Kotak Mahindra Bank says KYC, processes in order as it reconciles missing Panchkula deposits worth Rs 150 crore

Kotak Mahindra Bank said it is reconciling fixed deposits and accounts linked to the Municipal Corporation of Panchkula after reports of ₹150 crore missing funds surfaced. The bank said the exercise was initiated at the corporation’s request and a large portion has already been matched. It added that account processes and transactions followed due norms and that it has filed a complaint with local police while cooperating with authorities.