estimates of the discrepancy range from ₹85 crore (bank's internal) to ₹150 crore (Municipal Corporation), with the final amount pending reconciliation.
• The issue surfaced when the Municipal Corporation requested fund transfers upon FD maturity, revealing unavailable funds and discrepancies across multiple FDRs.
• The Reserve Bank of India has been informed but does not currently view it as a "bank-level fraud"; individual involvement remains unclear.
• This incident follows a larger ₹597 crore fraud at IDFC First Bank involving Haryana government accounts, which IDFC First Bank fully settled.