Haryana suspends IDFC First Bank and AU Small Finance Bank from government business
Change
Haryana suspended IDFC First Bank and AU Small Finance Bank from handling any government funds with immediate effect until further orders and directed departments to transfer balances and close accounts held with those banks.
Why it matters
State departments and public bodies can no longer park, deposit, invest, or transact government monies through the two banks, severing existing deposit channels. The circular also requires monthly reconciliations of fixed deposits and related accounts and sets near-term compliance deadlines for state entities.
Implications
- • All Haryana departments, corporations, boards, and public sector undertakings must immediately transfer balances and close accounts held with IDFC First Bank and AU Small Finance Bank.
- • All Administrative Secretaries, heads of departments, and Deputy Commissioners must ensure fixed deposits are placed strictly per approved terms and verify banks' compliance with deposit instructions.
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Source
Topics
Regulatory Actions Compliance Banking Regulation Financial Services