IDFC Bank

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IDFC Bank
Public
Traded as BSE539437
NSEIDFCBANK
Industry Banking
Financial services
Founded October 2015
Headquarters Mumbai, Maharashtra, India
Key people
Sunil Kakkar (MD & CEO)[1]
Products Consumer banking, Corporate banking, Wholesale banking, Mortgage loans, Private banking, Wealth management, Investment banking
Revenue Increase8,532.72 crore (US$1.3 billion) (2017)[1]
Increase 3,030 crore (US$450 million) (2017)[1]
Increase 1,020 crore (US$150 million) (2017)[1]
Total assets Increase112,160 crore (US$17 billion) (2017)[1]
Number of employees
6,584 (June 2018)
Parent Infrastructure Development Finance Company
Capital ratio 18.90% [1]
Website www.idfcbank.com

The IDFC Bank is an Indian banking company with headquarters in Mumbai that forms part of IDFC, an integrated infrastructure finance company. The bank started operations on 1 October 2015.[2] IDFC received a universal banking licence from the Reserve Bank of India (RBI) in July 2015.[3] On 6 November 2015, IDFC Bank was listed on BSE and NSE.[4]

Company Information[edit]

IDFC was incorporated on 30 January 1997 with its registered office in Chennai and started operations on 9 June 1997. In 1998 the company registered with the Reserve Bank of India (RBI) as a non-banking financial company and in 1999 it formally became a Public Financial Institution.

To conform with RBI guidelines IDFC founded a non-operative financial holding company (NOFHC) in 2014 to manage its five subsidiaries IDFC Bank, IDFC MF, IDFC Alternatives, IDFC IDF & IDFC Securities. IDFC is the holding company for NOFHC IDFC Projects Ltd and IDFC Foundation.

IDFC Bank started operations 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 it's 100th branch in Honnali, Karnataka in October 2017 [5]

Prime Minister Narendra Modi formally " launched IDFC Bank on 19 October 2015.[6][7]

Business Focus[edit]

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.[8][9]

The bank IDFC Bank is the first in India to launch aadhaar-linked cashless merchant solution.[10][11]

One of its largest loans into e-commerce includes a 300 crore rupees one to Flipkart.[12] 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.

References[edit]

  1. ^ a b c d e f "Balance Sheet 31.03.2017". idfcbank.com (15 March 2018).
  2. ^ Sinha, Shilpy (29 September 2015). "IDFC banks on psychometric tests for senior level hirings". Economic Times. Retrieved 30 September 2015. 
  3. ^ "IDFC Bank to start operations from Oct 1 | Business Standard News". Business-standard.com. 2015-07-25. Retrieved 2016-10-15. 
  4. ^ "De-merger listing: IDFC Bank debuts at Rs 72 on NSE". Moneycontrol.com. 2015-11-08. Retrieved 2016-10-15. 
  5. ^ "IDFC Bk to start ops with few branches by Oct 1: Rajiv Lall". Moneycontrol.com. 2015-04-12. Retrieved 2016-10-15. 
  6. ^ "Narendra Modi inaugurates IDFC Bank, talks of banking reforms". Livemint. Retrieved 2016-10-15. 
  7. ^ "PM inaugurates IDFC Bank | Business Standard News". Business-standard.com. 2015-10-19. Retrieved 2016-10-15. 
  8. ^ "7 things to know about IDFC Bank | Business Standard News". Business-standard.com. 2015-10-01. Retrieved 2016-10-15. 
  9. ^ "I am happy to over-invest in technology: IDFC's Rajiv Lall". Livemint. 2015-07-01. Retrieved 2016-10-15. 
  10. ^ K.R.Srivats (2017-03-07). "IDFC Bank takes the lead, launches Aadhaar Pay". The Hindu Business Line. Retrieved 2017-03-09. 
  11. ^ "IDFC Bank launches aadhaar-linked cashless merchant solution - The Economic Times". The Economic Times. Retrieved 2017-01-17. 
  12. ^ "IDFC Bank gives Rs 300 crore loan to Flipkart - Times of India". The Times of India. Retrieved 2017-01-17.