What is the full form of IDFC?
The full form of IDFC is the Infrastructure Development Finance Company. IDFC is an Indian finance agency and it offers financial and advisory services for organizations in investment banking, infrastructure and wealth management. The RBI gave approval in April 2014 to two organizations among 25 commercial candidates. IDFC, a non-bank financial firm, was one of the organizations required to obtain the authorization.
A brief history of IDFC
- In 2014, IDFC Limited was granted in-principle approval by RBI to establish a new private industry bank.
- Regarding this, IDFC Limited recused its assets and debts in infrastructure finance to a new startup-IDFC Bank.
- The Bank was introduced in November 2015 through this IDFC Limited demerger.
- On 19 October 2015, IDFC Bank commenced operations.
- Its 23 branches are based in MP, Mumbai, Delhi, Bangalore, Hyderabad, Pune, Ahmedabad, Chennai & Kolkata.
- Fifteen branches are situated in communities with a population of under 10,000.
- IDFC opened its 100th branch in October 2017, in Honnali, Karnataka.
- In January 2018, IDFC Bank and Erstwhile Capital First declared a partnership. The combination of IDFC Bank and Erstwhile Capital First formed IDFC FIRST Bank as a new entity on 18 December 2018.
Products of IDFC bank
Currently, the Mumbai-based IDFC FIRST BANK is a global bank that offers financial solutions through its regional branches, internet and phones, and strives to set a new standard in user experience. It uses advanced technology and promotes a service-oriented approach to the development of convenient and open banking at all times and from everywhere. In India, it provides banking products and services such as
- Savings accounts
- Fixed deposits
- NRI accounts
- Personal loans
- Home loans, etc.