About
IDFC First Bank was established in 6 November 2015 and got its stocks listed on BSE and NSE. The Mumbai-based bank got its universal banking license from the RBI in July 2015. IDFC was primarily an integrated infrastructure finance organization that was founded in 1997.
Listing and Revenue
It is listed on both BSE and NSE.
| Revenue | ₹4,679 crore |
| Operating Income | ₹ 682 crore |
| Net Income | ₹ 12, 886.74 crore |
| Total Assets | ₹ 16, 0062 crore |
Products and Services
The bank serves large set of infrastructure projects along with private and corporate customers. It also offers its services to self-employed and rural people. IDFC is also the first bank to launch Aadhaar-linked cashless merchant solutions.
It also offers branded virtual Visa cards to customer in collaboration with MobiKwik.
History
RBI facilitated an in-principle approval in 2014 to IDFC Limited to set up a new private bank. IDFC Limited then divested its infrastructure finance assets and liabilities to a new entity - IDFC Bank.
It started operations with 23 branches in 19 October 2015. The bank has presence in Madhya Pradesh, Mumbai, Delhi, Hyderabad, Pune, Chennai, Bengaluru, Ahmedabad, and Kolkata. It operates 15 branches in settlements with a population of less than 10,000 people. IDFC bank launched its 100th banking branch in Honnali, Karnataka in October 2017.
Acquisition
IDFC Bank was merged with Capital First in 2018 and the new entity was named as IDFC Bank First on December 18 2018.
Awards and Recognitions
IDFC has won the Netapp Innovation award in the startup category and India Bond House 2015 at the IFR Asia. It has also won the award for the best branch design for enhanced customer experience.
In 2019, IDFC Bank won Asian Private Banker’s Best Bank - Digital Innovation and Services award.
Subsidiaries
IDFC Bank was incorporated as a fully owned subsidiary of the IDFC on October 21, 2014 under the Companies Act of 2013.