IDFC FIRST Bank Says No Additional Liability in CREST Chandigarh Case

Mumbai, March 13, 2026:  IDFC FIRST Bank Limited has issued a clarification regarding recent media reports about the Chandigarh Renewable Energy and Science and Technology Promotion Society (CREST), stating that the amount referenced in news articles is already part of an earlier settlement.

In a regulatory filing to both the National Stock Exchange of India Limited and BSE Limited, the bank confirmed that no additional financial liability arises from the matter.

Amount Already Included in Previous Settlement

The bank clarified that the financial amount mentioned in the reports was already covered in earlier disclosures issued on February 21, February 22, February 24, and March 10, 2026.

According to the statement, the latest news appears to relate to CREST’s own internal investigation process, rather than any new claim against the bank.

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Account Reconciliation Completed

The bank also confirmed that it has completed reconciliation of all relevant accounts related to the Chandigarh branch involved in the case.

Following this review, no further discrepancies were identified, the bank said in its filing.

Ongoing Legal and Recovery Processes

While the settlement issue has been addressed, the bank noted that law enforcement agencies or internal bank actions may continue as part of broader legal and recovery procedures.

Such developments may appear in media reports from time to time, but they do not indicate new liabilities for the bank, the statement added.

Filing Signed by Bank’s Company Secretary

The clarification was issued by Satish Gaikwad, General Counsel and Company Secretary of IDFC FIRST Bank Limited, through a formal communication to stock exchanges.