Now Reading: IDFC First Bank built Rs 2.38 lakh crore deposit base with 1,155 branches
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IDFC First Bank built Rs 2.38 lakh crore deposit base with 1,155 branches
IDFC First Bank built Rs 2.38 lakh crore deposit base with 1,155 branches
IDFC First Bank grew its retail deposit base 23-fold from Rs 10,400 crore in December 2018 to Rs 2.38 lakh crore by June 2026 with only 1,155 branches, says CEO V Vaidyanathan.…
The Story in Brief
IDFC First Bank grew its retail deposit base 23-fold from Rs 10,400 crore in December 2018 to Rs 2.38 lakh crore by June 2026 with only 1,155 branches, says CEO V Vaidyanathan. He told shareholders that conventional benchmarks would have required about 2,500 branches. The bank's cloud-first technology platform helped it reach 39 million customers, while total deposits crossed Rs 3.12 lakh crore in the first quarter of FY27, up 18 per cent year-on-year.
The bank also reported a Rs 646 crore fraud at its Chandigarh branch discovered in February 2026. An independent KPMG forensic investigation confirmed collusion between some bank employees, customer staff and third parties. Vaidyanathan said it was an isolated incident involving a single branch, and the bank has since introduced centralised oversight and additional technology-led controls.
The Indian Opinion
Some may cheer the bank's tech-driven deposit growth as a model for others, but the Rs 646 crore Chandigarh fraud shows a darker side. CEO Vaidyanathan calls it an isolated incident, yet it involved collusion by employees. As the bank targets 15% ROE and higher profits, watch whether technology-led controls can truly prevent misuse. The real test is not the deposit number but the trust of 39 million customers.
Source: bfsi.economictimes.indiatimes.com
This story was synthesised by AI from the source linked above.
Updated: this story now draws on 1 sources.
