RBI Governor Sanjay Malhotra reacts to IDFC First Bank fraud; Assures banking stability
RBI Governor Sanjay Malhotra said there is no systemic risk arising from IDFC First Bank’s Rs 590-crore fraud involving certain employees and Haryana government-linked accounts. The central bank is closely monitoring developments and emphasized that banks remain well-capitalised, with capital adequacy at 17%. Following the disclosure, IDFC First Bank shares fell sharply.
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