Welcome to The morning report brought to you by Renil S Varghese — your quick dive into the top stories shaping the business world today. Fast, insightful, and to the point.
IDFC First Bank appoints KPMG for forensic audit of ₹590 crore fraud
IDFC First Bank has appointed KPMG as a forensic auditor to investigate a ₹590‑crore fraud at its Chandigarh branch involving Haryana government accounts. MD and CEO V. Vaidyanathan said the scam involved forged cheques and collusion between bank employees and external parties, leading to unauthorised fund transfers. Haryana has withdrawn ₹200 crore and de‑empanelled the bank, triggering a full outflow of its deposits. The bank expects the final impact to depend on recoveries and insurance. Its shares fell 20 percent, prompting a broker downgrade. The bank will now introduce customer‑approved high‑value cheques and AI‑based verification.
India amends France tax treaty, halves dividend tax for big investors
India and France have amended their tax treaty, giving India full rights to tax capital gains on shares of Indian companies and removing the contentious most‑favoured nation clause. The change clarifies tax rules and ends long‑running interpretational disputes, though it does not resolve past litigation. Dividend tax for French investors holding over 10% in an Indian company drops from 10% to 5%, while minority holdings face an increase from 10% to 15%. Experts say the amendment brings predictability, may affect exit planning for French investors, but is unlikely to impact long‑term investment interest.
Airtel to invest ₹20,000 crore in NBFC arm Airtel Money
Bharti Airtel will invest ₹20,000 crore in its NBFC arm, Airtel Money Ltd, with Airtel contributing 70% and the promoter group 30% over the next few years. The company aims to scale its digital lending business, having already crossed ₹9,000 crore in disbursements after receiving its NBFC licence on February 13. Airtel expects to leverage its large customer base to build a new growth engine as India’s low 53% credit-to-GDP ratio signals strong lending potential. Experts say the move is a natural extension for Airtel, though success will depend on strong credit governance, underwriting discipline, and risk management.
IOB Officers call for strike on March 2 demanding work-life balance and right to disconnect
The Indian Overseas Bank Officers’ Association, representing ~13,000 officers, has called an all-India strike on March 2, citing poor work culture, lack of work–life balance, and unilateral HR policies. A conciliation meeting with IOB management before the Central Labour Commissioner is slated for Wednesday, February 25. IOBOA demands humane working hours, no forced late sittings or holiday duty except in exigencies, safety protocols (especially for skeletal branches and women), a “Right to Disconnect,” and transparent HR governance. IOB hasn’t responded. Notably, IOB posted Q3FY26 consolidated profit of ₹1,365 crore (up 56% y/y), with total business at ₹6.44 lakh crore.
Published on February 24, 2026