The ‌Indian central ​bank ⁠was
likely selling US ‌dollars ‌on ‌Tuesday ⁠to ⁠prevent the rupee ​from
falling ‌past the psychologically important 91-per-dollar ‌mark,
three ​traders told ⁠Reuters.

The rupee was ‌at 90.9525 per dollar, ‌down about
0.1 per cent ​on the ⁠day.

Published on February 24, 2026

**EDS: BEST QUALITY AVAILABLE** Chatra: Wreckage of an air ambulance, which carried seven people onboard while on its way from Ranchi to Delhi, after it crashed near Simaria, in Chatra district, Jharkhand, Monday, Feb. 23, 2026. (PTI Photo) (PTI02_23_2026_000502B)
| Photo Credit:
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A Delhi-bound air ambulance carrying seven persons including two pilots crashed in Chatra district of Jharkhand on Monday evening.

According to initial reports, the King Air C90 aircraft belonging to Redbird Airways took off from Ranchi for Delhi at around 7.10 pm. Around 25 minutes later the aircraft lost contact with air traffic control when it was around 100 nautical miles from Varanasi. 

“District administration search and rescue team is at the location and Aircraft Accident Investigation Bureau team is being dispatched for investigation,” the Directorate General of Civil Aviation said in a statement.

The King Air aircraft had seven occupants including a patient, two attendants, doctor, a paramedic in addition to the two pilots.

Published on February 23, 2026

IDFC First Bank on Monday said it has appointed KPMG as forensic auditor to investigate the ₹590-crore fraud that hit the bank’s Chandigarh branch, involving Haryana state government accounts.

The bank’s MD, CEO V. Vaidyanathan said the lender will “spare no one” as it suspected that the bank’s employees colluded with external parties to commit the fraud.

“On the basis of the work we have done, clearly a case of employee fraud and our internal details show external parties are also involved…this was a physical transaction where checks were forged. This is the oldest kind of fraud probably known to banking,” Vaidyanathan said.

“How this happened is obviously through the connivance of employees. Maker, checker, and authorizer systems exist, but obviously, a group of people came together and made it happen. We will get to the bottom of this. We will spare no one,” he said.

Government deposits

According to bank management, Haryana government’s funds contribute 0.5 per cent towards IDFC First Bank’s overall deposits of ₹2.82 lakh crore.

The state government has already withdrawn ₹200 crore from the bank and has de-empanelled IDFC First Bank from undertaking state government business, which will lead to complete outflow of the government deposit with the bank.

The bank has 8-10 per cent of its deposits coming from all states and central government. While the bank estimates ₹590 crore of impact on its balance sheet due to fraud, final net impact will be based on total recoveries, insurance cover, and any extra claims.

IDFC First Bank’s shares hit lower circuit falling 20 per cent in intra-day trading. Brokerage Anand Rathi has downgraded the bank’s stock to “sell” from “buy,” lowering the per share target price to ₹65 from ₹80 earlier.

Vaidyanathan said from here on the bank will approve cheque based transactions above a certain threshold only after the transaction gets approved by the customer. Lender will also use AI for primary verification of large ticket transactions.

AU Small Finance Bank (AU SFB), recently de-empanelled from handling Haryana government business, said a state department opened an account with an initial ₹25 crore transferred from a large private sector bank, followed by ₹47 crore received through multiple transactions from IDFC First Bank.

Of the total credits, ₹47 crore was moved to a customer account via 14 transactions, all initiated and duly authorised by the concerned government department. The bank said it has submitted complete audit trails and KYC records to authorities, adding there is currently no indication of financial loss or fraudulent activity.ENDS

How did this fraud happen?

Published on February 23, 2026