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| IDFC was incorporated on 30 January 1997 with its registered office in ] and started operations on 9 June 1997. In 1998 the company registered with the ] (RBI) as a ] and in 1999 it formally became a Public Financial Institution. | IDFC was incorporated on 30 January 1997 with its registered office in ] and started operations on 9 June 1997. In 1998 the company registered with the ] (RBI) as a ] and in 1999 it formally became a Public Financial Institution. | ||
| In April 2014, the Reserve Bank of India (RBI) granted an in-principle approval to IDFC Limited to set up a new bank in the private sector, as per the RBI Guidelines for Licensing of New Banks in the Private Sector. Subsequently, a Scheme of Arrangement was filed with the Madras High Court for Demerger of Financial Undertaking (the lending business of IDFC) to IDFC Bank. All the requisite approvals were obtained and the Madras High Court approved this Demerger by its order dated June 25, 2015. | In April 2014, the Reserve Bank of India (RBI) granted an in-principle approval to IDFC Limited to set up a new bank in the private sector, as per the RBI Guidelines for Licensing of New Banks in the Private Sector. Subsequently, a Scheme of Arrangement was filed with the Madras High Court for Demerger of Financial Undertaking (the lending business of IDFC) to IDFC Bank. All the requisite approvals were obtained and the Madras High Court approved this Demerger by its order dated June 25, 2015. | ||
| 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.<ref>{{cite web|url=http://economictimes.indiatimes.com/industry/banking/finance/banking/idfc-gets-rbi-nod-for-starting-banking-operations/articleshow/48198561.cms|title=IDFC gets RBI nod for starting banking operations |publisher=Economic Times |date=2015-08-24}}</ref> | |||
| ==Business Focus== | ==Business Focus== | ||
Revision as of 11:21, 24 January 2017
| File:New logo of IDFC Bank.png | |
| Company type | Private Company |
|---|---|
| Traded as | |
| Industry | Banking, Financial services |
| Founded | October, 2015 |
| Headquarters | Mumbai, Maharashtra, India |
| Key people | Dr. Rajiv B. Lall (Managing Director & CEO) Veena Mankar (Non-Executive Chairperson (Independent Director)) |
| Products | Retail banking, Commercial & Wholesale Banking, Business Banking, Bharat Banking |
| Website | www |
IDFC Bank Ltd. is a subsidiary of India’s leading integrated infrastructure finance company IDFC. Headquartered in Mumbai, IDFC Bank is a universal bank, offering financial solutions through its nationwide branches, internet and mobile. that forms part of IDFC, an integrated infrastructure finance company. Envisioned as a new age bank, IDFC Bank seeks to set a new standard in customer experience, using technology and a service-oriented approach, to make banking simple and accessible, anytime and from anywhere.
IDFC Ltd was formed in 1997 as India’s first specialized infrastructure financing intermediary with a mandate to build the nation. Since then, IDFC has successfully led private capital flows into commercially viable infrastructure projects. The Reserve Bank of India granted a universal banking license to IDFC Limited on July 23, 2015. IDFC Ltd. demerged on October 1, 2015, transferring all assets and liabilities of its lending business (“Financing Undertaking”) to IDFC Bank Limited.
IDFC Bank started its journey on October 1, 2015, with a balance sheet of Rs. 73,447 crore ($10,962 million) and a net worth of Rs. 13, 322 crore ($1,988 million). It started operations with 23 branches, of which 15 are rural branches in Hoshangabad, Khandwa and Harda districts of Madhya Pradesh while the remaining in urban locations. IDFC Bank was formally inaugurated on October 19, 2015 by the Hon’ble Prime Minister, Shri Narendra Modi in New Delhi. On 6th November, 2015, IDFC Bank was listed on BSE and NSE. A bank with a public purpose, IDFC Bank is reaching out to segments of the population that are currently excluded from the banking fold. It is set to ‘simplify digital’ for the masses so that they can integrate into the larger digital revolution initiated by the government.
History
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.
In April 2014, the Reserve Bank of India (RBI) granted an in-principle approval to IDFC Limited to set up a new bank in the private sector, as per the RBI Guidelines for Licensing of New Banks in the Private Sector. Subsequently, a Scheme of Arrangement was filed with the Madras High Court for Demerger of Financial Undertaking (the lending business of IDFC) to IDFC Bank. All the requisite approvals were obtained and the Madras High Court approved this Demerger by its order dated June 25, 2015.
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.
Business Focus
IDFC Bank focuses on serving the rural and semi-urban underserved communities and the self-employed, while continuing to support the country’s infrastructure sector. IDFC Bank provides customized financial solutions to corporates, individuals, small and microenterprises, entrepreneurs, financial institutions and the government.
IDFC Bank’s businesses include three distinct verticals:
Commercial and Wholesale Banking
The Commercial and Wholesale Banking vertical caters to large corporates, mid-markets & SME clients, as well as government and financial institutions; and includes treasury, cash management, transaction banking and investment banking. It seeks to leverage the existing infrastructure business and corporate relationships to cater to an ecosystem comprising mid-corporates and SMEs. It is focused on deepening corporate banking relationships and diversifying the business by offering working capital lending, cash management, transaction banking, foreign exchange services and other fee-based services.
Bharat Banking
The Bharat Banking vertical serves people in rural and semi-urban locations, with a philosophy akin to a microfinance institution, although supported by a strong digital spine. The Bank’s efforts are significantly technology-driven, supported by doorstep services and round-the-clock banking through handheld devices. Going forward, the Bharat Banking business will combine scale and technology to build a business model that will serve unbanked and underserved locations across India.
Personal and Business Banking
The Personal and Business Banking vertical provides services to urban retail consumers with an initial focus on Tier I cities. Its reach and 24/7 service proposition is anchored in technology. It is focused on providing customized financial solutions to individuals, entrepreneurs, professionals, small businesses, and micro-enterprises.
Initiatives
DBT
The bank had partnered with government of Andra Pradesh, Krishna District, to enable Direct Benefit Transfer through interoperable AEPS (Aadhaar Enabled Payment System) Micro ATMs. IDFC Bank was the first to deliver Direct Benefit Transfer like social security pensions, scholarships, LPG subsidies, MGNREGA benefits etc.
ePDS
The Bank had launched India’s first Cashless AePDS in Krishna District of Andra Pradesh, making PDS payments cashless. This allows customer to draw their monthly quota of subsidised food from PDS outlet through a cashless mode.
Aadhaar Pay
The bank launched Aadhaar Pay, India’s first Aadhaar-linked cashless merchant solution that uses a retailers’ own android smartphone to enable cashless payments. A customer can pay the merchant with just two fields in the IDFC Aadhaar Pay app - Bank name and Aadhaar number. The fingerprint is the password, thus making it easy to use.
Micro ATM
It is a Bank-in-a-Box where one can deposit, withdraw or transfer money, pay bills, get statements and account balances. These micro-ATMs are handy and can be placed anywhere; perhaps at a grocer, a chemist or panchayat office etc. Micro ATMs is changing the way banking is conducted in the country. It is effective tool to reach deeply into rural areas.
Acquisitions
Acquisition of Gram Vidiyal Micro Finance
In 2016, IDFC Bank has acquired Gram Vidiyal Micro Finance, one of the largest microfinance institutions in the country. The acquisition will give IDFC Bank immediate access to 1.2 million rural and semi-urban households and Grama Vidiyal’s network of 319 locations across 65 districts of Tamil Nadu, Kerala, Karnataka, Pondicherry, Maharashtra, Gujarat and Madhya Pradesh will act as BC centres to IDFC Bank.
Acquisition of stake in ASA International
In 2016, IDFC Bank has picked 9.9 % stake in ASA International India Microfinance Pvt Ltd, a division of Dhaka-based microfinance institution ASA International with coverage over 12 countries. ASA International India has 104 branches covering 22 districts in West Bengal, Assam, Tripura, Bihar and Uttar Pradesh. It will help the bank get access to credit markets in the northeastern part of the country.
References
- "De-merger listing: IDFC Bank debuts at Rs 72 on NSE". Moneycontrol.com. 8 November 2015. Retrieved 15 October 2016.
- "IDFC Bank eyes Rs15,000 cr rural banking portfolio in five years". Live Mint. 25 September 2015.
- "IDFC gets RBI nod for starting banking operations". Economic Times. 24 August 2015.
- "Baby bank, big steps: Rajiv Lall's game plan for IDFC Bank". Forbes India. 9 November 2016.
- "Baby bank, big steps: IDFC Bank, AP govt rollout DBT pension in Krishna district". Business Standard. 5 May 2016.
- "IDFC Bank aims to tap govt's subsidy pipeline". Business Standard. 1 June 2016.
- "IDFC Bank rolls out Aadhaar Pay for cashless payments to merchants". Hindu Business Line. 26 December 2016.
- "IDFC Bank using micro-ATMs to make inroads into un-banked areas". Hindu Business Line. 31 October 2016.
- "IDFC Bank buys Tamil Nadu-based Grama Vidiyal Microfinance". Live Mint. 13 August 2016.
- "IDFC Bank buys 10 per cent stake in ASA International India for Rs 8.5 crore". Economic Times. 12 January 2016.