Haryana suspends IDFC First Bank and AU Small Finance Bank from government business
State orders closure of accounts and transfer of funds from affected banks
Change
Haryana barred IDFC First Bank and AU Small Finance Bank from handling government funds and ordered account closures.
Why it matters
The directive prohibits all transactions with the banks and mandates transfer of balances and closure of accounts held by government entities.
Implications
- — Departments must transfer funds and close accounts immediately — delays risk compliance breach
- — Banks lose access to government business — operational and revenue impact follows
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