The full form of IDFC is Infrastructure Development Finance Company. An Indian financial institution called IDFC provides wealth management, infrastructure, and investment banking companies with financial and advisory services. The RBI approved two organisations out of 25 commercial applicants in April 2014. One of the firms necessary to gain authorization was IDFC, a non-bank financial company.
A Brief History of IDFC
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- The RBI gave IDFC Limited in-principle clearance in 2014 to launch a new private-sector bank.
- Regarding this, IDFC Limited transferred its infrastructure financing assets and liabilities to a brand-new company, IDFC Bank.
- Through this IDFC Limited demerger, the Bank was officially launched in November 2015.
- The operations of IDFC Bank began on October 19, 2015.
- The company has 23 locations in MP, Mumbai, Delhi, Bangalore, Hyderabad, Pune, Ahmedabad, Chennai, and Kolkata.
- 15 branches are located in towns with fewer than 10,000 residents.
- In Honnali, Karnataka, IDFC launched its 100th branch in October 2017.
- IDFC Bank and Erstwhile Capital First announced their alliance in January 2018. On December 18th, 2018, IDFC Bank and Erstwhile Capital First merged to create a new company called IDFC FIRST Bank.
Products of IDFC bank
Currently, Mumbai-based IDFC FIRST BANK is a global bank that provides financial solutions via its regional offices, the internet, and phones while attempting to raise the bar for customer experience. It uses cutting-edge technology and encourages the development of convenient and open banking available at all times and from anywhere. It offers financial services and products in India, including
- Savings accounts
- Fixed deposits
- NRI accounts
- Personal loans
- Home loans, etc.