Category: Banking And Finance

ED raids 19 locations in Rs 597 crore IDFC First Bank fraud; over 90 bank accounts frozen

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The Directorate of Enforcement (ED) on Wednesday conducted search operations at 19 locations across Chandigarh, Mohali, Panchkula, Gurgaon and Bengaluru in connection with an alleged Rs 597-crore scam involving the embezzlement of public funds linked to government accounts maintained with .

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According to the agency, the scam involved the diversion of government funds worth about Rs 597 crore belonging to the Haryana government, the Chandigarh Municipal Corporation and other government accounts. The funds were meant to be placed as fixed deposits with the bank but were allegedly siphoned off by the accused without authorisation.

The ED said it initiated its investigation under the Prevention of Money Laundering Act, 2002, based on a FIR registered by the State Vigilance and Anti-Corruption Bureau in Panchkula in February this year over a mismatch of balances in bank accounts of the Development and Panchayat Department of Haryana held with IDFC First Bank and .
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Searches revealed that the embezzled funds were routed and layered through multiple shell entities. Investigators said the alleged modus operandi involved the incorporation of a shell firm, Swastik Desh Projects Pvt Ltd, through which large sums of government money were initially diverted. The partners of the entity are Swati Singla and Abhishek Singla.

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The ED said that most of the funds were later channelled through bank accounts of jewellers to create the appearance of gold purchases through bogus billing. According to investigators, the fraud was carried out over roughly the past year with the help of former bank employees.

Ribhav Rishi, a former employee of IDFC First Bank who resigned in June 2025, allegedly used several shell companies to siphon off the funds. The agency said some of the proceeds of crime were transferred to bank accounts belonging to Rishi and his wife Divya Arora.

The ED also alleged that a significant amount of money was siphoned off by Vikram Wadhwa, a hotelier and real estate developer with projects in Mohali. Wadhwa allegedly received proceeds of crime directly in his bank accounts before transferring them to real estate firms including Prisma Residency LLP, Kinspire Realty LLP and Martell Buildwell LLP.

Searches were carried out at these entities and documents related to real estate investments were seized. Investigators said Wadhwa had also used jewellers such as Sawan Jewellers, Capco Fintech Services and Klaita Jewellers, along with shell firms including Swastik Desh Projects, to siphon off the funds.

Wadhwa could not be located during the search operations and has been absconding since the alleged fraud came to light, the agency said.

Investigations further revealed that substantial funds routed through an entity named Chandigarh Mega Store were also layered and siphoned off. The premises of one of its partners, Mohit Goyal, were searched and evidence linked to the diversion of funds was recovered.

Searches were also conducted at entities including M/s Maa Vaibhav Laxmi Interiors and M/s SRR Planning Gurus Private Limited. According to the ED, these firms had received funds directly from government accounts and subsequently routed them through other shell entities.

During the searches, the agency said more than 90 bank accounts were frozen and incriminating digital and documentary evidence was seized.

Further investigation in the case is underway. #sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .live_stock p a{color: #fff;;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}

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New LCR norms could help banks expand credit by 7%

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Mumbai: The revised (LCR) norms, set to take effect from April 1 could give banks additional room to expand credit by about 7%, assuming deposit growth remains steady at the current 10% pace, analysts said.

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Large private banks are expected to see a relatively smaller increase in LDRs of 4-11%, while PSBs could see a gain of 6-11%, reflecting their stronger liquidity buffers, the brokerage house estimates.

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Unlike the traditional LDR metric, which links lending capacity largely to deposit growth, the LCR framework allows banks to build liquidity buffers from their entire liability base - including deposits, borrowings and equity.

"As long as banks maintain an LCR cushion above the regulatory minimum, excess liquidity parked in low-yielding assets can be redeployed into loans without requiring additional deposit mobilisation, supporting credit growth," said Nitin Aggarwal, head of BFSI at Motilal Oswal Securities.

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Separately, analysts at Macquarie Capital said the LDR constraint is less of an issue for banks such as (SBI), which currently maintains an LCR of around 138%, significantly higher than the roughly 120% levels seen among large private sector peers. This surplus liquidity alone could allow SBI to increase its LDR by 300-400 basis points without breaching LCR requirements, according to the brokerage's estimates.

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Analysts also pointed to optimisation under the (NSFR) framework as another lever for lending expansion. According to Motilal Oswal, better balance-sheet management under the NSFR framework could lift LDRs by 3-23%, with PSBs again better positioned due to their stronger stable funding buffers.

Since the NSFR focuses on one-year funding stability, banks with ratios well above the 100% regulatory threshold can redeploy excess Available Stable Funding - including equity, long-term borrowings and stable deposits - into incremental loans without a proportional increase in deposits. This allows banks to expand lending while maintaining structural funding strength.

"As Indian banks increasingly operate under these liquidity frameworks - similar to global peers - concerns that high loan-to-deposit ratios could constrain lending growth are expected to gradually ease," Aggarwal added. "This could allow credit growth to outpace deposit growth over time."

Motilal Oswal said it has assumed a minimum LCR threshold of 108% for banks. With the new guidelines expected to lift the system-level LCR by about 6 percentage points, the effective LCR could rise to around 115%. Any liquidity above this level could be deployed into loans, which offer higher yields than liquid assets. For some mid-sized private banks, the brokerage assumed a slightly higher LCR threshold to account for greater business volatility. #sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .live_stock p a{color: #fff;;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}

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Banks urged to devise low-interest loans for retail, MSME clients

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New Delhi: The government has asked banks to devise low-interest loan schemes for retail borrowers as well as micro and small enterprises, and explore credit products for tribals who may lack collateral. Banks are expected to share inputs by the end of this month and implement the schemes early next financial year, said people familiar with the development.

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Bank-led credit growth stood at a 19-month high of 14.6% at January-end, compared with 11.4% a year ago.

Banks will discuss internally how such schemes can be designed with a uniform loan application and other credit appraisal metrics. The retail loans will cover all consumer loans, including housing loans, subject to prudent lending guidelines, said the official.
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Public sector banks have already implemented the Grameen Credit Score framework for better assessment of self-help group members and people in rural areas to increase lending to this category. A bank executive said lenders will look at tailored schemes for micro enterprises, which may include longer tenure periods to bring down interest rates and lower requirements of margin funds. "Firms operating in sectors such as leather, toys and even street vendors will be targeted through these new loan products," he said, adding that the government wants banks to come up with inclusive credit strategies for the unbanked population.

Another bank executive said that models such as the proposed customised credit cards with a ₹5 lakh limit for micro enterprises registered on Udyam portal can also be looked at. "We are already in the process of rolling out these projects and can add more features to them including additional lending support," he said

Non-food bank credit increased 14.4% year-on-year in January, accelerating from 11.3% a year earlier while remaining at levels similar to those in December 2025, according to a report by CareEdge Ratings.

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"Growth was broad-based, led by personal loans, especially vehicle loans, and remained double-digit in (micro, small and medium enterprises) lending. Credit to services, including trade and NBFCs (non-banking financial companies), remained healthy, supported by a gradual pickup in corporate borrowings," it said, noting that gold loans surged 128.8% year-on-year in January, reflecting strong collateral-backed demand amid higher gold prices. #sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .live_stock p a{color: #fff;;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}

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IDFC First Bank fraud case: 11 accused arrested so far, 100 bank accounts frozen

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Chandigarh: Eleven accused have been arrested so far, including six bank employees, four private individuals, and one government official, as part of the ongoing investigation into a fraud case involving the by the Haryana State Vigilance and Anti-Corruption Bureau.

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Preliminary investigation has indicated that money from the accounts of various government departments was unauthorisedly transferred to accounts operated in the names of these fictitious companies, the ACB said.

Some of the entities identified during the probe include R S Traders, Cap Co Fintech Services, SRR Planning Gurus Pvt Ltd, and Swastik Desh Project, among others, an official statement said.

Requests had been sent to freeze more than 100 bank accounts suspected to be linked to the fraudulent transactions, which have been frozen, it said.
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Banks directed to monitor non-submission of digital life certificates for pension: Centre to Rajya Sabha

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New Delhi, All pension disbursing banks have been directed to monitor non-submission of digital life certificates by pensioners and to make arrangements to ensure their submission, the Rajya Sabha was informed on Thursday.

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"All pension disbursing banks have been directed to monitor non-submission of DLCs and to make arrangements to ensure DLC submission," he said.

Singh said the Department of Pension and Pensioners' Welfare also monitors the banks to ensure the submission of DLCs. All pensioners are required to submit a life certificate for the continuation of pension payment.

"Services of India Post and Payments Bank, post offices and Gramin Dak Sevaks are also utilised to help senior citizens, especially above 80 years of age, to submit their DLCs. Pensioners above 80 years can submit their DLCs in October also," the minister said.
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Mega camps are held at places having large concentrations of pensioners, he said, adding that during the DLC campaigns, provisions are made for doorstep delivery of services to the aged, those who are sick or incapacitated and pensioners with disability.

To address the practical difficulties faced by senior citizens, especially those above 80 years of age, including those in the remotest parts, nationwide DLC campaigns are being held from November 1 to 30 every year from 2022 onwards, in which DLC camps are held at multiple locations, Singh said.

In a separate reply, the minister said that as on March 6, 2026, the Department of Pension and Pensioners' Welfare conducted 15 pension adalats for pensioners of all ministries and departments of the Centre, wherein, 27,812 long-pending grievances on CPENGRAMS portal have been taken up and 19,948 cases resolved on the spot.

Centralised Pension Grievances Redress And Monitoring System (CPENGRAMS) is an online portal for the registration, tracking and redressal of pensioners' grievances.

The rest of the grievances have also been redressed or taken to finality through follow-up meetings and monitoring, Singh said, adding that these pension adalats are held in hybrid mode. #sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .live_stock p a{color: #fff;;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}

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Banks recorded higher credit and deposits growth in the fortnight to February 28

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Kolkata: Bank credit grew 14.5% year-on-year at the fortnight ending February 28 while deposits grew at 11.9% rate, data from showed.

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The ' deposits stood at Rs 251.90 lakh crore. About 87% of total deposits were fixed deposits, according to scheduled banks' statements of position.

Total bank credit stood at Rs 207.54 lakh crore.

The latest eased a bit to 82.39% as compared with 82.47% a fortnight back. #sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .live_stock p a{color: #fff;;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}

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March 15 Advance Tax deadline: Who should pay now to avoid extra interest

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