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IDFC First Bank Fraud Case: A fraud of ₹950 crore has been reported at IDFC First Bank. This case has raised questions about the banking system and customer security.

A fraud of ₹950 crore has been reported at IDFC First Bank, a private sector bank. This fraud has raised questions about the banking system and customer security. This case relates to the Chandigarh branch, where alleged irregularities were found in some Haryana government accounts. Following this revelation, the bank's shares fell by nearly 20 percent, and investors suffered significant losses.

However, amid the entire incident, Reserve Bank of India Governor Sanjay Malhotra clarified that the matter is limited to a single bank and does not pose any systemic risk to the country's banking system. The RBI stated that it is continuously monitoring the situation. In such a situation, let us now tell you whether bank employees are also using your money and how you can detect irregularities.

How did the matter come to light?

According to information, a Haryana government department requested to close its account and transfer the balance to another bank. During this process, a discrepancy between the balance in bank records and government records was discovered. Initial investigation indicated that fraudulent transactions were made through collusion between some branch employees and outside parties. The bank has notified regulators, filed a police complaint, and suspended four officials. An independent agency has also been appointed for a forensic audit. Regarding this fraud, the bank says that the irregularities are limited to a few government accounts. It does not affect savings accounts, fixed deposits, credit cards, or ordinary customer accounts. The RBI has also assured that the banking system is in a strong position.

What if a bank employee commits fraud?

Over the past few years, numerous cases have surfaced where branch managers or other employees misused customers' funds. In an April 2024 ruling, the Supreme Court held that if an employee committed fraud while on duty, the bank is also responsible. This means that the customer can take legal action against the bank.

What should be done to detect irregularities?

After this bank fraud, people are wondering how to identify irregularities in their accounts. To do this, check your account statement regularly. Keep SMS and email alerts active for every transaction. Immediately report any suspicious entries to the bank. Keep a record of every important conversation you have with a bank employee. Try to communicate with the bank via email to have written evidence. Do not share banking information through any unknown links, calls, or messages, and do not share your account password or OTP with anyone.