Watch: IDFC First Bank: Fraud via forged cheques | Business Matters

IDFC First Bank has reported a fraud of ₹590 crore. At a time when the banking system has become ultra risk-averse, with strict Know Your Customer (KYC) norms and heavy documentation for retail consumers, how did such a large-scale fraud take place? We also examine the recent history of frauds in the Indian banking system and their modus operandi.