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{{Short description|Indian bank}} | |||
{{Use dmy dates|date=April 2020}} | {{Use dmy dates|date=April 2020}} | ||
{{Infobox company | {{Infobox company | ||
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| logo = IDFC First Bank logo.jpg | | logo = IDFC First Bank logo.jpg | ||
| logo_caption = ''Always You First'' | | logo_caption = ''Always You First'' | ||
| type = | | type = Private | ||
| traded_as = {{BSE|539437}}<br />{{NSE|IDFCFIRSTB}} | | traded_as = {{BSE|539437}}<br />{{NSE|IDFCFIRSTB}} | ||
| ISIN = INE092T01019 | |||
| industry = [[Banking]]<br />[[Financial service]]s | | industry = [[Banking]]<br />[[Financial service]]s | ||
| founded = {{Start date and age|2015|10||df=yes}} | | founded = {{Start date and age|2015|10||df=yes}} | ||
| key_people = {{Unbulleted_list||[[Rajiv Lall]]<br />{{small|(Non-Exe. Chairman)}}<ref>{{cite web|url=https://www.livemint.com/Companies/nN8S5UjphAe4EjLTxmZ0IM/=Capital-First-merges-with-IDFC-Bank-to-create-IDFC-First-Ban.html|title=Miss.priya Gupta will be Non-Exe Chairman}}</ref> | | key_people = {{Unbulleted_list||[[Rajiv Lall]]<br />{{small|(Non-Exe. Chairman)}}<ref>{{cite web|url=https://www.livemint.com/Companies/nN8S5UjphAe4EjLTxmZ0IM/=Capital-First-merges-with-IDFC-Bank-to-create-IDFC-First-Ban.html|title=Miss.priya Gupta will be Non-Exe Chairman|date=19 December 2018 }}</ref> | ||
|[[V. Vaidyanathan]]<br /> {{small|([[Managing director|MD]] & [[Chief executive officer|CEO]])}} <ref>{{cite news|url=https://www.moneycontrol.com/news/business/rbi-approves-appointment-of-v-vaidyanathan-as-md-ceo-of-idfc-first-bank-3409961.html|title=RBI approves appointment of V Vaidyanathan as MD, CEO of IDFC FIRST Bank}}</ref>}} | |[[V. Vaidyanathan]]<br /> {{small|([[Managing director|MD]] & [[Chief executive officer|CEO]])}} <ref>{{cite news|url=https://www.moneycontrol.com/news/business/rbi-approves-appointment-of-v-vaidyanathan-as-md-ceo-of-idfc-first-bank-3409961.html|title=RBI approves appointment of V Vaidyanathan as MD, CEO of IDFC FIRST Bank}}</ref>}} | ||
| products = {{Bulleted_list|[[Retail banking|Consumer banking]]|[[Home loan]]s|[[Retail banking|Loans against property]]|[[Personal loans]]|[[Retail banking|Consumer Durable loans]]|[[Retail banking|Vehicle loans]]|[[Retail banking|Business loans]]|[[Retail banking|Micro Enterprise loans]]|[[Private banking]]|[[Wealth management]]|[[Investment banking]]|[[Commercial bank|Corporate banking]]|[[Wholesale banking]]}} | | products = {{Bulleted_list|[[Retail banking|Consumer banking]]|[[Credit card]]s|[[Home loan]]s|[[Retail banking|Loans against property]]|[[Personal loans]]|[[Retail banking|Consumer Durable loans]]|[[Retail banking|Vehicle loans]]|[[Retail banking|Business loans]]|[[Retail banking|Micro Enterprise loans]]|[[Private banking]]|[[Wealth management]]|[[Investment banking]]|[[Commercial bank|Corporate banking]]|[[Wholesale banking]]}} | ||
| revenue = {{increase}}{{INRConvert|46.79|b}} (Q3FY20)<ref name="BalSheet"> | | revenue = {{increase}}{{INRConvert|46.79|b}} (Q3FY20)<ref name="BalSheet">{{cite web | url=https://www.idfcfirstbank.com/content/dam/IDFCFirstBank/PDF/IDFC-FIRST-Bank-Investor-Presentation-Q3FY20-FINAL.pdf" | title=IDFC First Bank }}</ref> | ||
| operating_income = {{increase}} {{INRConvert|6.82|b}} (Q3FY20)<ref name="BalSheet" /> | | operating_income = {{increase}} {{INRConvert|6.82|b}} (Q3FY20)<ref name="BalSheet" /> | ||
| assets = {{increase}}{{INRConvert|1.60062|t}} (Q3FY20)<ref name="BalSheet" /> | | assets = {{increase}}{{INRConvert|1.60062|t}} (Q3FY20)<ref name="BalSheet" /> | ||
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}} | }} | ||
'''IDFC First Bank''' (formerly '''IDFC Bank'''<ref>{{Cite news|url=https://www.business-standard.com/article/news-ians/idfc-bank-s-name-changed-to-idfc-first-bank-119011300004_1.html|title=IDFC Bank's name changed to IDFC First Bank|last=IANS|date=2019-01-12|work=Business Standard India|access-date=2019-07-08}}</ref> | '''IDFC First Bank''' (formerly '''IDFC Bank''')<ref>{{Cite news|url=https://www.business-standard.com/article/news-ians/idfc-bank-s-name-changed-to-idfc-first-bank-119011300004_1.html|title=IDFC Bank's name changed to IDFC First Bank|last=IANS|date=2019-01-12|work=Business Standard India|access-date=2019-07-08}}</ref> is an Indian Private Sector Bank that forms part of [[IDFC]], an integrated infrastructure finance company. The bank started operations on 1 October 2015,<ref>{{cite web | url=http://economictimes.indiatimes.com/industry/banking/finance/banking/idfc-banks-on-psychometric-tests-for-senior-level-hirings/articleshow/49145618.cms | title=IDFC banks on psychometric tests for senior level hirings | work=Economic Times | date=29 September 2015 | access-date=30 September 2015 | author=Sinha, Shilpy}}</ref> after receiving a universal banking licence from the [[Reserve Bank of India]] (RBI) in July 2015.<ref>{{cite news|url=http://www.business-standard.com/article/companies/idfc-bank-to-start-operations-from-oct-1-115072400934_1.html |title=IDFC Bank to start operations from Oct 1 | Business Standard News |newspaper=Business Standard India |publisher=Business-standard.com |date=2015-07-25 |access-date=2016-10-15|last1=Saha |first1=Manojit }}</ref> It is listed on [[Bombay Stock Exchange|BSE]] and [[National Stock Exchange of India|NSE]].<ref>{{cite web|url=http://www.moneycontrol.com/news/buzzing-stocks/de-merger-listing-idfc-bank-debuts-at-rs-7050nse_4018661.html |title=De-merger listing: IDFC Bank debuts at Rs 72 on NSE |publisher=Moneycontrol.com |date=2015-11-08 |access-date=2016-10-15}}</ref> | ||
== | == History == | ||
In 2014, the Reserve Bank of India | In 2014, the [[Reserve Bank of India]] granted an in-principle approval to [[Infrastructure Development Finance Company|IDFC]] Limited to set up a new bank in the private sector. Following this, the IDFC Limited divested its infrastructure finance assets and liabilities to a new entity - IDFC Bank. The bank was launched through this demerger from IDFC Limited in November 2015. | ||
IDFC Bank started operations in 19 October 2015.<ref>{{cite web|url=http://www.livemint.com/Industry/j297AiEAvv8KzEEC8htTdI/Narendra-Modi-inaugurates-IDFC-Bank-talks-of-banking-reform.html|title=Narendra Modi inaugurates IDFC Bank, talks of banking reforms|publisher=Livemint|access-date=2016-10-15}}</ref><ref>{{cite | IDFC Bank started operations in 19 October 2015, with 23 branches in Madhya Pradesh, [[Delhi]], [[Mumbai]], [[Hyderabad]], [[Bangalore|Bengaluru]], [[Pune]], [[Chennai]], [[Ahmedabad]] and [[Kolkata]]. It has more than 600 branches across India till 2021.<ref>{{cite web|url=http://www.livemint.com/Industry/j297AiEAvv8KzEEC8htTdI/Narendra-Modi-inaugurates-IDFC-Bank-talks-of-banking-reform.html|title=Narendra Modi inaugurates IDFC Bank, talks of banking reforms|date=19 October 2015 |publisher=Livemint|access-date=2016-10-15}}</ref><ref>{{cite news|url=http://www.business-standard.com/article/government-press-release/pm-inaugurates-idfc-bank-115101901137_1.html|title=PM inaugurates IDFC Bank | Business Standard News|newspaper=Business Standard India |date=2015-10-19|publisher=Business-standard.com|access-date=2016-10-15}}</ref> 15 branches are in settlements with a population of less than 10,000. IDFC Bank launched its 100th branch in [[Honnali]], [[Karnataka]], in October 2017.<ref>{{cite web|url=http://www.moneycontrol.com/news/business/idfc-bk-to-start-opsfew-branches-by-oct-1-rajiv-lall_1353937.html |title=IDFC Bk to start ops with few branches by Oct 1: Rajiv Lall |publisher=Moneycontrol.com |date=2015-04-12 |access-date=2016-10-15}}</ref> | ||
In January 2018, | In January 2018, IDFC Bank and non-banking financial company [[Capital First Ltd.|Capital First]] announced a merger. Shareholders of Capital First were to be issued 13.9 shares of the merged entity for every 1 share of Capital First. IDFC First Bank was founded as a new entity on December 18, 2018.<ref>{{cite news|url=https://economictimes.indiatimes.com/industry/banking/finance/banking/idfc-capital-first-completes-merger-process-to-form-idfc-first-bank/articleshow/67149838.cms?from=mdr|title=IDFC, Capital First completes merger process to form IDFC First Bank |newspaper=The Economic Times |publisher=eonomictimes.com|last1=Sinha |first1=Shilpy }}</ref> | ||
== Business focus == | == Business focus == | ||
The bank serves corporate and private customers in India including the infrastructure sector that IDFC specialized in from its founding in 1997. The bank also aims to provide services to people in rural areas and to the self-employed.<ref>{{cite web|url=http://www.business-standard.com/article/finance/7-things-to-know-about-idfc-bank-115100100509_1.html |title=7 things to know about IDFC Bank | Business Standard News |publisher=Business-standard.com |date=2015-10-01 |access-date=2016-10-15}}</ref><ref>{{cite web|url=http://www.livemint.com/Industry/jiRoniiEnM79Djr99T6o9N/I-am-happy-to-overinvest-in-technology-IDFCs-Rajiv-Lall.html |title=I am happy to over-invest in technology: | The bank serves corporate and private customers in India including the infrastructure sector that IDFC specialized in from its founding in 1997. The bank also aims to provide services to people in rural areas and to the self-employed.<ref>{{cite web|url=http://www.business-standard.com/article/finance/7-things-to-know-about-idfc-bank-115100100509_1.html |title=7 things to know about IDFC Bank | Business Standard News |publisher=Business-standard.com |date=2015-10-01 |access-date=2016-10-15}}</ref><ref>{{cite web|url=http://www.livemint.com/Industry/jiRoniiEnM79Djr99T6o9N/I-am-happy-to-overinvest-in-technology-IDFCs-Rajiv-Lall.html |title=I am happy to over-invest in technology: IDFC's Rajiv Lall |publisher=Livemint |date=2015-07-01 |access-date=2016-10-15}}</ref> | ||
The bank IDFC Bank is the first in India to launch [[Aadhaar]]-linked cashless merchant solution.<ref>{{Cite news|url=http://www.thehindubusinessline.com/money-and-banking/idfc-bank-takes-the-lead-launches-aadhaar-pay/article9574037.ece|title=IDFC Bank takes the lead, launches Aadhaar Pay|last=K.R.Srivats|date=2017-03-07|work=The Hindu Business Line|access-date=2017-03-09|language=en}}</ref><ref>{{Cite news|url=http://economictimes.indiatimes.com/industry/banking/finance/banking/idfc-bank-launches-aadhaar-linked-cashless-merchant-solution/articleshow/56170045.cms|title=IDFC Bank launches aadhaar-linked cashless merchant solution – The Economic Times|newspaper=The Economic Times|access-date=2017-01-17}}</ref> | The bank IDFC Bank is the first in India to launch [[Aadhaar]]-linked cashless merchant solution.<ref>{{Cite news|url=http://www.thehindubusinessline.com/money-and-banking/idfc-bank-takes-the-lead-launches-aadhaar-pay/article9574037.ece|title=IDFC Bank takes the lead, launches Aadhaar Pay|last=K.R.Srivats|date=2017-03-07|work=The Hindu Business Line|access-date=2017-03-09|language=en}}</ref><ref>{{Cite news|url=http://economictimes.indiatimes.com/industry/banking/finance/banking/idfc-bank-launches-aadhaar-linked-cashless-merchant-solution/articleshow/56170045.cms|title=IDFC Bank launches aadhaar-linked cashless merchant solution – The Economic Times|newspaper=The Economic Times|access-date=2017-01-17}}</ref> | ||
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On 8 November 2017, IDFC Bank entered into a strategic partnership with digital payments solution company MobiKwik to launch a co-branded virtual Visa prepaid card for customers of MobiKwik. | On 8 November 2017, IDFC Bank entered into a strategic partnership with digital payments solution company MobiKwik to launch a co-branded virtual Visa prepaid card for customers of MobiKwik. | ||
On 11 March 2020, the bank announced that it has signed Mr. [[Amitabh Bachchan]], as its first brand ambassador.<ref>{{Cite news|last=IDFC FIRST Bank|url=https://www.idfcfirstbank.com/content/dam/IDFCFirstBank/in-the-press/Mr-Amitabh-Bachchan-is-brand-ambassador-of-IDFC-FIRST-Bank.pdf|title=IDFC FIRST Bank names | On 11 March 2020, the bank announced that it has signed Mr. [[Amitabh Bachchan]], as its first brand ambassador.<ref>{{Cite news|last=IDFC FIRST Bank|url=https://www.idfcfirstbank.com/content/dam/IDFCFirstBank/in-the-press/Mr-Amitabh-Bachchan-is-brand-ambassador-of-IDFC-FIRST-Bank.pdf|title=IDFC FIRST Bank names India's iconic personality Mr. Amitabh Bachchan as Brand Ambassador|date=11 March 2020|work=Press Release|access-date=21 March 2020}}</ref> | ||
It announced the entry into credit card sector with low interest rates and interest free credit in 2021.<ref>{{Cite news|last=Mint|url=https://www.livemint.com/industry/banking/idfc-first-bank-to-offer-interest-free-cash-on-credit-cards-11611025437572.html|title=IDFC First Bank to offer interest-free cash on credit cards|date=19 January 2021|access-date=21 January 2021}}</ref> | It announced the entry into credit card sector with low interest rates and interest free credit in 2021.<ref>{{Cite news|last=Mint|url=https://www.livemint.com/industry/banking/idfc-first-bank-to-offer-interest-free-cash-on-credit-cards-11611025437572.html|title=IDFC First Bank to offer interest-free cash on credit cards|date=19 January 2021|access-date=21 January 2021}}</ref> | ||
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[[Category:IDFC First Bank]] | [[Category:IDFC First Bank]] | ||
[[Category:Warburg Pincus companies]] | [[Category:Warburg Pincus companies]] | ||
[[Category:Indian companies established in 2015]] | [[Category:Indian companies established in 2015]] | ||
[[Category:Banks established in 2015]] | [[Category:Banks established in 2015]] | ||
[[Category:Companies listed on the National Stock Exchange of India]] | |||
[[Category:Companies listed on the Bombay Stock Exchange]] | |||
{{India-company-stub}} | {{India-company-stub}} | ||
Revision as of 19:29, 14 June 2022
![]() Always You First | |
| Traded as | BSE: 539437 NSE: IDFCFIRSTB |
|---|---|
| ISIN | INE092T01019 |
| Industry | Banking Financial services |
| Predecessor | IDFC Bank Capital First Ltd. |
| Founded | October 2015 |
| Headquarters | Mumbai, Maharashtra, India |
Key people |
|
| Products | |
| Revenue | |
| Total assets | |
Number of employees | 20,222 (March 2020) |
| Parent | Infrastructure Development Finance Company |
| Capital ratio class39 = tel | 13.28% [3] |
| Website | www |
IDFC First Bank (formerly IDFC Bank)[4] is an Indian Private Sector Bank that forms part of IDFC, an integrated infrastructure finance company. The bank started operations on 1 October 2015,[5] after receiving a universal banking licence from the Reserve Bank of India (RBI) in July 2015.[6] It is listed on BSE and NSE.[7]
History
In 2014, the Reserve Bank of India granted an in-principle approval to IDFC Limited to set up a new bank in the private sector. Following this, the IDFC Limited divested its infrastructure finance assets and liabilities to a new entity - IDFC Bank. The bank was launched through this demerger from IDFC Limited in November 2015.
IDFC Bank started operations in 19 October 2015, with 23 branches in Madhya Pradesh, Delhi, Mumbai, Hyderabad, Bengaluru, Pune, Chennai, Ahmedabad and Kolkata. It has more than 600 branches across India till 2021.[8][9] 15 branches are in settlements with a population of less than 10,000. IDFC Bank launched its 100th branch in Honnali, Karnataka, in October 2017.[10]
In January 2018, IDFC Bank and non-banking financial company Capital First announced a merger. Shareholders of Capital First were to be issued 13.9 shares of the merged entity for every 1 share of Capital First. IDFC First Bank was founded as a new entity on December 18, 2018.[11]
Business focus
The bank serves corporate and private customers in India including the infrastructure sector that IDFC specialized in from its founding in 1997. The bank also aims to provide services to people in rural areas and to the self-employed.[12][13]
The bank IDFC Bank is the first in India to launch Aadhaar-linked cashless merchant solution.[14][15]
One of its largest loans into e-commerce includes a ₹3 billion (US$42 million) loan to Flipkart.[16] On 8 November 2017, IDFC Bank entered into a strategic partnership with digital payments solution company MobiKwik to launch a co-branded virtual Visa prepaid card for customers of MobiKwik.
On 11 March 2020, the bank announced that it has signed Mr. Amitabh Bachchan, as its first brand ambassador.[17]
It announced the entry into credit card sector with low interest rates and interest free credit in 2021.[18]
See also
- Banking in India
- List of banks in India
- Reserve Bank of India
- Indian Financial System Code
- List of largest banks
- List of companies of India
- Make in India
References
- ↑ "Miss.priya Gupta will be Non-Exe Chairman". 19 December 2018.
- ↑ "RBI approves appointment of V Vaidyanathan as MD, CEO of IDFC FIRST Bank".
- ↑ 3.0 3.1 3.2 3.3 " "IDFC First Bank".
- ↑ IANS (12 January 2019). "IDFC Bank's name changed to IDFC First Bank". Business Standard India. Retrieved 8 July 2019.
- ↑ Sinha, Shilpy (29 September 2015). "IDFC banks on psychometric tests for senior level hirings". Economic Times. Retrieved 30 September 2015.
- ↑ Saha, Manojit (25 July 2015). "IDFC Bank to start operations from Oct 1 | Business Standard News". Business Standard India. Business-standard.com. Retrieved 15 October 2016.
- ↑ "De-merger listing: IDFC Bank debuts at Rs 72 on NSE". Moneycontrol.com. 8 November 2015. Retrieved 15 October 2016.
- ↑ "Narendra Modi inaugurates IDFC Bank, talks of banking reforms". Livemint. 19 October 2015. Retrieved 15 October 2016.
- ↑ "PM inaugurates IDFC Bank | Business Standard News". Business Standard India. Business-standard.com. 19 October 2015. Retrieved 15 October 2016.
- ↑ "IDFC Bk to start ops with few branches by Oct 1: Rajiv Lall". Moneycontrol.com. 12 April 2015. Retrieved 15 October 2016.
- ↑ Sinha, Shilpy. "IDFC, Capital First completes merger process to form IDFC First Bank". The Economic Times. eonomictimes.com.
- ↑ "7 things to know about IDFC Bank | Business Standard News". Business-standard.com. 1 October 2015. Retrieved 15 October 2016.
- ↑ "I am happy to over-invest in technology: IDFC's Rajiv Lall". Livemint. 1 July 2015. Retrieved 15 October 2016.
- ↑ K.R.Srivats (7 March 2017). "IDFC Bank takes the lead, launches Aadhaar Pay". The Hindu Business Line. Retrieved 9 March 2017.
- ↑ "IDFC Bank launches aadhaar-linked cashless merchant solution – The Economic Times". The Economic Times. Retrieved 17 January 2017.
- ↑ "IDFC Bank gives Rs 300 crore loan to Flipkart – Times of India". The Times of India. Retrieved 17 January 2017.
- ↑ IDFC FIRST Bank (11 March 2020). "IDFC FIRST Bank names India's iconic personality Mr. Amitabh Bachchan as Brand Ambassador" (PDF). Press Release. Retrieved 21 March 2020.
- ↑ Mint (19 January 2021). "IDFC First Bank to offer interest-free cash on credit cards". Retrieved 21 January 2021.
