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VERIFIEDET Finance·positive
IDFC First Bank receives Rs 514.82 crore insurance payout on microfinance defaults, expects full provision write-back
AI Summary
- ·IDFC First Bank received Rs 514.82 crore from the Credit Guarantee Fund for Micro Units.
- ·The fund is allocated for eligible microfinance loans.
- ·The bank anticipates a full reversal of provisions for defaults due to this payout.