As per The Economic Times report, Kotak Mahindra Bank is engaged in addressing discrepancies concerning ₹150 crore in deposits associated with the Municipal Corporation of Panchkula. The bank is actively cooperating with local authorities to resolve this issue.
On March 25, 2026, Kotak Mahindra Bank revealed its efforts to reconcile deposits linked to the Municipal Corporation of Panchkula. Reports alleged that ₹150 crore was missing from these accounts.
The initiative for reconciliation came from the Municipal Corporation, and the bank has stated that a substantial portion of the funds has already been accounted for.
The spokesperson for the bank emphasized that all account processes, including KYC documentation and authorized signatories, were carried out in accordance with due diligence and standard banking practices.
In addition to internal reconciliation processes, Kotak Mahindra Bank has filed a formal complaint with the Panchkula police. This step aims to ensure an independent and comprehensive examination of the issue.
The bank is fully cooperating with local authorities, including law enforcement agencies, to resolve the matter effectively.
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The Panchkula incident is not isolated. A similar issue arose at IDFC First Bank in its Chandigarh branch, where a ₹590 crore discrepancy was noted in Haryana government deposits.
This was discovered when the Haryana government directed the closure of accounts with private sector banks, leading to revelations of discrepancies as departments sought to transfer funds to other banks.
As of March 25, 2026, at 12:53 PM, Kotak Mahindra Bank share price on NSE was trading at ₹364.85 down by 0.55% from the previous closing price.
Kotak Mahindra Bank is actively addressing the ₹150 crore discrepancy in Panchkula deposits through reconciliation and cooperation with law enforcement. This proactive approach highlights the importance of transparency and adherence to banking norms in resolving such discrepancies effectively.
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Published on: Mar 25, 2026, 1:02 PM IST
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