RBI Governor on IDFC First Bank fraud: 'No systemic issue here'

• RBI Governor Sanjay Malhotra stated there is no systemic issue despite IDFC First Bank's Rs 590-crore fraud.
• IDFC First Bank shares fell nearly 16% after disclosing a Rs 590-crore fraud by employees in Haryana government accounts.
• The bank has suspended four employees, filed a police complaint, and ordered a forensic audit by KPMG.
• Haryana government has de-empanelled IDFC First Bank and AU Small Finance Bank for government business.
• Brokerage estimates suggest the fraud amount is about 0.9% of the bank's net worth and 20% of its fiscal 2026 pre-tax profit.