IDFC First Bank (IDFC FIRST Bank) Is An Indian Private Sector Bank Established In 1997 From The Merger Of The Banking Arm Of Infrastructure Development Finance Corporation And India's Non-bank Financial Institution Group Capital First.
Named "Best Digital Bank" 2022-2023 By Financial Express Best Bank In India Award 2021.
IDFC FIRST Bank Is A New Age Universal Bank In India, Built On Ethical Banking, Digital Banking And Social Good Banking. Is Building A World Class Bank In India.
As Part Of The Ethical Banking Approach, The Bank Itself Applied The "close At Hand" Test During The Design Phase So That The Bank's Employees Would Only Provide Their Own Loved Ones With The Products They Wanted. It Is Believed That Income Earned Unethically Is Not Worth Earning.
Therefore, Avoid The Use Of Complex Descriptions, Calculations, And Legalese That Customers Do Not Understand. Virtually All Fees For Savings Accounts, Including Debit Cards, IMPS, RTGS, NEFT, Cash Deposits, "non-domestic Branch" Visits, ATM And Branch Cash Withdrawals, Party Transaction Fees At 3RD Branches, SMS Reminders, Cheque Books, Money Orders, Payment Slips, Duplicate Statements, And All Such Services Normally Charged In The Market. Following The Principle That Your Bank Account Will Not Be Touched For One Reason Or Another. Was The First And Only Bank In India To Do So To Date.
Was The First Bank To Offer Monthly Credit For Savings Accounts. There Are No Hidden Fees For Credit Cards. Offers Free Service For Life With No Minimum Spending Conditions, Reward Points That Never Expire, Zero Interest On ATM Withdrawals, Dynamic Low APR And Much More. Fees (if Any) Are Transparent And Neatly Described In A Way That Ordinary People Can Understand. Every Product Offered By The Bank Is Customer Friendly And Often The Best In The Industry.
As Part Of Technology-led Banking, A Modern Technology Stack Was Built To Help Build An Advanced Mobile App With 250 + Features, Such As Google Search, Goal-Based Investing, MF Investment Assistance, Electric Payments, Account Aggregator, MF Aggregator, Personal Financial Manager, Automatic Sort Of Expenses, Single App For Personal And Corporate Banking, UPI For Credit Cards, Travel And Shopping, Billing And Top-Up, Transactions And Rewards Redemption, Providing Great Convenience To Customers. For Corporate Customers, The Ability To Provide Mobile Bulk Payments, Pay Income Tax, GST, Customs Duties, And Connected Banking Through ERP Solutions.
Is A Universal Bank That Provides End-to-end Corporate Banking Such As Trade Finance For Issuing Letters Of Credit And BGs, SBLC, Packaged Credit, Pre- And Post-shipment Financing, Treasury Products Including Risk Hedging Solutions Such As Forwards, Swaps, Options, And Other Foreign Exchange Solutions, SME Banking, Wealth Management, NRI Banking, Cash Management, Nostro And Vostro Account Operations, Custodial Facilities, Correspondent Banking, Fastag, Fee Acquiring, Dealer Financing, And Purchase/sale Invoice Discounting.
ESG Goals: The Bank Integrates ESG Into All Aspects Of Its Work And Has Achieved A High ESG Score.
Grateful For The Opportunity To Establish Such A Unique Bank In India. Believing That The Creation Of A New Age, Ethical And World Class Bank For The Country Is A Great Honour For All In A Lifetime. Thank You For Your Support.
History
IDFC Limited Was Established By The Government Of India In 1997 To Fund Infrastructure Projects In India. Over Time, The Company Diversified Into Asset Management, Institutional Brokerage And Investment Banking. In 2014, The Reserve Bank Of India Gave IDFC Limited The Go-ahead In Principle To Establish A New Bank In The Private Sector. Following This, IDFC Limited Divested Its Infrastructure Financing Assets And Liabilities To The New Entity - IDFC Bank. The Bank Was Formed Through A Spin-off From IDFC Limited And Was Officially Inaugurated By Indian Prime Minister Narendra Modi In December 2015.
Merger
Following The Merger, Vaidyanathan Took Over As Managing Director And CEO Of The Merged Entity. His Appointment Was Approved By The Reserve Bank Of India For A Period Of Three Years, Effective From 2018. As Part Of The Merger Plan, 9.22 IDFC Bank Shares Were Issued For Each Share Of Capital First.
IDFC Bank Faces Challenges Due To Non-performing Loans From Traditional Infrastructure Accounts. Its Shares Were Once Trading At 4.3 Per Cent Below Their Listing Price, In Part Due To The Collapse Of Its Merger Plan With Shriram Group. While The Bank Has Made Efforts To Improve Its Assets, It Has Yet To Provide Clear Guidance On Its Liabilities. The Total Deposits In The Bank Are Rs 89 Billion, Of Which Only 8.2 Per Cent Comes From Current And Savings Accounts.
The Board Of Directors Of The Bank Has Approved The Merger With IDFC Limited. As Stated In The Filing With The Stock Exchange, The Shareholders Of The Latter Will Receive 25 Shares Of IDFC FIRST Bank For Every 100 Shares They Currently Hold In IDFC Limited. The Bank Has Been Granted Merger Clearance By The Competition Commission Of India. The Reserve Bank Of India Has Expressed "no Objection" To The Merger Of The Bank With IDFC. But The Merger Still Requires Approval From The National Company Law Tribunal.
, NCLT Held A Meeting Via Videoconference To Approve The Merger Proposal Between IDFC First Bank And IDFC Limited. The Proposal Was Endorsed By The Bank's Shareholders And NCD Holders And Involved Two Steps: IDFC FHCL Merged With IDFC Limited, Which Then Merged Into IDFC First Bank., IDFC Limited Merged With The Bank. After The Merger, Each Shareholder Was Allotted 34 Bank Shares For Every 100 IDFC Limited Shares.
