Finance Minister Nirmala Sitharaman (centre), RBI Governor Sanjay Malhotra (right), and Minister of State for Finance Pankaj Chaudhary during a meeting of the Reserve Bank of India Central Board at the RBI headquarters in New Delhi, on February 23, 2026.
| Photo Credit: PTI
The Reserve Bank of India (RBI) is watching the development around the ₹590 crore fraud at IDFC First Bank and there is no systemic issue, Governor Sanjay Malhotra said on Monday (February 23, 2026).
IDFC First Bank had on Sunday (February 22, 2026) disclosed a ₹590-crore fraud committed by certain employees and others at a particular branch in Chandigarh in a specific set of Haryana state government accounts.
“We are watching the development; there is no systemic issue,” Mr. 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 RBI.
IDFC First Bank had said that the fraud is “confined to a specific group of government-linked accounts within the Haryana government operated through the said branch in Chandigarh” and stressed that it does not extend to other customers of the Chandigarh branch.
Published – February 23, 2026 12:55 pm IST
