IDFC bank full form is Infrastructure Development Finance Company. It is a finance company that provides infrastructure finance and advisory services, asset management, and investment banking. IDFC Bank, a subsidiary of the company, has recently entered the banking sector. Mr Vaidyanathan is the Managing Director (MD) and CEO of IDFC First Bank as of September 2019.
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IDFC, a non-banking finance company, received a banking licence from the RBI on July 23, 2015. It began operations on October 1, 2015, with 23 branches planned in Delhi, Madhya Pradesh, Mumbai, and three Madhya Pradesh districts.
Today, the full name of IDFC First Bank is Infrastructure Development Finance Company. Headquartered in Mumbai, IDFC is a global bank that offers financial solutions through its nationwide branches, the internet, and mobile, with the goal of setting a new standard in customer experience. It provides basic banking services in India, such as Savings Accounts, NRI Accounts, Fixed Deposits, Home Loans, Personal Loans, and others.
It employs technology and a service-oriented approach to make banking simple and accessible at any time and from any location.
In the next five years, the bank hopes to grow its corporate customer base from 400 to 15 million by leveraging technology rather than opening new branches in India.
In this article, we are going to discuss IDFC meaning, IDFC full name as well as IDFC full form bank.
History of IDFC
We have already discussed IDFC abbreviation, let’s go through the history of IDFC.
IDFC was founded on January 30, 1997, and began operations on June 9, 1997.
In 2005, its equity shares were listed on the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE).
IDFC Limited subscribed for 100 percent of the equity shares of IDFC Capital (Singapore) Pvt. Ltd. in 2008-09.
On October 19, 2015, IDFC Bank began banking operations.
About IDFC First Bank
IDFC First Bank, formerly known as IDFC Bank, is an Indian banking company and a subsidiary of IDFC Limited. The Reserve Bank of India granted IDFC First Bank a universal banking licence in July 2015, and the bank began operations in October 2015. The bank's headquarters are in Mumbai, Maharashtra (India), and it provides a wide range of banking and financial services to its customers in India. IDFC Bank is India's first bank to offer an Aadhaar-enabled cashless merchant solution.
IDFC Banking Services
Personal Banking: TThe bank provides prompt and consistent service to meet the individual needs of its customers at the appropriate time and location. Savings accounts, Visa Platinum Debit Cards, Debit Card Offers, Home Loan, Personal Loan, Notice Board, and other services are available through personal banking.
Business Banking: It takes care of the customers' business needs. It provides services such as business loans, cash management, business debit cards, bank fixed deposits, and trade and forex services.
Wholesale banking encompasses Investment banking, corporates, multinational corporations, small and medium-sized enterprises, financial institutions, and so on.
Mutual funds, gold bonds, personal insurance solutions, and business insurance solutions are all part of wealth management.
Track Loan Status, Branch Locator, NRI Banking, Mobile Banking Services, Internet Banking Services, Bill Payments, and Recharges are some of the most recent/trending services.
IDFC Limited received in-principle approval from the Reserve Bank of India in 2014 to establish a new private-sector bank. As a result, IDFC Limited transferred its infrastructure finance assets and liabilities to a new entity, IDFC Bank. In November 2015, the bank was established as a result of a demerger from IDFC Limited.
On October 19, 2015, IDFC Bank began operations with 23 branches in Madhya Pradesh, Delhi, Mumbai, Hyderabad, Bengaluru, Pune, Chennai, Ahmedabad, and Kolkata. 15 branches are located in towns with populations of less than 10,000 people. In October 2017, IDFC Bank opened its 100th branch in Honnali, Karnataka.
Erstwhile IDFC Bank and Erstwhile Capital First announced a merger in January 2018. Erstwhile Capital First shareholders were to receive 13.9 shares of the merged entity for every 1 share of Erstwhile Capital First. Thus, on December 18, 2018, IDFC FIRST Bank was formed as a new entity through the merger of Erstwhile IDFC Bank and Erstwhile Capital First.
The bank serves corporate and private customers in India, including customers in the infrastructure sector, which IDFC has specialised in since its inception in 1997. The bank also intends to serve people in rural areas and the self-employed. IDFC Bank is the first bank in India to offer an Aadhaar-linked cashless merchant solution. One of its largest e-commerce loans is 3 billion (US＄42 million) to Flipkart.
On November 8, 2017, IDFC Bank announced a strategic partnership with MobiKwik, a digital payments solution company, to launch a co-branded virtual Visa prepaid card for MobiKwik customers. On March 11, 2020, the bank announced the appointment of Mr Amitabh Bachchan as its first brand ambassador. It announced its entry into the credit card sector in 2021, with low-interest rates and interest-free credit.