IDFC First Bank CEO prioritises accountability after ₹646 crore fraud

Some people who worked at one branch of a bank found a way to take money that was not theirs.

The branch was in a city called Chandigarh, and the missing money was ₹646 crore, which is a very large amount.

The bank's leader, V. Vaidyanathan, flew to Chandigarh on the very same day the problem became public.

He wanted to promise officials that the bank would fix things and do the right thing.

The problem was found when a government office in Haryana tried to move its money and saw that the amount did not match.

The bank gave back the money with interest very quickly, on the same working day.

It also checked accounts all over the country to make sure nobody else was missing money, and no other customer had a problem.

A special team of experts confirmed that only the Chandigarh branch was involved.

The bank has now added extra checks so this does not happen again.

Even with the fraud, the bank still made a profit, though less than it would have made without it.