IDFC FULL FORM
Full Form of IDFC : Infrastructure Development Finance Company
What is the full form of IDFC?
No:1. The full form of IDFC is the Infrastructure Development Finance Company.
No:2. IDFC is an Indian finance agency and it offers financial and advisory services for organizations in investment banking, infrastructure and wealth management.
No:3. The RBI gave approval in April 2014 to two organizations among 25 commercial candidates.
No:4. IDFC, a non-bank financial firm, was one of the organizations required to obtain the authorization.
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A brief history of IDFC
No:1. In 2014, IDFC Limited was granted in-principle approval by RBI to establish a new private industry bank.
No:2. Regarding this, IDFC Limited recused its assets and debts in infrastructure finance to a new startup-IDFC Bank.
No:3. The Bank was introduced in November 2015 through this IDFC Limited demerger.
No:4. On 19 October 2015, IDFC Bank commenced operations.
No:5. Its 23 branches are based in MP, Mumbai, Delhi, Bangalore, Hyderabad, Pune, Ahmedabad, Chennai & Kolkata.
No:6. Fifteen branches are situated in communities with a population of under 10,000.
No:7. IDFC opened its 100th branch in October 2017, in Honnali, Karnataka.
No:8. 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
No:1. 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.
No:2. It uses advanced technology and promotes a service-oriented approach to the development of convenient and open banking at all times and from everywhere.
No:3. In India, it provides banking products and services such as :
a). Savings accounts
b). Fixed deposits
c). NRI accounts
e). Personal loans
f). Home loans, etc.
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