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IDFC First Bank

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IDFC FIRST Bank
Company typePrivate
BSE: 539437
NSE: IDFCFIRSTB
ISININE092T01019
IndustryBanking
Financial services
PredecessorIDFC Bank
Capital First Ltd.
FoundedOctober 2015; 9 years ago (2015-10)
HeadquartersMumbai, Maharashtra, India
Key people
Products
RevenueIncrease₹46.79 billion (US$550 million) (Q3FY20)[3]
Increase ₹6.82 billion (US$81 million) (Q3FY20)[3]
Total assetsIncrease₹1.60062 trillion (US$19 billion) (Q3FY20)[3]
Number of employees
20,222 (March 2020)
ParentInfrastructure Development Finance Company
Capital ratio13.28% [3]
Websitewww.idfcfirstbank.com

IDFC First Bank (formerly IDFC Bank[4] in Mumbai that forms part of IDFC, an integrated infrastructure finance company. The bank started operations on 1 October 2015.[5] IDFC FIRST received a universal banking licence from the Reserve Bank of India (RBI) in July 2015.[6]was listed on BSE and NSE.[7]

Company information

In 2014, the Reserve Bank of India granted an in-principle approval to IDFC Limited to set up a new bank in the private sector. Following this, the IDFC Limited divested its infrastructure finance assets and liabilities to a new entity - IDFC Bank. The bank was launched through this demerger from IDFC Limited in November 2015.

IDFC Bank started operations in 19 October 2015, It has more than 600 branches across India till 2021.[8][9] with 23 branches in Madhya Pradesh, Delhi, Mumbai, Hyderabad, Bengaluru, Pune, Chennai, Ahmedabad and Kolkata. 15 branches are in settlements with a population of less than 10,000. IDFC bank has launched its 100th branch in Honnali, Karnataka in October 2017 [10]

In January 2018, Erstwhile IDFC Bank and Erstwhile Capital First announced a merger. Shareholders of Erstwhile Capital First were to be issued 13.9 shares of the merged entity for every 1 share of Erstwhile Capital First. Thus, IDFC FIRST Bank was founded as a new entity by the merger of Erstwhile IDFC Bank and Erstwhile Capital First on December 18, 2018.[11]

Business focus

The bank serves corporate and private customers in India including the infrastructure sector that IDFC specialized in from its founding in 1997. The bank also aims to provide services to people in rural areas and to the self-employed.[12][13]

The bank IDFC Bank is the first in India to launch Aadhaar-linked cashless merchant solution.[14][15]

One of its largest loans into e-commerce includes a ₹3 billion (US$35 million) loan to Flipkart.[16] On 8 November 2017, IDFC Bank entered into a strategic partnership with digital payments solution company MobiKwik to launch a co-branded virtual Visa prepaid card for customers of MobiKwik.

On 11 March 2020, the bank announced that it has signed Mr. Amitabh Bachchan, as its first brand ambassador.[17]

It announced the entry into credit card sector with low interest rates and interest free credit in 2021.[18]

See also

References

  1. ^ "Miss.priya Gupta will be Non-Exe Chairman".
  2. ^ "RBI approves appointment of V Vaidyanathan as MD, CEO of IDFC FIRST Bank".
  3. ^ a b c d ".
  4. ^ IANS (12 January 2019). "IDFC Bank's name changed to IDFC First Bank". Business Standard India. Retrieved 8 July 2019.
  5. ^ Sinha, Shilpy (29 September 2015). "IDFC banks on psychometric tests for senior level hirings". Economic Times. Retrieved 30 September 2015.
  6. ^ "IDFC Bank to start operations from Oct 1 | Business Standard News". Business-standard.com. 25 July 2015. Retrieved 15 October 2016.
  7. ^ "De-merger listing: IDFC Bank debuts at Rs 72 on NSE". Moneycontrol.com. 8 November 2015. Retrieved 15 October 2016.
  8. ^ "Narendra Modi inaugurates IDFC Bank, talks of banking reforms". Livemint. Retrieved 15 October 2016.
  9. ^ "PM inaugurates IDFC Bank | Business Standard News". Business-standard.com. 19 October 2015. Retrieved 15 October 2016.
  10. ^ "IDFC Bk to start ops with few branches by Oct 1: Rajiv Lall". Moneycontrol.com. 12 April 2015. Retrieved 15 October 2016.
  11. ^ "IDFC, Capital First completes merger process to form IDFC First Bank". eonomictimes.com.
  12. ^ "7 things to know about IDFC Bank | Business Standard News". Business-standard.com. 1 October 2015. Retrieved 15 October 2016.
  13. ^ "I am happy to over-invest in technology: IDFC's Rajiv Lall". Livemint. 1 July 2015. Retrieved 15 October 2016.
  14. ^ K.R.Srivats (7 March 2017). "IDFC Bank takes the lead, launches Aadhaar Pay". The Hindu Business Line. Retrieved 9 March 2017.
  15. ^ "IDFC Bank launches aadhaar-linked cashless merchant solution – The Economic Times". The Economic Times. Retrieved 17 January 2017.
  16. ^ "IDFC Bank gives Rs 300 crore loan to Flipkart – Times of India". The Times of India. Retrieved 17 January 2017.
  17. ^ IDFC FIRST Bank (11 March 2020). "IDFC FIRST Bank names India's iconic personality Mr. Amitabh Bachchan as Brand Ambassador" (PDF). Press Release. Retrieved 21 March 2020.
  18. ^ Mint (19 January 2021). "IDFC First Bank to offer interest-free cash on credit cards". Retrieved 21 January 2021.
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