Panchkula Municipal Corporation Recovers ₹127.27 Crores from Kotak Mahindra Bank

The Panchkula Municipal Corporation has successfully recovered ₹127.27 crores from Kotak Mahindra Bank, marking a significant achievement in public finance management. This recovery ensures that the Haryana government has no outstanding dues with any bank. Chief Minister Nayab Singh Saini emphasized the importance of safeguarding public funds and announced that necessary measures will be taken under Prime Minister Narendra Modi's guidance. The recovery follows an investigation by the Anti-Corruption Bureau into alleged irregularities, leading to the arrest of a bank relationship manager. Discover more about this financial milestone and its implications for Haryana's governance.

By Narendra Chaudhary Mar 31, 2026, 17:46 IST

Significant Recovery for Public Finance

In a crucial move to safeguard public finances, the Panchkula Municipal Corporation has successfully recovered ₹127.27 crores from Kotak Mahindra Bank. Additionally, the Haryana Power Generation Corporation Limited (HPGCL) has also collected ₹25 crores from AU Small Finance Bank. According to an official statement from the state government, the outstanding dues with IDFC Bank have already been settled in full.

No Outstanding Dues for Haryana Government

With these recoveries, the Haryana government now has no outstanding dues with any bank, marking a significant achievement in public fund management. As per the Directorate of Information and Public Relations (DIPR), Chief Minister Nayab Singh Saini has issued strict directives to both officials and banks, emphasizing the importance of timely recovery of government dues. He stated, "It is the government's duty to protect public funds." The Chief Minister also mentioned that under the guidance of Prime Minister Narendra Modi, the Haryana government will take all necessary measures to ensure the security of public funds.

Investigation by Anti-Corruption Bureau

This development follows an investigation by the State Vigilance and Anti-Corruption Bureau (ACB) into alleged irregularities in the fixed deposits of the Panchkula Municipal Corporation at Kotak Mahindra Bank. The ACB registered an FIR on March 24 after discovering discrepancies in the fixed deposit receipts and bank accounts at the Sector-11 branch of the Panchkula bank.

First Arrest Made in the Investigation

The first arrest in this case was of Dilip Kumar Raghav, who was serving as a relationship manager at the bank during the investigation period. Vigilance officials reported that the Panchkula Municipal Corporation had deposited 16 fixed deposits worth over ₹145 crores, with an estimated maturity value of around ₹158 crores. During the investigation, significant discrepancies were found between the records maintained by the bank and those available with the municipal corporation. Officials noted that the account balances shown by the bank were considerably lower than expected, while some bank accounts associated with the corporation were allegedly not recorded in official civic documents.