Taking a strong action, Haryana Government has de-empanelled IDFC First Bank and AU Small Finance Bank for government business with immediate effect. That means, till further orders, no government department of the state will neither deposit money, nor invest nor do any transaction through these banks. In the circular issued by the Finance Department, it has been clearly stated that all departments should immediately close their accounts and transfer the remaining amount. The impact of this news was clearly visible on the stocks of banks also. Shares of IDFC First Bank were trading down 10 per cent and shares of AU Small Finance Bank were trading down around 6 per cent.
Fraud of ₹590 crore spoils the mood of investors, IDFC First Bank shares fall 10%, AU Small Finance Bank shares fall 6% – Market
