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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
Divergent narratives from the Haryana government and the lender raise deeper questions on oversight, authorizations and systemic lapses—answers that may emerge only after a forensic audit.
A Rs 590-crore, or $65 million, fraud involving Haryana government accounts at a Chandigarh branch of IDFC First Bank has triggered parallel probes, sparring and a scramble to contain reputational damage. Yet, even as investigations gather pace, the episode has produced two very different narratives—one from the bank and another from the state government—each appearing to shift blame while leaving critical questions unanswered.
The discrepancy surfaced when a Haryana government department sought to close its IDFC accounts and transfer funds to another bank. During reconciliation, the bank identified a mismatch between its records and the balances cited by the department. …
The acquisition of IDBI Bank puts his Fairfax smack dab in the middle of the RBI’s rules on bank ownership. It must now decide whether to sell CSB Bank or merge the two lenders, neither of which will be easy.
Lenders stand to gain a lot more than borrowers in the current challenging market environment
The central bank’s shift to a 100% collateral requirement threatens to erode leverage, reduce volumes and force a consolidation across prop desks.
