IDFC Bank Full Form
What is Full Form of IDFC ?
IDFC is the common abbreviation used for the Infrastructure Development Finance Company. IDFC is an Indian finance body that provides financial assistance and advisory services to investment banking, asset management, and infrastructure organisations. IDFC Limited was established in 1997 to finance infrastructure, primarily focusing on project finances and capital mobilisation for private sector infrastructure development.
History of IDFC
IDFC Limited was given in-principle approval by the Reserve Bank of India to establish a new private-sector bank in 2014.
IDFC Limited divested all its assets and debts in the infrastructure sector to the new body, IDFC Bank.
The IDFC Bank was thus founded in November 2015 through the process of demerger of IDFC Limited, specifically their infrastructure and lending businesses.
On December 18, 2018, Erstwhile IDFC Bank and Erstwhile Capital First merged to form IDFC FIRST Bank as a new entity.
Products Of IDFC Bank
IDFC FIRST BANK is a global bank that offers financial solutions through its regional branches, the internet, and phones and strives to set a new standard in user experience. It uses advanced technology and promotes a service-oriented approach to developing convenient and open banking at all times and everywhere. In India, it provides banking products and services such as:
Savings accounts
Fixed deposits
NRI accounts
Personal loans
Home loans, etc.
Frequently Asked Questions (FAQs)
V. Vaidyanathan is the current Managing Director and CEO of IDFC First Bank. Before getting this post, he was the head of ICICI Prudential Life Insurance and served on the board of ICICI Bank.
In 2005, the IDFC company listed its shares on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
IDFC First Bank, also formerly known as IDFC Bank, is an Indian private sector bank owned by IDFC, an integrated infrastructure finance company.
IDFC First Bank provides a high-interest rate of up to 7% per annum on the balances maintained in the savings bank accounts with the bank. In a time where the RBI repo rate is just 4% and the reverse repo rate is merely 3.35%.
IDFC Bank was the first bank in India to launch an Aadhaar-linked cashless merchant solution.