IDFC FIRST Bank issued a clarification regarding recent news articles concerning the Chandigarh Renewable Energy and Science and Technology Promotion Society (CREST). The Bank confirms that the amount referenced in today’s articles (March 13, 2026) is already included in a settlement finalized previously and covered in earlier disclosures. Crucially, the Bank states there is no additional financial liability as the matter is settled, following the completion of account reconciliation on March 10, 2026.
Clarification on Today’s Media Reports
IDFC FIRST Bank has addressed recent news articles published on March 13, 2026, regarding the Chandigarh Renewable Energy and Science and Technology Promotion Society, commonly known as “CREST”.
The Bank stated that the monetary amount mentioned in the current reports pertaining to CREST is already part of a settlement that was concluded earlier and had been previously disclosed by the Bank in references dated February 21, February 22, February 24, and March 10, 2026.
No New Financial Exposure
In response to the current news, the Bank specified that the articles appear to relate to CREST’s own ongoing investigation process. However, for IDFC FIRST Bank, there is no additional financial liability stemming from this matter, as the situation is considered already settled.
Final Account Reconciliation Complete
Further confirming the closure of the financial aspect, the Bank referenced its earlier disclosure from March 10, 2026. At that time, the Bank had completed the reconciliation of all relevant accounts pertaining to the specified Chandigarh Branch, and no further discrepancies were noted.
Ongoing Legal Processes Noted
The Bank requested stakeholders to note that various law enforcement agencies and/or the Bank itself might continue to take actions regarding this matter. Any future reports arising from these ongoing legal and recovery processes should be considered as part of this established procedure.
Source: BSE
