The scams came to light when government departments tried closing their accounts and noticed money missing: around ₹790 crore had gone from IDFC First Bank alone.
At Kotak Mahindra Bank, a ₹158 crore fraud involved fake accounts set up with forged signatures for the Panchkula Municipal Corporation.
Because of all this, IDFC First Bank and AU Small Finance Bank were de-empanelled as a precaution.