It was being incorporated as a wholly-owned subsidiary of IDFC as of October 21, 2014 under the Companies Act, 2013 having its registered office at KRM Tower, 8th Floor, No.1 Harrington Road, Chetpet, Chennai - 600 031, also after in-principle approval to set up a new bank in the private sector was being granted to IDFC by the RBI on April 9, 2014. Soon after, according to the Scheme of Demerger, we have issued equity shares, and now, it is a subsidiary of IDFC FHCL that hol
ds 53% of the Banks’ equity share capital.
Also, it is a professionally managed new private sector bank in India, being promoted by IDFC Limited (“IDFC”). IDFC Bank is also believed to be one of the leading integrated financial services companies in India that offer, including via its subsidiaries (the “IDFC Group”) a wide spectrum of customer-centric financing solutions and also conducts complementary businesses under the well-recognized brand name, “IDFC.”
It has also been established as a public limited company for carrying out the business of banking. It also started its banking operations since October 1, 2015, after receipt of the final banking license from the RBI. It has three business verticals such as Commercial and Wholesale Banking, Rural Banking, Personal, and Business banking. Also, the majority of the branches would be in rural India, and the quality of customer service and digital banking would be the primary focus of the Bank.
Some of the Milestones:
- It was listed and admitted to dealings on the BSE Exchange.
- It also tied up with the TCS for core banking solutions.
- It launched services in Tripura and also opened the first branch in Agartala.
- It also launches services in Meghalaya and opened the first branch in the North East.
- It also won the top honors at IFR Asia and was awarded the ‘India Bond House’ 2015.
- The Bank acquired a 100% equity stake in Grama Vidiyal Micro Finance Limited.
- Also, its bank partners MobiKwik for the largest issue of virtual in-app prepaid cards on the Visa platform.
- It launches its 100th branch at Honnali in Karnataka.
- Its bank partners with Zeta also to launch ‘IDFC Bank Benefits,’ which is an employee benefits solution for the corporates.