IDFC Bank will start banking operation from October 1, 2015

Infrastructure finance company IDFC Ltd had received the final licence from the Reserve Bank of India (RBI) to start undertaking banking business in India under Section 22(1) of the Banking Regulation Act, 1949. This licence is the final step and means that IDFC can now start banking operations.

IDFC Bank plans to start operation from October 1 as a universal bank offering services to corporate, rural and urban customers across India with an initial loan book of around Rs 55,000 crore. The bank proposes to start operations with 20 branches.

It has almost completed the process of demerger of financial undertaking into IDFC Bank.The demerger was in accordance with RBI conditions which require IDFC to transfer the relevant business activities to the proposed IDFC Bank. All new banks are to be set up through a non-operative financial holding company, according to the guidelines.

IDFC, along with Bandhan Financial Services Ltd, received an in-principle nod from RBI to start new banks in 2014. Bandhan received the final licence last month.

Bandhan Bank to Start Operations from August 23 2015 Click here