New Delhi, February 23 The RBI is monitoring the developments surrounding the Rs 590 crore fraud at IDFC First Bank, and there is no systemic issue, Governor Sanjay Malhotra said on Monday.
IDFC First Bank had disclosed on Sunday that certain employees and others at a particular branch in Chandigarh had committed a Rs 590-crore fraud involving a specific set of accounts belonging to the Haryana state government.
"We are monitoring the situation; there is no systemic issue," Malhotra told reporters at a press briefing after the customary post-budget address by Finance Minister Nirmala Sitharaman to the Central Board of Directors of the Reserve Bank of India (RBI).
IDFC First Bank had stated that the fraud was "confined to a specific group of government-linked accounts within the Haryana government" operated through the said branch in Chandigarh, and emphasized that it did not extend to other customers of the Chandigarh branch.
