Kotak Mahindra Bank issued a clarification on reports concerning an alleged ₹160-crore FD fraud linked to the Panchkula Municipal Corporation. The Bank stated that there is no material impact from the issue based on listing regulations. Furthermore, Kotak Mahindra Bank confirmed it is actively examining the matter under instructions from the Municipal Corporation and is cooperating fully with all government and law enforcement agencies involved in the investigation.
Official Response to Media Reports
On March 27, 2026, Kotak Mahindra Bank issued a formal clarification in response to news circulating on the website ‘www.moneycontrol.com’. The news item alleged that the bank was involved in an issue regarding an alleged Rs 160-crore Fixed Deposit (FD) fraud connected to the Panchkula Municipal Corp.
Bank’s Key Clarifications
The Bank provided three key points to address the concerns:
- There is no material impact on the Bank as per the requirements of applicable disclosure regulations.
- The Bank has confirmed it is examining the matter following instructions received directly from the Municipal Corporation of Panchkula.
- Kotak Mahindra Bank stated it has informed and is cooperating fully with the Municipal Corporation, relevant government authorities, and law enforcement agencies regarding the ongoing process.
Market Listings
The communication was made public to both the BSE Limited (Scrip Codes: 500247, 958687, 974396, 974682, 974924, 975387) and the National Stock Exchange of India Limited (NSE Symbols: KOTAKBANK, KMBL, KMB26, KMB29, KMB30).
Source: BSE
