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| name = IDFC FIRST Bank
| name = IDFC FIRST Bank
| logo = IDFC First Bank logo.jpg
| logo = IDFC First Bank logo.jpg
| logo_caption = ''Always You First''
| image = IDFC_First_Bank_headquarters.jpg
| image = IDFC_First_Bank_headquarters.jpg
| image_caption = Headquarters in [[Bandra Kurla Complex]], [[Mumbai]]
| image_caption = Headquarters in [[Bandra Kurla Complex]], [[Mumbai]]
| type = Private sector bank
| type = [[Public company|Public]]
| traded_as = {{BSE|539437}}<br />{{NSE|IDFCFIRSTB}}
| traded_as = {{BSE|539437}}<br />{{NSE|IDFCFIRSTB}}
| ISIN = {{ISIN|sl=n|pl=y|INE092T01019}}
| ISIN = {{ISIN|sl=n|pl=y|INE092T01019}}
Line 19: Line 18:
| assets = {{increase}} {{INRConvert|296210|c}} (2024)<ref name="BalSheet23">{{cite web | url=https://www.bseindia.com/xml-data/corpfiling/AttachLive/7a2ab67f-c8d3-4486-a9ce-8f83cec58814.pdf | title=IDFC First Bank }}</ref>
| assets = {{increase}} {{INRConvert|296210|c}} (2024)<ref name="BalSheet23">{{cite web | url=https://www.bseindia.com/xml-data/corpfiling/AttachLive/7a2ab67f-c8d3-4486-a9ce-8f83cec58814.pdf | title=IDFC First Bank }}</ref>
| equity = {{increase}} {{INRConvert|25145|c}} (2024)<ref name="BalSheet23" />
| equity = {{increase}} {{INRConvert|25145|c}} (2024)<ref name="BalSheet23" />
| num_employees = 20,222 (March 2020)
| num_employees = 41,141 (March 2024)
| ratio = 13.28% <ref name="BalSheet" />
| ratio = 13.28% <ref name="BalSheet" />
| location = [[Mumbai]], [[Maharashtra]], India
| location = [[Mumbai]], [[Maharashtra]], India
| parent = [[Infrastructure Development Finance Company]]
| subsid = {{plainlist|
| subsid = {{plainlist|
* [[Grama Vidiyal|IDFC FIRST Bharat]]
* [[Grama Vidiyal|IDFC FIRST Bharat]]
}}
}}
| predecessor = IDFC Bank <br /> [[Capital First Ltd.]]
| former_name = IDFC Bank (2015–2018)
| rating = {{plainlist|
| rating = {{plainlist|
* [[CRISIL]] AA+/Stable<ref>{{cite web|date=2023-06-05|url=https://www.capitalmarket.com/news/hot-pursuit/CRISIL-upgrades-IDFC-First-Banks-LT-rating-to-AA-/1429241| title=CRISIL upgrades IDFC First Bank's LT rating to 'AA+'|access-date=2023-06-21|website=Capital Market|language=en}}</ref>
* [[CRISIL]] AA+/Stable<ref>{{cite web | date=2023-06-05 | url=https://www.capitalmarket.com/news/hot-pursuit/CRISIL-upgrades-IDFC-First-Banks-LT-rating-to-AA-/1429241 | title=CRISIL upgrades IDFC First Bank's LT rating to 'AA+' |access-date=2023-06-21 |website=Capital Market | language=en }}</ref>
* Ind-Ra IND AA+/Stable<ref>{{cite web|date=2023-12-12|url=https://www.financialexpress.com/business/banking-finance-ind-ra-affirms-idfc-first-banks-debt-instruments-ratings-with-stable-outlook-3336855/|title=Ind-Ra affirms IDFC First Bank's debt instruments ratings with stable outlook |access-date=2023-12-26|website=Financial Express|language=en}}</ref>
* Ind-Ra IND AA+/Stable<ref>{{cite web | date=2023-12-12 | url=https://www.financialexpress.com/business/banking-finance-ind-ra-affirms-idfc-first-banks-debt-instruments-ratings-with-stable-outlook-3336855/ | title=Ind-Ra affirms IDFC First Bank's debt instruments ratings with stable outlook |access-date=2023-12-26 |website=Financial Express | language=en }}</ref>
* CARE AA+/Stable ([[Debenture#Convertibility|NCDs]]) <ref>{{cite web|date=2023-10-03|url=https://www.careratings.com/upload/CompanyFiles/PR/202310141000_IDFC_FIRST_Bank_Ltd.pdf |title=IDFC FIRST Bank Ltd Long Term Instruments - Non Convertible Debentures October 03, 2023|access-date=2024-02-01|website=CARE Ratings|language=en}}</ref>
* CARE AA+/Stable ([[Debenture#Convertibility|NCDs]]) <ref>{{cite web | date=2023-10-03 | url=https://www.careratings.com/upload/CompanyFiles/PR/202310141000_IDFC_FIRST_Bank_Ltd.pdf | title=IDFC FIRST Bank Ltd Long Term Instruments - Non Convertible Debentures October 03, 2023 |access-date=2024-02-01 |website=CARE Ratings | language=en }}</ref>
* [[Sustainalytics]] ESG Risk Rating Comprehensive = 20.1 (2024) <ref>{{cite web|date=2024-05-23|url=https://www.sustainalytics.com/esg-rating/idfc-first-bank-ltd/1283487946|title=IDFC FIRST Bank Company ESG Rating May 23, 2024|access-date=2024-09-16|website=[[Sustainalytics]]|language=en}}</ref>
* [[FTSE Group|FTSE]] Emerging ESG Index = 0.05% (2024)<ref>{{cite web|date=2024-09-13| url=https://research.ftserussell.com/analytics/factsheets/Home/DownloadConstituentsWeights/?indexdetails=ESGEM |title=FTSE Emerging ESG Index-Indicative Index Weight Data as at Closing on 13 September 2024 |access-date=2024-09-16 |website=[[FTSE Group|FTSE Russell]]|language=en}}</ref>
* [[S&P Global]] Corporate Sustainability Assessment = 48 (2023)<ref>{{cite web|date=2024-01-23|url=https://www.spglobal.com/esg/scores/results?cid=4610957|title=IDFC First Bank Limited ESG Score|access-date=2024-09-16|website=[[S&P Global]]|language=en}}</ref>
* [[MSCI]] ESG Rating = A (2024)<ref>{{cite web|date=2024-09-16|url=https://www.msci.com/our-solutions/esg-investing/esg-ratings-climate-search-tool/issuer/idfc-first-bank-limited/IID000000002746540|title=MSCI ESG RATINGS IDFC First Bank Limited|access-date=2024-09-16|website=[[MSCI]]| language=en}}</ref>
}}
}}
| homepage = {{URL|https://www.idfcfirstbank.com/}}
| homepage = {{URL|https://www.idfcfirstbank.com/}}
}}
}}


'''IDFC First Bank''' (stylised as '''IDFC FIRST Bank''') is an [[India|Indian]] [[private sector]] [[bank]] formed by the merger of the banking arm of [[Infrastructure Development Finance Company]] and [[Capital First Ltd.|Capital First]], an Indian non-bank financial institution.<ref>{{cite web |date=2015-10-01 |title=7 things to know about IDFC Bank &#124; Business Standard News |url=http://www.business-standard.com/article/finance/7-things-to-know-about-idfc-bank-115100100509_1.html |access-date=2016-10-15 |publisher=Business-standard.com}}</ref>
'''IDFC First Bank''' (stylised as '''IDFC FIRST Bank''') is an Indian [[private sector]] [[bank]] based in Mumbai. Founded in 2015 as a banking subsidiary of [[Infrastructure Development Finance Company|IDFC Limited]], it shifted focus from infrastructure financing to retail banking in the years after its 2018 merger with [[Capital First Ltd.|Capital First]].<ref>{{cite web |date=2015-10-01 |title=7 things to know about IDFC Bank &#124; Business Standard News |url=http://www.business-standard.com/article/finance/7-things-to-know-about-idfc-bank-115100100509_1.html |access-date=2016-10-15 |publisher=Business-standard.com}}</ref> In 2024, the bank took over the parent company IDFC Limited in a [[reverse merger]].


== History ==
== History ==


IDFC Limited was set up in 1997 to finance infrastructure projects in India. With time, the company diversified into [[asset management]], [[Stock broking|institutional broking]] and [[investment banking]]. In 2014, the [[Reserve Bank of India]] granted 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, and it was officially inaugurated by [[Prime Minister of India]] [[Narendra Modi]] in October 2015.<ref name=":0">{{Cite web |last=PTI |date=2015-10-19 |title=Narendra Modi inaugurates IDFC Bank, talks of banking reforms |url=https://www.livemint.com/Industry/j297AiEAvv8KzEEC8htTdI/Narendra-Modi-inaugurates-IDFC-Bank-talks-of-banking-reform.html |access-date=2022-12-12 |website=mint |language=en}}</ref><ref>{{cite news |date=2015-10-19 |title=PM inaugurates IDFC Bank &#124; Business Standard News |url=http://www.business-standard.com/article/government-press-release/pm-inaugurates-idfc-bank-115101901137_1.html |access-date=2016-10-15 |newspaper=Business Standard India |publisher=Business-standard.com}}</ref>
[[Infrastructure Development Finance Company|IDFC Limited]] was set up in 1997 by [[Government of India]] to finance infrastructure projects in India. With time, the company diversified into [[asset management]], [[Stock broking|institutional broking]] and [[investment banking]]. In 2014, the [[Reserve Bank of India]] granted in-principle approval to IDFC Limited to set up a new bank in the private sector.<ref>{{Cite news |title=RBI grants in-principle approval to IDFC, Bandhan for new bank licences |work=The Economic Times |url=https://economictimes.indiatimes.com/news/economy/policy/rbi-grants-in-principle-approval-to-idfc-bandhan-for-new-bank-licences/articleshow/33137000.cms?from=mdr |access-date=2022-12-12}}</ref> 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, and it was officially inaugurated by the [[Prime Minister of India]] [[Narendra Modi]] in October 2015.<ref name=":0">{{Cite web |last=PTI |date=2015-10-19 |title=Narendra Modi inaugurates IDFC Bank, talks of banking reforms |url=https://www.livemint.com/Industry/j297AiEAvv8KzEEC8htTdI/Narendra-Modi-inaugurates-IDFC-Bank-talks-of-banking-reform.html |access-date=2022-12-12 |website=mint |language=en}}</ref><ref>{{cite news |date=2015-10-19 |title=PM inaugurates IDFC Bank &#124; Business Standard News |url=http://www.business-standard.com/article/government-press-release/pm-inaugurates-idfc-bank-115101901137_1.html |access-date=2016-10-15 |newspaper=Business Standard India |publisher=Business-standard.com}}</ref>


IDFC Bank started operations on 1 October 2015.<ref>{{cite news |last1=Saha |first1=Manojit |date=2015-07-25 |title=IDFC Bank to start operations from Oct 1 &#124; Business Standard News |newspaper=Business Standard India |publisher=Business-standard.com |url=http://www.business-standard.com/article/companies/idfc-bank-to-start-operations-from-oct-1-115072400934_1.html |access-date=2016-10-15}}</ref><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>
IDFC Bank started operations on 1 October 2015.<ref>{{cite news |last1=Saha |first1=Manojit |date=2015-07-25 |title=IDFC Bank to start operations from Oct 1 &#124; Business Standard News |newspaper=Business Standard India |publisher=Business-standard.com |url=http://www.business-standard.com/article/companies/idfc-bank-to-start-operations-from-oct-1-115072400934_1.html |access-date=2016-10-15}}</ref><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> The parent entity, IDFC Limited, retained the asset management, institutional broking and infrastructure debt fund businesses through IDFC Financial Holding Company Limited (IDFC FHCL).<ref>{{Cite web |last=Gopakumar |first=Gopika |date=2021-07-21 |title=IDFC can exit as promoter of IDFC First Bank, clarifies RBI |url=https://www.livemint.com/industry/banking/rbi-allows-idfc-to-exit-as-promoter-of-idfc-first-bank-11626875817855.html |access-date=2022-12-12 |website=mint |language=en}}</ref>


IDFC Bank faced challenges due to bad loans from legacy infrastructure accounts. A planned merger with the [[Shriram Group]] was called off. By September 2017, the bank's deposits totaled {{INR}}38,890 crore, with a [[CASA ratio]] of just 8.2%.<ref>{{Cite news |last=Iyer |first=Aparna |date=15 January 2018 |title=IDFC Bank, Capital First merger: will the shoe fit this time? |url=https://www.livemint.com/Money/cCCvBnaKy51EjcLGhJMeBL/IDFC-Bank-Capital-First-merger-will-the-shoe-fit-this-time.html |access-date=29 October 2024 |work=[[Mint (newspaper)]]}}</ref>
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In January 2018, IDFC Bank and non-banking financial company Capital First announced a merger.<ref>{{Cite book |last=Tadas |first=G. A. |url=https://www.ris.org.in/sites/default/files/Publication/DP%20254%20G%20A%20Tadas.pdf |title=Need for Setting Up of a New Development Bank (RIS-DP #254) |date=August 2020 |publisher=Research and Information System for Developing Countries |year=2020 |edition= |location=[[New Delhi]], [[India]] |pages=7 |language=English}}</ref> Capital First was founded in 2012 by [[V. Vaidyanathan]] who acquired a stake in Future Capital Holdings and secured equity backing of Rs. 8.10 billion from [[Warburg Pincus]].<ref>{{Cite web |last=Kalbag |first=Chaitanya |date=2012-07-03 |title=V. Vaidyanathan takes wing with a $17 million stake in a star NBFC |url=https://www.businesstoday.in/magazine/features/story/v-vaidyanathan-behind-future-capital-deal-34539-2012-07-03 |access-date=2023-08-03 |website=Business Today |language=en}}</ref><ref>{{Cite web |last1=Sitaraman |first1=Krishnan |last2=Narayanan |first2=Subhasri |last3=Gupta |first3=Leena |title=Rating Rationale - IDFC FIRST Bank Limited Reaffirmed |url=https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/IDFCFIRSTBankLimited_June%2029,%202022_RR_296668.html |access-date=2023-08-03 |website=www.crisil.com}}</ref> In 2018, Capital First obtained an upgraded long-term credit rating of AAA. It was an Indian non-bank financial institution providing debt financing to small and medium-sized enterprises.<ref>{{Cite web |last=R |first=Rajee |date=25 September 2018 |title=Rating Rationale of Capital First Limited |url=https://www.brickworkratings.com/Admin/PressRelease/Capital-First-BL-25Sep2018%20%20(1).pdf |access-date=3 August 2023 |website=Brickwork Ratings}}</ref>


=== Merger ===
=== Capital First merger ===
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In January 2018, IDFC Bank and [[SME finance|MSME financing]] company Capital First announced a merger.<ref>{{Cite book |last=Tadas |first=G. A. |url=https://www.ris.org.in/sites/default/files/Publication/DP%20254%20G%20A%20Tadas.pdf |title=Need for Setting Up of a New Development Bank (RIS-DP #254) |date=August 2020 |publisher=Research and Information System for Developing Countries |year=2020 |edition= |location=[[New Delhi]], [[India]] |pages=7 |language=English}}</ref> Capital First was founded as Future Capital Holdings under the [[Future Group]], and was acquired by [[Warburg Pincus]] and [[V. Vaidyanathan]] in 2012.<ref>{{cite news |title=Future Group sells Future Capital Holdings to Warburg Pincus for Rs 800 cr |url=https://economictimes.indiatimes.com/industry/banking/finance/future-group-sells-future-capital-holdings-to-warburg-pincus-for-rs-800-cr/articleshow/13832093.cms |access-date=12 December 2024 |work=The Economic Times |date=5 June 2012}}</ref><ref>{{Cite web |last=Kalbag |first=Chaitanya |date=2012-07-03 |title=V. Vaidyanathan takes wing with a $17 million stake in a star NBFC |url=https://www.businesstoday.in/magazine/features/story/v-vaidyanathan-behind-future-capital-deal-34539-2012-07-03 |access-date=2023-08-03 |website=Business Today |language=en}}</ref> As per a September 2017 stock filing, Capital First had a retail loan portfolio of {{INR}}229.7 billion.<ref>{{Cite news |last=Roy |first=Anup |date=13 January 2018 |title=IDFC Bank to merge with Capital First, Vaidyanathan to succeed Lall |url=https://www.business-standard.com/article/companies/idfc-bank-to-merge-with-capital-first-vaidyanathan-to-succeed-lall-118011300405_1.html |access-date=29 October 2024 |work=[[Business Standard]]}}</ref> 139 shares of IDFC Bank were issued for every 10 shares of Capital First as part of the merger share swap.<ref>{{Cite web |last=sundarajan |first=Priya |date=2018-01-13 |title=IDFC Bank to take over Capital First in share swap deal |url=https://www.thehindubusinessline.com/money-and-banking/idfc-bank-capital-first-to-merge-in-share-swap-deal/article64296887.ece |access-date=2022-12-12 |website=www.thehindubusinessline.com |language=en}}</ref>
Post the merger, Vaidyanathan took over as the MD and CEO of the merged entity'''.''' The Reserve Bank of India approved his appointment for a period of three years, effective from December 19, 2018.<ref>{{Cite web |title=RBI approves appointment of V Vaidyanathan as MD, CEO of IDFC First Bank |url=https://www.moneycontrol.com/news/business/rbi-approves-appointment-of-v-vaidyanathan-as-md-ceo-of-idfc-first-bank-3409961.html |access-date=2022-12-12 |website=Moneycontrol |date=18 January 2019 |language=en}}</ref> 13.9 shares of IDFC Bank were issued for every share of Capital First as part of the merger scheme.<ref>{{Cite web |last=sundarajan |first=Priya |date=2018-01-13 |title=IDFC Bank to take over Capital First in share swap deal |url=https://www.thehindubusinessline.com/money-and-banking/idfc-bank-capital-first-to-merge-in-share-swap-deal/article64296887.ece |access-date=2022-12-12 |website=www.thehindubusinessline.com |language=en}}</ref><ref>{{cite news |last1=Sinha |first1=Shilpy |title=IDFC, Capital First completes merger process to form IDFC First Bank |newspaper=The Economic Times |publisher=eonomictimes.com |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}}</ref>


The merger completed in December 2018, with IDFC Bank changing its name to IDFC First Bank.<ref>{{cite news |last1=Sinha |first1=Shilpy |title=IDFC, Capital First completes merger process to form IDFC First Bank |newspaper=The Economic Times |publisher=eonomictimes.com |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}}</ref><ref>{{Cite web |title=Capital First merges with IDFC Bank to create IDFC First Bank |url=https://www.moneycontrol.com/news/business/capital-first-merges-with-idfc-bank-to-create-idfc-first-bank-3305581.html |access-date=2022-12-12 |website=Moneycontrol |date=18 December 2018 |language=en}}</ref> Vaidyanathan took over as the MD and CEO of the merged entity. The Reserve Bank of India approved his appointment for a period of three years, effective from 19 December 2018.<ref>{{Cite web |title=RBI approves appointment of V Vaidyanathan as MD, CEO of IDFC First Bank |url=https://www.moneycontrol.com/news/business/rbi-approves-appointment-of-v-vaidyanathan-as-md-ceo-of-idfc-first-bank-3409961.html |access-date=2022-12-12 |website=Moneycontrol |date=18 January 2019 |language=en}}</ref>
The parent entity, IDFC Limited, retained the AMC, Institutional Broking, and Infrastructure Debt Fund businesses through IDFC Financial Holding Company Limited (NOFHC).<ref>{{Cite web |last=Gopakumar |first=Gopika |date=2021-07-21 |title=IDFC can exit as promoter of IDFC First Bank, clarifies RBI |url=https://www.livemint.com/industry/banking/rbi-allows-idfc-to-exit-as-promoter-of-idfc-first-bank-11626875817855.html |access-date=2022-12-12 |website=mint |language=en}}</ref>


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The bank transitioned from infrastructure financing to [[retail banking]] in four years since the merger. Its CASA ratio increased from 8.6% to 49.77% and retail deposits went up from 27% to 76% of total deposits, as of March 2023.<ref>{{Cite news |date=2023-05-02 |title=IDFC FIRST Bank FY23 Profit After Tax Highest-Ever at Rs. 2,437 |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/press-releases/2023-05-02/idfc-first-bank-fy23-profit-after-tax-highest-ever-at-rs-2-437 |access-date=2023-06-21}}</ref><ref>{{Cite news |last1=Shukla |first1=Saloni |last2=Rangan |first2=MC Govardhana |title=IDFC First Bank's transformation to retail complete; NPA woes behind, says CEO V Vaidyanathan |work=The Economic Times |url=https://economictimes.indiatimes.com/industry/banking/finance/banking/idfc-first-banks-transformation-to-retail-complete-npa-woes-behind-says-ceo-v-vaidyanathan/articleshow/95387208.cms |access-date=2022-12-12}}</ref>
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As of 3 July 2023, the board of the bank had approved the merger with IDFC Limited. Shareholders of the latter will receive 155 shares of IDFC FIRST Bank for every 100 shares they currently own in IDFC Limited, as stated in a filing with the stock exchange.<ref>{{Cite news |date=2023-07-03 |title=India's IDFC to merge with IDFC First Bank in latest consolidation |language=en |work=Reuters |url=https://www.reuters.com/world/india/idfc-first-bank-merge-with-idfc-2023-07-03/ |access-date=2023-07-04}}</ref><ref>{{Cite news |date=2023-07-03 |title=IDFC to merge with IDFC First Bank |language=en-IN |work=The Hindu |url=https://www.thehindu.com/business/idfc-to-merge-with-idfc-first-bank/article67038447.ece |access-date=2023-07-04 |issn=0971-751X}}</ref> In the mid of October 2023, the bank obtained clearance from the [[Competition Commission of India]] for its merger.<ref>{{Cite web |last=Livemint |date=2023-10-17 |title=IDFC gets CCI nod for merger with IDFC First Bank |url=https://www.livemint.com/news/idfc-gets-cci-nod-for-merger-with-idfc-first-bank-11697547716386.html |access-date=2023-10-25 |website=mint |language=en}}</ref><ref>{{Cite web |date=2023-10-10 |title=IDFC-IDFC First Bank merger proposal gets CCI nod; stock up 2% |url=https://www.fortuneindia.com/enterprise/idfc-idfc-first-bank-merger-proposal-gets-cci-nod-stock-up-2/114495 |access-date=2023-10-25 |website=www.fortuneindia.com |language=en}}</ref> On 18 December 2023, the RBI issued 'no objection' for the bank to merge with IDFC. But the merger still needs approval from the [[National Company Law Tribunal]].<ref>{{Cite web |last=Bhattacharya |first=Shubhayan |date=2023-12-18 |title=IDFC First Bank Gets RBI Nod For Merger Of IDFC, IDFC Financial Holding With Self |url=https://www.ndtvprofit.com/economy-finance/idfc-first-bank-gets-rbi-nod-for-merger-of-idfc-idfc-financial-holding-with-self |access-date=2023-12-26 |website=NDTV Profit |language=en}}</ref><ref>{{Cite web |date=2023-12-19 |title=IDFC First Bank shares surge 3% as RBI approves merger with IDFC, IDFC Financial Holding |url=https://www.moneycontrol.com/news/business/markets/idfc-first-bank-shares-surge-3-as-rbi-approves-merger-with-idfc-idfc-financial-holding-11926061.html |access-date=2023-12-26 |website=Moneycontrol |language=en}}</ref>


===IDFC Limited merger===
On 17 May 2024, the NCLT convened via video conferencing to approve the merger proposal between IDFC First Bank and IDFC Limited. The proposal, endorsed by the bank's shareholders and NCD holders, involves two steps: IDFC FHCL merging with IDFC Limited, followed by IDFC Limited merging into IDFC First Bank.<ref>{{Cite web |last=PTI |date=2024-05-18 |title=Debt, equity holders approve merger of IDFC with IDFC First Bank |url=https://www.thehindubusinessline.com/money-and-banking/debt-equity-holders-approve-merger-of-idfc-with-idfc-first-bank/article68190758.ece |access-date=2024-06-25 |website=BusinessLine |language=en}}</ref><ref>{{Cite web |date=2024-05-18 |title=Majority shareholders of IDFC First Bank approves amalgamation of IDFC Ltd with lender |url=https://www.businesstoday.in/latest/corporate/story/majority-shareholders-of-idfc-first-bank-approves-amalgamation-of-idfc-ltd-with-lender-430065-2024-05-18 |access-date=2024-06-25 |website=[[Business Today (India)|Business Today]] |language=en}}</ref>
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In July 2023, the board of the bank approved the merger with IDFC Limited.<ref>{{Cite news |date=2023-07-03 |title=India's IDFC to merge with IDFC First Bank in latest consolidation |language=en |work=Reuters |url=https://www.reuters.com/world/india/idfc-first-bank-merge-with-idfc-2023-07-03/ |access-date=2023-07-04}}</ref><ref>{{Cite news |date=2023-07-03 |title=IDFC to merge with IDFC First Bank |language=en-IN |work=The Hindu |url=https://www.thehindu.com/business/idfc-to-merge-with-idfc-first-bank/article67038447.ece |access-date=2023-07-04 |issn=0971-751X}}</ref> After receiving clearance from the [[Competition Commission of India]]<ref>{{Cite web |last=Livemint |date=2023-10-17 |title=IDFC gets CCI nod for merger with IDFC First Bank |url=https://www.livemint.com/news/idfc-gets-cci-nod-for-merger-with-idfc-first-bank-11697547716386.html |access-date=2023-10-25 |website=mint |language=en}}</ref> and the Reserve Bank of India,<ref>{{Cite web |last=Bhattacharya |first=Shubhayan |date=2023-12-18 |title=IDFC First Bank Gets RBI Nod For Merger Of IDFC, IDFC Financial Holding With Self |url=https://www.ndtvprofit.com/economy-finance/idfc-first-bank-gets-rbi-nod-for-merger-of-idfc-idfc-financial-holding-with-self |access-date=2023-12-26 |website=NDTV Profit |language=en}}</ref> the merger proposal was approved by the [[National Company Law Tribunal]] in May 2024. The proposal, endorsed by the bank's shareholders and NCD holders, involved two steps–IDFC FHCL merging with IDFC Limited, followed by IDFC Limited merging into IDFC First Bank.<ref>{{Cite web |last=PTI |date=2024-05-18 |title=Debt, equity holders approve merger of IDFC with IDFC First Bank |url=https://www.thehindubusinessline.com/money-and-banking/debt-equity-holders-approve-merger-of-idfc-with-idfc-first-bank/article68190758.ece |access-date=2024-06-25 |website=BusinessLine |language=en}}</ref><ref>{{Cite web |date=2024-05-18 |title=Majority shareholders of IDFC First Bank approves amalgamation of IDFC Ltd with lender |url=https://www.businesstoday.in/latest/corporate/story/majority-shareholders-of-idfc-first-bank-approves-amalgamation-of-idfc-ltd-with-lender-430065-2024-05-18 |access-date=2024-06-25 |website=[[Business Today (India)|Business Today]] |language=en}}</ref>


On 1 October 2024, IDFC Limited merged with the bank.<ref>{{Cite web |date=2024-09-27 |title=IDFC FIRST Bank announces completion of IDFC Ltd merger |url=https://www.financialexpress.com/business/banking-finance-idfc-first-bank-announces-completion-of-idfc-ltd-merger-3624348/ |access-date=2024-10-15 |website=Financialexpress |language=en}}</ref> As a result of the merger, 155 equity shares of the bank were allotted for every 100 equity shares of IDFC Limited held by each shareholder in the latter.<ref>{{Cite web |last=Deshpande |first=Swapnil |date=2024-09-27 |title=IDFC First Bank completes merger with IDFC Limited - CNBC TV18 |url=https://www.cnbctv18.com/market/idfc-first-bank-completes-merger-with-idfc-ltd-19484050.htm |access-date=2024-10-15 |website=CNBCTV18 |language=en}}</ref>
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== Shareholding ==
{| class="wikitable"
!Shareholder Group
!Percentage
|-
|Promoters (including IDFC Limited's proposed investment)
|40.00
|-
|Foreign Institutional Investors (FIIs)
|24.48
|-
|Domestic Institutional Investors (DIIs)
|9.50
|-
|Public Shareholding
|26.02
|-
|Other
|2.22
|}
As of September 2023, the promoter holding at the bank is 40.00 the institutional holding is at 24.48, the public holding is at 26.02.<ref>{{Cite web |title=Latest Shareholding Pattern - IDFC First Bank Ltd. |url=https://trendlyne.com/equity/share-holding/1786/IDFCFIRSTB/latest/idfc-first-bank-ltd/ |access-date=2023-02-23 |website=Trendlyne.com |language=en}}</ref> But on 22 February 2023, IDFC Limited announced it intention to invest INR 2,200 crores in the bank. This will bring IDFC Limited's current holding in the bank up to 40 percent, from the current level of 36.38 percent.<ref>{{Cite web |last=Reporter |first=B. S. |date=2023-02-01 |title=IDFC Ltd to invest Rs 2,200 crore in IDFC First Bank, up its stake to 40% |url=https://www.business-standard.com/article/finance/idfc-plans-to-invest-nearly-rs-2-200-crore-in-idfc-first-bank-123020101406_1.html |access-date=2023-02-23 |website=www.business-standard.com |language=en}}</ref>


⚫
== Shareholding ==
Also, on 22 February 2023, the bank issued 12,03,745 equity shares to its employees under the company ESOP plan.<ref>{{Cite web |title=IDFC First Bank allots shares worth Rs 1.2 cr to employees as stock options |url=https://www.freepressjournal.in/business/idfc-first-bank-allots-shares-worth-rs-12-cr-to-employees-as-stock-options |access-date=2023-02-23 |website=Free Press Journal |language=en}}</ref>
On 22 February 2023, IDFC Limited announced that it would invest {{INR}}2,200 crore in the bank, increasing its stake in the bank up to 40% from 36.38%.<ref>{{Cite web |last=Reporter |first=B. S. |date=2023-02-01 |title=IDFC Ltd to invest Rs 2,200 crore in IDFC First Bank, up its stake to 40% |url=https://www.business-standard.com/article/finance/idfc-plans-to-invest-nearly-rs-2-200-crore-in-idfc-first-bank-123020101406_1.html |access-date=2023-02-23 |website=www.business-standard.com |language=en}}</ref> Also, on 22 February 2023, the bank issued 12,03,745 equity shares to its employees under the company ESOP plan.<ref>{{Cite web |title=IDFC First Bank allots shares worth Rs 1.2 cr to employees as stock options |url=https://www.freepressjournal.in/business/idfc-first-bank-allots-shares-worth-rs-12-cr-to-employees-as-stock-options |access-date=2023-02-23 |website=Free Press Journal |language=en}}</ref>


On September 12, 2023, US-based [[GQG Partners]] acquired an additional 5.1 crore shares, equivalent to a 0.76% stake, from V. Vaidyanathan in a block deal conducted on the stock exchange. As a result, GQG Partners' ownership in the bank rose to 3.36%.<ref>{{Cite web |title=IDFC First Bank rises 2% on Rs 479.5-cr block deal with GQG Partners |url=https://www.moneycontrol.com/europe/news/business/markets/idfc-first-bank-rises-2-on-rs-479-5-cr-block-deal-with-gqg-partners-11345731.html |access-date=2023-09-14 |website=Moneycontrol}}</ref><ref>{{Cite web |title=US-based GQG Partners ups IDFC First Bank stake, acquires shares from CEO V. Vaidyanathan |url=https://www.telegraphindia.com/business/us-based-gqg-partners-ups-idfc-first-bank-stake-acquires-shares-from-ceo-v-vaidyanathan/cid/1965600 |access-date=2023-09-14 |website=www.telegraphindia.com |language=en}}</ref>
On September 12, 2023, US-based [[GQG Partners]] acquired an additional 5.1 crore shares, equivalent to a 0.76% stake, from V. Vaidyanathan in a block deal conducted on the stock exchange. As a result, GQG Partners' ownership in the bank rose to 3.36%.<ref>{{Cite web |title=IDFC First Bank rises 2% on Rs 479.5-cr block deal with GQG Partners |url=https://www.moneycontrol.com/europe/news/business/markets/idfc-first-bank-rises-2-on-rs-479-5-cr-block-deal-with-gqg-partners-11345731.html |access-date=2023-09-14 |website=Moneycontrol}}</ref><ref>{{Cite web |title=US-based GQG Partners ups IDFC First Bank stake, acquires shares from CEO V. Vaidyanathan |url=https://www.telegraphindia.com/business/us-based-gqg-partners-ups-idfc-first-bank-stake-acquires-shares-from-ceo-v-vaidyanathan/cid/1965600 |access-date=2023-09-14 |website=www.telegraphindia.com |language=en}}</ref>

In July 2024, [[Life Insurance Corporation]] raised its stake in the bank to 2.68% by purchasing shares of the lender at Rs 80.63 each, with a total acquisition cost of {{INRConvert|1500|c|lk=off|year=2024}}.<ref>{{Cite news |last= |first= |date=2024-07-04 |title=LIC raises stake in IDFC First Bank to 2.68% |url=https://www.thehindu.com/business/lic-raises-stake-in-idfc-first-bank-to-268/article68367906.ece |access-date=2024-10-29 |work=The Hindu |language=en-IN |issn=0971-751X}}</ref>


== Operations ==
== Operations ==
[[File:IDFC First Bank Prabhadevi Branch.jpg|thumb|A branch of IDFC First Bank in [[Prabhadevi]], Mumbai]]
[[File:IDFC First Bank Prabhadevi Branch.jpg|thumb|A branch of IDFC First Bank in [[Prabhadevi]], Mumbai]]
In October 2023, the [[National Securities Depository Limited]] finalized a deal to acquire office space from IDFC First Bank at Naman Chambers in [[Bandra Kurla Complex]]. This transaction encompassed 68,000 square feet and amounted to ₹198 crore. This decision was to centralize its operations in proximity to its headquarters located at the IDFC FIRST Bank Tower.<ref>{{Cite web |last=Krishnan |first=Janaki |date=2023-10-10 |title=NSDL acquires office space in BKC from IDFC First Bank for ₹200 crore |url=https://www.thehindubusinessline.com/markets/nsdl-acquires-office-space-in-bkc-from-idfc-first-bank-for-200-crore/article67402334.ece |access-date=2023-10-25 |website=BusinessLine |language=en}}</ref><ref>{{Cite web |last=Jos Pullokaran |first=Jomy |date=2023-10-09 |title=IDFC FIRST Bank to sell Mumbai office premises to NSDL for ₹198 crore |url=https://www.cnbctv18.com/business/companies/idfc-first-bank-to-sell-mumbai-office-premises-to-nsdl-for-198-crore-18000041.htm |access-date=2023-10-25 |website=cnbctv18.com |language=en}}</ref><ref>{{Cite web |title=Can IDFC First Bank make its mark in retail banking space? |url=https://economictimes.indiatimes.com/markets/stocks/news/can-idfc-first-bank-make-its-mark-in-retail-banking-space/articleshow/93747096.cms |access-date=2022-12-12 |website=The Economic Times}}</ref><ref>{{Cite web |title=IDFC First Bank Q2 net jumps 266% to Rs 556 cr |url=https://www.financialexpress.com/industry/banking-finance/idfc-first-bank-q2-net-jumps-266-to-rs-556-cr/2729210/ |access-date=2022-12-13 |website=Financialexpress |date=23 October 2022 |language=en}}</ref><ref>{{Cite web |date=2022-10-22 |title=IDFC First Bank Q2 net profit jumps 266% to Rs 556 cr; NII climbs 32% |url=https://www.business-standard.com/article/companies/idfc-first-bank-q2-net-profit-jumps-266-to-rs-556-cr-nii-climbs-32-122102200755_1.html |access-date=2022-12-13 |website=www.business-standard.com |language=en |agency=Press Trust of India}}</ref><ref>{{Cite web |last=PTI |title=IDFC First Bank Q2 Net Jumps 266% To Rs 556 Crore |url=https://www.bqprime.com/quarterly-earnings/idfc-first-bank-q2-net-jumps-266-to-rs-556-crore |access-date=2022-12-13 |website=BQ Prime |date=22 October 2022 |language=en}}</ref>

⚫
The bank transformed from infrastructure to retail banking in four years since the merger, increasing the CASA ratio from 8.6% to 49.77% (March 31, 2023) and retail deposits from 27% to 76% of total deposits.<ref>{{Cite news |date=2023-05-02 |title=IDFC FIRST Bank FY23 Profit After Tax Highest-Ever at Rs. 2,437 |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/press-releases/2023-05-02/idfc-first-bank-fy23-profit-after-tax-highest-ever-at-rs-2-437 |access-date=2023-06-21}}</ref><ref>{{Cite news |last1=Shukla |first1=Saloni |last2=Rangan |first2=MC Govardhana |title=IDFC First Bank's transformation to retail complete; NPA woes behind, says CEO V Vaidyanathan |work=The Economic Times |url=https://economictimes.indiatimes.com/industry/banking/finance/banking/idfc-first-banks-transformation-to-retail-complete-npa-woes-behind-says-ceo-v-vaidyanathan/articleshow/95387208.cms |access-date=2022-12-12}}</ref>

As of November 2022, the bank had 809 branches, 249 asset service centres, 925 ATMs, and 606 rural business correspondent centres across the country.<ref>{{Cite news |last=Market |first=Capital |date=2022-11-05 |title=IDFC First Bank gets board approval to raise Rs 4,000 cr |work=Business Standard India |url=https://www.business-standard.com/article/news-cm/idfc-first-bank-gets-board-approval-to-raise-rs-4-000-cr-122110500178_1.html |access-date=2022-12-12}}</ref><ref>{{Cite web |last=Korgaonkar |first=Deepak |date=2023-06-15 |title=IDFC First Bank at over 6-yr high; zooms 47% in 2 months on stable outlook |url=https://www.business-standard.com/markets/news/idfc-first-bank-at-over-6-yr-high-zooms-47-in-2-months-on-stable-outlook-123061500275_1.html |access-date=2023-06-21 |website=www.business-standard.com |language=en-US}}</ref><ref>{{Cite web |last=Kayastha |first=Anshika |date=2023-08-08 |title=Want to stay on the pitch for long, not hit sixes and fours: IDFC First Bank MD |url=https://www.thehindubusinessline.com/money-and-banking/want-to-stay-on-the-pitch-for-long-not-hit-sixes-and-fours-idfc-first-bank-md/article67172365.ece |access-date=2023-09-03 |website=BusinessLine |language=en}}</ref>
As of November 2022, the bank had 809 branches, 249 asset service centres, 925 ATMs, and 606 rural business correspondent centres across the country.<ref>{{Cite news |last=Market |first=Capital |date=2022-11-05 |title=IDFC First Bank gets board approval to raise Rs 4,000 cr |work=Business Standard India |url=https://www.business-standard.com/article/news-cm/idfc-first-bank-gets-board-approval-to-raise-rs-4-000-cr-122110500178_1.html |access-date=2022-12-12}}</ref><ref>{{Cite web |last=Korgaonkar |first=Deepak |date=2023-06-15 |title=IDFC First Bank at over 6-yr high; zooms 47% in 2 months on stable outlook |url=https://www.business-standard.com/markets/news/idfc-first-bank-at-over-6-yr-high-zooms-47-in-2-months-on-stable-outlook-123061500275_1.html |access-date=2023-06-21 |website=www.business-standard.com |language=en-US}}</ref><ref>{{Cite web |last=Kayastha |first=Anshika |date=2023-08-08 |title=Want to stay on the pitch for long, not hit sixes and fours: IDFC First Bank MD |url=https://www.thehindubusinessline.com/money-and-banking/want-to-stay-on-the-pitch-for-long-not-hit-sixes-and-fours-idfc-first-bank-md/article67172365.ece |access-date=2023-09-03 |website=BusinessLine |language=en}}</ref>


Line 96: Line 70:
The bank provides products and services related to [[retail banking]], [[wholesale banking]] and [[investment banking]].<ref>{{Cite web |title=Home loans are our biggest driver and they'll keep growing: V Vaidyanathan, MD & CEO, IDFC First Bank |url=https://www.financialexpress.com/industry/banking-finance/home-loans-are-our-biggest-driver-and-theyll-keep-growing-v-vaidyanathan-md-ceo-idfc-first-bank/2515715/ |access-date=2022-12-12 |website=Financialexpress |date=7 May 2022 |language=en}}</ref><ref>{{Cite news |last=Kulkarni |first=Sneha |title=IDFC First Bank revises savings account interest rate: Earn up to 6% interest rates on this amount |work=The Economic Times |url=https://economictimes.indiatimes.com/wealth/invest/idfc-first-bank-revises-savings-account-interest-rate-earn-up-to-6-interest-rates-on-this-amount/articleshow/90486743.cms |access-date=2022-08-10}}</ref><ref>{{Cite web |title=IDFC First Bank to give 7% interest on savings account opened through video KYC |url=https://www.financialexpress.com/industry/banking-finance/idfc-first-bank-to-give-7-interest-on-savings-account-opened-through-video-kyc/1972969/ |access-date=2022-08-10 |website=Financialexpress |date=28 May 2020 |language=en}}</ref><ref>{{Cite web |title=Interest rate on Savings account up to 6% p.a. {{!}} IDFC FIRST Bank |url=https://www.idfcfirstbank.com/personal-banking/accounts/savings-account/interest-rate#:~:text=Bank%20interest%20rates%20on%20Savings%20Account&text=We%20offer%20one%20of%20the,of%20up%20to%206%25%20p.a.&text=What%27s%20more,%20you%20earn%20this,out%20this%20interest%20every%20month. |access-date=2022-08-10 |website=www.idfcfirstbank.com}}</ref>
The bank provides products and services related to [[retail banking]], [[wholesale banking]] and [[investment banking]].<ref>{{Cite web |title=Home loans are our biggest driver and they'll keep growing: V Vaidyanathan, MD & CEO, IDFC First Bank |url=https://www.financialexpress.com/industry/banking-finance/home-loans-are-our-biggest-driver-and-theyll-keep-growing-v-vaidyanathan-md-ceo-idfc-first-bank/2515715/ |access-date=2022-12-12 |website=Financialexpress |date=7 May 2022 |language=en}}</ref><ref>{{Cite news |last=Kulkarni |first=Sneha |title=IDFC First Bank revises savings account interest rate: Earn up to 6% interest rates on this amount |work=The Economic Times |url=https://economictimes.indiatimes.com/wealth/invest/idfc-first-bank-revises-savings-account-interest-rate-earn-up-to-6-interest-rates-on-this-amount/articleshow/90486743.cms |access-date=2022-08-10}}</ref><ref>{{Cite web |title=IDFC First Bank to give 7% interest on savings account opened through video KYC |url=https://www.financialexpress.com/industry/banking-finance/idfc-first-bank-to-give-7-interest-on-savings-account-opened-through-video-kyc/1972969/ |access-date=2022-08-10 |website=Financialexpress |date=28 May 2020 |language=en}}</ref><ref>{{Cite web |title=Interest rate on Savings account up to 6% p.a. {{!}} IDFC FIRST Bank |url=https://www.idfcfirstbank.com/personal-banking/accounts/savings-account/interest-rate#:~:text=Bank%20interest%20rates%20on%20Savings%20Account&text=We%20offer%20one%20of%20the,of%20up%20to%206%25%20p.a.&text=What%27s%20more,%20you%20earn%20this,out%20this%20interest%20every%20month. |access-date=2022-08-10 |website=www.idfcfirstbank.com}}</ref>


The bank became a member of the [[Open Network for Digital Commerce]] in September 2022. Subsequently, it began enrolling small merchants, who are existing customers with current accounts, onto a partner application registered with ONDC.<ref>{{Cite web |last=Livemint |date=2022-09-07 |title=IDFC First Bank joins ONDC |url=https://www.livemint.com/companies/news/idfc-first-bank-joins-ondc-11662529730670.html |access-date=2023-07-13 |website=mint |language=en}}</ref><ref>{{Cite web |date=2022-09-07 |title=IDFC First Bank joins ONDC — what does it mean for you? |url=https://www.cnbctv18.com/retail/idfc-first-bank-joins-e-commerce-network-ondc--what-does-it-mean-for-you-14674781.htm |access-date=2023-07-13 |website=cnbctv18.com |language=en}}</ref>
In 2017, IDFC Bank launched an [[Aadhaar]]-linked cashless merchant solution.<ref>{{Cite news |last=K.R.Srivats |date=2017-03-07 |title=IDFC Bank takes the lead, launches Aadhaar Pay |language=en |work=The Hindu Business Line |url=http://www.thehindubusinessline.com/money-and-banking/idfc-bank-takes-the-lead-launches-aadhaar-pay/article9574037.ece |access-date=2017-03-09}}</ref><ref>{{Cite news |title=IDFC Bank launches aadhaar-linked cashless merchant solution – The Economic Times |newspaper=The Economic Times |url=http://economictimes.indiatimes.com/industry/banking/finance/banking/idfc-bank-launches-aadhaar-linked-cashless-merchant-solution/articleshow/56170045.cms |access-date=2017-01-17}}</ref>


The bank became a member of the [[Open Network for Digital Commerce]] in September 2022. Subsequently, it began enrolling small merchants, who are existing customers with current accounts, onto a partner application registered with ONDC.<ref>{{Cite web |last=Livemint |date=2022-09-07 |title=IDFC First Bank joins ONDC |url=https://www.livemint.com/companies/news/idfc-first-bank-joins-ondc-11662529730670.html |access-date=2023-07-13 |website=mint |language=en}}</ref><ref>{{Cite web |date=2022-09-07 |title=IDFC First Bank joins ONDC — what does it mean for you? |url=https://www.cnbctv18.com/retail/idfc-first-bank-joins-e-commerce-network-ondc--what-does-it-mean-for-you-14674781.htm |access-date=2023-07-13 |website=cnbctv18.com |language=en}}</ref> In 2023, it launched [[central bank digital currency]] under the guidance of the RBI.<ref>{{Cite news |last=Ray |first=Anulekha |date=2022-11-09 |title=RBI CBDC: Digital Rupee pilot starts from November 1; SBI, HDFC, 7 other banks to participate in wholesale launch |work=The Economic Times |url=https://economictimes.indiatimes.com/wealth/save/rbi-cbdc-digital-rupee-pilot-to-start-from-november-1-sbi-hdfc-7-other-banks-to-participate/articleshow/95205659.cms |access-date=2023-07-13 |issn=0013-0389}}</ref>
== Environmental, social, and governance ==


===Rural lending===
⚫
* IDFC FIRST Bharat Limited (IFBL) originated from [[Tamil Nadu]]-based [[Grama Vidiyal]], which was established in 1986 as a Public Charitable Trust. In 2003, it evolved into Grama Vidiyal Micro Finance Limited (GVMFL) with a dual focus on financial inclusion [[sustainability]] and on [[Women and development|women and family development]]. In 2016, IDFC Bank acquired GVMFL and renamed it “IDFC Bharat Limited”, operating as a wholly-owned subsidiary of IDFC Bank.<ref>{{Cite web |date=2016-07-25 |title=IDFC Bank buys Grama Vidiyal Micro |url=https://www.thehindubusinessline.com/specials/emerging-entrepreneurs/idfc-bank-buys-grama-vidiyal-micro/article8897929.ece |access-date=2024-03-31 |website=BusinessLine |language=en}}</ref><ref>{{Cite web |date=2016-07-13 |title=IDFC Bank acquires Grama Microfinance |url=https://indianexpress.com/article/business/companies/idfc-bank-acquires-grama-microfinance-2910137/ |access-date=2024-03-31 |website=The Indian Express |language=en}}</ref> Following the merger with Capital First Limited, it became known as IDFC FIRST Bharat Limited.<ref>{{Cite news |last=News Service |first=PTI |author-link=Press Trust of India |date=25 October 2018 |title=IDFC Bank to be renamed as IDFC First Bank after merging with Capital First |url=https://www.business-standard.com/article/finance/idfc-bank-to-be-renamed-as-idfc-first-bank-after-merging-with-capital-first-118102501136_1.html |access-date=31 March 2024 |work=[[Business Standard]]}}</ref>
The bank's rural lending portfolio consists of 60% women borrowers, as of October 2023.<ref>{{Cite web |last=Velonie |first=Ajit |last2=Sri Narayanan |first2=Subha |last3=Gupta |first3=Leena |date=9 October 2023 |title=CRISIL Rating Rationale IDFC FIRST Bank Limited |url=https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/IDFCFIRSTBankLimited_October%2009,%202023_RR_328451.html |access-date=2024-11-30 |website=[[CRISIL]]}}</ref> The typical loan size is ₹2-3 lakh. The portfolio has a 99.7% collection rate, a gross NPA of 1.2%, and a net NPA of 0.3%.<ref>{{Cite web |last=Sharma |first=Saurabh |date=2023-12-13 |title=BT500: 'Tragic to see rural India is most under-financed,' says IDFC First Bank MD & CEO V Vaidyanathan |url=https://www.businesstoday.in/industry/banks/story/bt500-tragic-to-see-rural-india-is-most-under-financed-says-idfc-first-bank-md-ceo-v-vaidyanathan-409360-2023-12-13 |access-date=2024-11-30 |website=Business Today |language=en}}</ref>

⚫
In South and Central India, the rural lending is led by IDFC First Bharat Limited (IFBL) which traces its roots to [[Grama Vidiyal]], a [[Tamil Nadu]]-based public charitable trust established in 1986. In 2003, it became a [[microfinance]] institution called [[Grama Vidiyal|Grama Vidiyal Micro Finance Limited]] (GVMFL). In 2016, IDFC Bank acquired GVMFL, turning it into a wholly-owned subsidiary of the bank.<ref>{{Cite web |date=2016-07-25 |title=IDFC Bank buys Grama Vidiyal Micro |url=https://www.thehindubusinessline.com/specials/emerging-entrepreneurs/idfc-bank-buys-grama-vidiyal-micro/article8897929.ece |access-date=2024-03-31 |website=BusinessLine |language=en}}</ref><ref>{{Cite web |date=2016-07-13 |title=IDFC Bank acquires Grama Microfinance |url=https://indianexpress.com/article/business/companies/idfc-bank-acquires-grama-microfinance-2910137/ |access-date=2024-03-31 |website=The Indian Express |language=en}}</ref> GVMFL later became known as IDFC First Bharat Limited.<ref>{{Cite news |last=News Service |first=PTI |author-link=Press Trust of India |date=25 October 2018 |title=IDFC Bank to be renamed as IDFC First Bank after merging with Capital First |url=https://www.business-standard.com/article/finance/idfc-bank-to-be-renamed-as-idfc-first-bank-after-merging-with-capital-first-118102501136_1.html |access-date=31 March 2024 |work=[[Business Standard]]}}</ref>


== Financials ==
== Financials ==
The bank achieved a profit after tax (PAT) of ₹2,437 crore in the financial year 2023, maintaining a capital adequacy ratio of 16.82%. The bank's retail loans showing a gross non-performing asset (NPA) ratio of 1.65% and a net NPA ratio of 0.55% as of March 31, 2023. The overall gross NPA ratio is 2.51%, while the net NPA ratio is 0.86%. Excluding the infrastructure sector, which is being phased out, the gross NPA and net NPA ratios are 1.84% and 0.86%, respectively.<ref>{{Cite web |last=Dixit |first=Pranav |date=2023-04-29 |title=IDFC FIRST Bank reports highest-ever profit at Rs 2,437 crore in FY23 |url=https://www.businesstoday.in/industry/banks/story/idfc-first-bank-reports-highest-ever-profit-at-rs-2437-crore-in-fy23-379408-2023-04-29 |access-date=2023-07-13 |website=[[Business Today (India)|Business Today]] |language=en}}</ref>
The bank achieved a profit after tax (PAT) of {{INRConvert|2957|c|year=2024}} crore in the financial year 2024, maintaining a capital adequacy ratio of 16.82%. The bank's retail loans showing a gross non-performing asset (NPA) ratio of 1.88% and a net NPA ratio of 0.60% as of March 31, 2024.<ref>{{Cite web |date=2024-09-02 |title=IDFC FIRST Bank Achieves Lowest-Ever Gross NPA of 1.88% in FY24, says V Vaidyanathan |url=https://www.outlookbusiness.com/corporate/idfc-first-bank-hits-record-low-gross-npa-of-188-for-fy24-says-v-vaidyanathan |access-date=2024-10-29 |website=Outlook Business |language=en}}</ref> As of 30 September 2024, the overall gross NPA ratio is 1.92%, while the net NPA ratio is 0.48%.<ref>{{Cite news |last=Singh |first=Navdeep |date=2024-10-28 |title=IDFC First Bank shares nosedive 10%, hit 52-week low as Q2 profit plummets 73% |url=https://economictimes.indiatimes.com/markets/stocks/news/idfc-first-bank-shares-in-focus-after-q2-profit-slumps-72-yoy-to-rs-201-crore/articleshow/114675360.cms?from=mdr |access-date=2024-10-29 |work=The Economic Times |issn=0013-0389}}</ref>

⚫
In 2023, it became one of the top 10 banks in India by [[market capitalization]].<ref>{{Cite web |last=Sultana |first=Nasrin |title=How Does IDFC First Stack Up Among India's Top 10 Most Valued Banks |url=https://www.forbesindia.com/article/take-one-big-story-of-the-day/how-does-idfc-first-stack-up-among-indias-top-10-most-valued-banks/88019/1 |access-date=2023-09-14 |website=Forbes India |language=en}}</ref><ref>{{Cite web |last=Sonavane |first=Ravindra |title=IDFC First joins elite club of 10 most valuable listed banks in India |url=https://www.moneycontrol.com/europe/news/business/earnings/idfc-first-joins-elite-club-of-10-most-valuable-listed-banks-in-india-11309231.html |access-date=2023-09-14 |website=Moneycontrol}}</ref>


== Milestones ==
== Sponsorships ==
⚫
In 2020, the bank signed [[Amitabh Bachchan]] as its first brand ambassador.<ref>{{Cite news |last=IDFC FIRST Bank |date=11 March 2020 |title=IDFC FIRST Bank names India's iconic personality Mr. Amitabh Bachchan as Brand Ambassador |work=Press Release |url=https://www.idfcfirstbank.com/content/dam/IDFCFirstBank/in-the-press/Mr-Amitabh-Bachchan-is-brand-ambassador-of-IDFC-FIRST-Bank.pdf |access-date=21 March 2020}}</ref>


In 2023, the bank obtained the title sponsorship rights for all [[Board of Control for Cricket in India]]'s international and domestic home matches.<ref>{{Cite news |last=Farooqui |first=Javed |date=2023-08-25 |title=BCCI awards title sponsorship rights to IDFC First for Rs 235 crore |work=The Economic Times |url=https://economictimes.indiatimes.com/news/sports/bcci-awards-title-sponsorship-rights-to-idfc-first-for-rs-235-crore/articleshow/103071147.cms |access-date=2023-09-03 |issn=0013-0389}}</ref><ref>{{Cite web |date=2023-08-25 |title=IDFC FIRST Bank secures title rights for Team India's home internationals for Rs 4.2 crore per match |url=https://www.cnbctv18.com/sports/idfc-first-bank-secures-title-rights-for-team-indias-home-internationals-for-rs-42-crore-per-match-17640271.htm |access-date=2023-09-03 |website=cnbctv18.com |language=en}}</ref>
* '''2003''' - The company raised $200 million for the India Development Fund, the first infrastructure-focused private equity fund.<ref>{{Cite web |title=IDFC: Reports, Company History, Directors Report, Chairman's Speech, Auditors Report of IDFC - NDTV |url=https://www.ndtv.com/business |access-date=2022-12-12 |website=www.ndtv.com |language=en}}</ref>
* '''2010''' - Infrastructure Development Finance Corporation (IDFC) has raised ₹2,654 crore by a qualified institutional placement (QIP), attracting demand for twice the shares on offer, according to an advisor to the sale.<ref>{{Cite news |last=Reporter |first=B. S. |date=2010-06-30 |title=IDFC sells shares worth Rs 2,654 cr |work=Business Standard India |url=https://www.business-standard.com/article/finance/idfc-sells-shares-worth-rs-2-654-cr-110063000072_1.html |access-date=2022-12-12}}</ref>
* '''2013''' - IDFC becomes the first Indian institution to adopt Equator principles.<ref>{{Cite web |date=2013-06-10 |title=IDFC becomes first Indian institution to adopt Equator principles - Photos News, Firstpost |url=https://www.firstpost.com/photos/fwire-gallery/idfc-becomes-first-indian-institution-to-adopt-equator-principles-858941.html |access-date=2022-12-12 |website=Firstpost |language=en}}</ref>
* '''2014''' - RBI grants a banking license to IDFC Bank.<ref>{{Cite news |title=RBI grants in-principle approval to IDFC, Bandhan for new bank licences |work=The Economic Times |url=https://economictimes.indiatimes.com/news/economy/policy/rbi-grants-in-principle-approval-to-idfc-bandhan-for-new-bank-licences/articleshow/33137000.cms?from=mdr |access-date=2022-12-12}}</ref>
* '''2017''' - The bank IDFC Bank is the first in India to launch an [[Aadhaar]]-linked cashless merchant solution.<ref>{{Cite news |last=K.R.Srivats |date=2017-03-07 |title=IDFC Bank takes the lead, launches Aadhaar Pay |language=en |work=The Hindu Business Line |url=http://www.thehindubusinessline.com/money-and-banking/idfc-bank-takes-the-lead-launches-aadhaar-pay/article9574037.ece |access-date=2017-03-09}}</ref><ref>{{Cite news |title=IDFC Bank launches aadhaar-linked cashless merchant solution – The Economic Times |newspaper=The Economic Times |url=http://economictimes.indiatimes.com/industry/banking/finance/banking/idfc-bank-launches-aadhaar-linked-cashless-merchant-solution/articleshow/56170045.cms |access-date=2017-01-17}}</ref>
* '''2018''' - IDFC Bank merged with Capital First to create IDFC First Bank.<ref>{{Cite web |title=Capital First merges with IDFC Bank to create IDFC First Bank |url=https://www.moneycontrol.com/news/business/capital-first-merges-with-idfc-bank-to-create-idfc-first-bank-3305581.html |access-date=2022-12-12 |website=Moneycontrol |date=18 December 2018 |language=en}}</ref>
⚫
* '''2020''' - The bank announced that it has signed [[Amitabh Bachchan]], as its first brand ambassador.<ref>{{Cite news |last=IDFC FIRST Bank |date=11 March 2020 |title=IDFC FIRST Bank names India's iconic personality Mr. Amitabh Bachchan as Brand Ambassador |work=Press Release |url=https://www.idfcfirstbank.com/content/dam/IDFCFirstBank/in-the-press/Mr-Amitabh-Bachchan-is-brand-ambassador-of-IDFC-FIRST-Bank.pdf |access-date=21 March 2020}}</ref>
* '''2021''' - It announced the entry into the credit card sector with low interest rates and interest free credit in 2021.<ref>{{Cite news |last=Mint |date=19 January 2021 |title=IDFC First Bank to offer interest-free cash on credit cards |url=https://www.livemint.com/industry/banking/idfc-first-bank-to-offer-interest-free-cash-on-credit-cards-11611025437572.html |access-date=21 January 2021}}</ref>
* '''2022''' - IDFC signs the UNGC Global Compact.<ref>{{Cite journal |last1=Kumar |first1=Kishore |last2=Prakash |first2=Ajai |date=2019-01-10 |title=Examination of sustainability reporting practices in Indian banking sector |journal=Asian Journal of Sustainability and Social Responsibility |volume=4 |issue=1 |pages=2 |doi=10.1186/s41180-018-0022-2 |issn=2365-6417 |s2cid=256465929 |doi-access=free |hdl-access=free |hdl=10419/217379}}</ref><ref>{{Cite web |title=IDFC FIRST Bank Limited |url=https://unglobalcompact.org/what-is-gc/participants/153694-IDFC-FIRST-Bank-Limited |access-date=2024-09-16 |website=unglobalcompact.org}}</ref>
* '''2022''' - The bank becomes first Indian bank to be the member of Task Force on Climate-Related Financial Disclosures.<ref>{{Cite web |last=Velonie |first=Ajit |last2=Sri Narayanan |first2=Subha |last3=Gupta |first3=Leena |date=9 October 2023 |title=Rating Rationale IDFC FIRST Bank Limited CRISIL AA+/Stable assigned to Tier II Bonds (Under Basel III) |url=https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/IDFCFIRSTBankLimited_October%2009,%202023_RR_328451.html |url-status=live |access-date=16 September 2024 |website=[[CRISIL]]}}</ref>
* '''2023''' - Launches [[central bank digital currency]] under the guidance of the RBI.<ref>{{Cite news |last=Ray |first=Anulekha |date=2022-11-09 |title=RBI CBDC: Digital Rupee pilot starts from November 1; SBI, HDFC, 7 other banks to participate in wholesale launch |work=The Economic Times |url=https://economictimes.indiatimes.com/wealth/save/rbi-cbdc-digital-rupee-pilot-to-start-from-november-1-sbi-hdfc-7-other-banks-to-participate/articleshow/95205659.cms |access-date=2023-07-13 |issn=0013-0389}}</ref>
⚫
* '''2023''' - The bank secured exclusive sponsorship rights for all [[Board of Control for Cricket in India]]'s international and domestic home matches.<ref>{{Cite news |last=Farooqui |first=Javed |date=2023-08-25 |title=BCCI awards title sponsorship rights to IDFC First for Rs 235 crore |work=The Economic Times |url=https://economictimes.indiatimes.com/news/sports/bcci-awards-title-sponsorship-rights-to-idfc-first-for-rs-235-crore/articleshow/103071147.cms |access-date=2023-09-03 |issn=0013-0389}}</ref><ref>{{Cite web |date=2023-08-25 |title=IDFC FIRST Bank secures title rights for Team India's home internationals for Rs 4.2 crore per match |url=https://www.cnbctv18.com/sports/idfc-first-bank-secures-title-rights-for-team-indias-home-internationals-for-rs-42-crore-per-match-17640271.htm |access-date=2023-09-03 |website=cnbctv18.com |language=en}}</ref> Also, it became the top 10 most valuable publicly traded banks in India, with a market capitalization of Rs 66,386.78 crore.<ref>{{Cite web |last=Sultana |first=Nasrin |title=How Does IDFC First Stack Up Among India's Top 10 Most Valued Banks |url=https://www.forbesindia.com/article/take-one-big-story-of-the-day/how-does-idfc-first-stack-up-among-indias-top-10-most-valued-banks/88019/1 |access-date=2023-09-14 |website=Forbes India |language=en}}</ref><ref>{{Cite web |last=Sonavane |first=Ravindra |title=IDFC First joins elite club of 10 most valuable listed banks in India |url=https://www.moneycontrol.com/europe/news/business/earnings/idfc-first-joins-elite-club-of-10-most-valuable-listed-banks-in-india-11309231.html |access-date=2023-09-14 |website=Moneycontrol}}</ref>
* '''2023''' - Launched a UPI-based digital [[RuPay]] credit card.<ref>{{Cite news |last=Bureau |first=The Hindu |date=2023-12-07 |title=IDFC First Bank unveils UPI-based digital RuPay credit card |language=en-IN |work=The Hindu |url=https://www.thehindu.com/business/idfc-first-bank-unveils-upi-based-digital-rupay-credit-card/article67615667.ece |access-date=2023-12-26 |issn=0971-751X}}</ref>
* '''2024''' - Partnered with [[Infibeam]]'s CCAvenue for country-wide credit card EMI solutions.<ref>{{Cite web |last=Mishra |first=Arushi |date=2024-02-06 |title=Infibeam Avenue partners with IDFC First Bank |url=https://www.thehindubusinessline.com/markets/infibeam-avenue-partners-with-idfc-first-bank/article67817235.ece |access-date=2024-02-29 |website=BusinessLine |language=en}}</ref>
* '''2024''' - Declared as "Category A" commercial bank as per joint [[Indian Institute of Technology Bombay]]-Moneylife Foundation report.<ref>{{Cite news |last=Bureau |first=The Hindu |date=2024-05-23 |title=IDFC First Bank named 'class apart' in report |url=https://www.thehindu.com/business/idfc-first-bank-named-class-apart-in-report/article68208508.ece |access-date=2024-06-04 |work=[[The Hindu]] |language=en-IN |issn=0971-751X}}</ref>


== Philanthropy ==
== Philanthropy ==

Latest revision as of 08:42, 20 December 2024

IDFC FIRST Bank
FormerlyIDFC Bank (2015–2018)
Company typePublic
BSE: 539437
NSE: IDFCFIRSTB
ISININE092T01019
IndustryBanking
Financial services
FoundedOctober 2015; 9 years ago (2015-10)
HeadquartersMumbai, Maharashtra, India
Key people
V. Vaidyanathan (MD & CEO)
Products
RevenueIncrease ₹36,257 crore (US$4.3 billion) (2024)[1]
Increase ₹6,239 crore (US$750 million) (2024)[1]
Increase ₹2,942 crore (US$350 million) (2024)[1]
Total assetsIncrease ₹296,210 crore (US$35 billion) (2024)[2]
Total equityIncrease ₹25,145 crore (US$3.0 billion) (2024)[2]
Number of employees
41,141 (March 2024)
Subsidiaries
Capital ratio13.28% [1]
Rating
Websitewww.idfcfirstbank.com

IDFC First Bank (stylised as IDFC FIRST Bank) is an Indian private sector bank based in Mumbai. Founded in 2015 as a banking subsidiary of IDFC Limited, it shifted focus from infrastructure financing to retail banking in the years after its 2018 merger with Capital First.[6] In 2024, the bank took over the parent company IDFC Limited in a reverse merger.

History

[edit]

IDFC Limited was set up in 1997 by Government of India to finance infrastructure projects in India. With time, the company diversified into asset management, institutional broking and investment banking. In 2014, the Reserve Bank of India granted in-principle approval to IDFC Limited to set up a new bank in the private sector.[7] 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, and it was officially inaugurated by the Prime Minister of India Narendra Modi in October 2015.[8][9]

IDFC Bank started operations on 1 October 2015.[10][11] The parent entity, IDFC Limited, retained the asset management, institutional broking and infrastructure debt fund businesses through IDFC Financial Holding Company Limited (IDFC FHCL).[12]

IDFC Bank faced challenges due to bad loans from legacy infrastructure accounts. A planned merger with the Shriram Group was called off. By September 2017, the bank's deposits totaled ₹38,890 crore, with a CASA ratio of just 8.2%.[13]

Capital First merger

[edit]

In January 2018, IDFC Bank and MSME financing company Capital First announced a merger.[14] Capital First was founded as Future Capital Holdings under the Future Group, and was acquired by Warburg Pincus and V. Vaidyanathan in 2012.[15][16] As per a September 2017 stock filing, Capital First had a retail loan portfolio of ₹229.7 billion.[17] 139 shares of IDFC Bank were issued for every 10 shares of Capital First as part of the merger share swap.[18]

The merger completed in December 2018, with IDFC Bank changing its name to IDFC First Bank.[19][20] Vaidyanathan took over as the MD and CEO of the merged entity. The Reserve Bank of India approved his appointment for a period of three years, effective from 19 December 2018.[21]

The bank transitioned from infrastructure financing to retail banking in four years since the merger. Its CASA ratio increased from 8.6% to 49.77% and retail deposits went up from 27% to 76% of total deposits, as of March 2023.[22][23]

IDFC Limited merger

[edit]

In July 2023, the board of the bank approved the merger with IDFC Limited.[24][25] After receiving clearance from the Competition Commission of India[26] and the Reserve Bank of India,[27] the merger proposal was approved by the National Company Law Tribunal in May 2024. The proposal, endorsed by the bank's shareholders and NCD holders, involved two steps–IDFC FHCL merging with IDFC Limited, followed by IDFC Limited merging into IDFC First Bank.[28][29]

On 1 October 2024, IDFC Limited merged with the bank.[30] As a result of the merger, 155 equity shares of the bank were allotted for every 100 equity shares of IDFC Limited held by each shareholder in the latter.[31]

Shareholding

[edit]

On 22 February 2023, IDFC Limited announced that it would invest ₹2,200 crore in the bank, increasing its stake in the bank up to 40% from 36.38%.[32] Also, on 22 February 2023, the bank issued 12,03,745 equity shares to its employees under the company ESOP plan.[33]

On September 12, 2023, US-based GQG Partners acquired an additional 5.1 crore shares, equivalent to a 0.76% stake, from V. Vaidyanathan in a block deal conducted on the stock exchange. As a result, GQG Partners' ownership in the bank rose to 3.36%.[34][35]

In July 2024, Life Insurance Corporation raised its stake in the bank to 2.68% by purchasing shares of the lender at Rs 80.63 each, with a total acquisition cost of ₹1,500 crore (US$180 million).[36]

Operations

[edit]
A branch of IDFC First Bank in Prabhadevi, Mumbai

As of November 2022, the bank had 809 branches, 249 asset service centres, 925 ATMs, and 606 rural business correspondent centres across the country.[37][38][39]

Products and services

[edit]
A branch of IDFC First Bank in HSR Layout, Bangalore

The bank provides products and services related to retail banking, wholesale banking and investment banking.[40][41][42][43]

In 2017, IDFC Bank launched an Aadhaar-linked cashless merchant solution.[44][45]

The bank became a member of the Open Network for Digital Commerce in September 2022. Subsequently, it began enrolling small merchants, who are existing customers with current accounts, onto a partner application registered with ONDC.[46][47] In 2023, it launched central bank digital currency under the guidance of the RBI.[48]

Rural lending

[edit]

The bank's rural lending portfolio consists of 60% women borrowers, as of October 2023.[49] The typical loan size is ₹2-3 lakh. The portfolio has a 99.7% collection rate, a gross NPA of 1.2%, and a net NPA of 0.3%.[50]

In South and Central India, the rural lending is led by IDFC First Bharat Limited (IFBL) which traces its roots to Grama Vidiyal, a Tamil Nadu-based public charitable trust established in 1986. In 2003, it became a microfinance institution called Grama Vidiyal Micro Finance Limited (GVMFL). In 2016, IDFC Bank acquired GVMFL, turning it into a wholly-owned subsidiary of the bank.[51][52] GVMFL later became known as IDFC First Bharat Limited.[53]

Financials

[edit]

The bank achieved a profit after tax (PAT) of ₹2,957 crore (US$350 million) crore in the financial year 2024, maintaining a capital adequacy ratio of 16.82%. The bank's retail loans showing a gross non-performing asset (NPA) ratio of 1.88% and a net NPA ratio of 0.60% as of March 31, 2024.[54] As of 30 September 2024, the overall gross NPA ratio is 1.92%, while the net NPA ratio is 0.48%.[55]

In 2023, it became one of the top 10 banks in India by market capitalization.[56][57]

Sponsorships

[edit]

In 2020, the bank signed Amitabh Bachchan as its first brand ambassador.[58]

In 2023, the bank obtained the title sponsorship rights for all Board of Control for Cricket in India's international and domestic home matches.[59][60]

Philanthropy

[edit]

Under bank’s employee-funded Ghar Ghar Ration program, the bank employees will supply ration kits to 50,000 low income customers whose livelihoods has been impacted by the pandemic.[61] As many as 16,000 beneficiaries have been reached across Rajasthan, Madhya Pradesh, Maharashtra, Odisha, Gujarat, Karnataka, Haryana, Tamil Nadu, Andhra Pradesh, and Chhattisgarh under this program. The lender has also identified 250 vulnerable families who have lost an earning member of their family to COVID-19 with a cash relief support of ₹10,000 in a partnership with 'Give India'.[62]

Awards and recognitions

[edit]

2019

[edit]

2021

[edit]

2022

[edit]

2023

[edit]
  • Capital Finance International's Outstanding Commitment to ESG Performance (India) for the year 2023[71]

See also

[edit]
Wikimedia Commons has media related to IDFC FIRST Bank.

References

[edit]
  1. ^ a b c d "IDFC First Bank" (PDF).
  2. ^ a b "IDFC First Bank" (PDF).
  3. ^ "CRISIL upgrades IDFC First Bank's LT rating to 'AA+'". Capital Market. 5 June 2023. Retrieved 21 June 2023.
  4. ^ "Ind-Ra affirms IDFC First Bank's debt instruments ratings with stable outlook". Financial Express. 12 December 2023. Retrieved 26 December 2023.
  5. ^ "IDFC FIRST Bank Ltd Long Term Instruments - Non Convertible Debentures October 03, 2023" (PDF). CARE Ratings. 3 October 2023. Retrieved 1 February 2024.
  6. ^ "7 things to know about IDFC Bank | Business Standard News". Business-standard.com. 1 October 2015. Retrieved 15 October 2016.
  7. ^ "RBI grants in-principle approval to IDFC, Bandhan for new bank licences". The Economic Times. Retrieved 12 December 2022.
  8. ^ PTI (19 October 2015). "Narendra Modi inaugurates IDFC Bank, talks of banking reforms". mint. Retrieved 12 December 2022.
  9. ^ "PM inaugurates IDFC Bank | Business Standard News". Business Standard India. Business-standard.com. 19 October 2015. Retrieved 15 October 2016.
  10. ^ 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.
  11. ^ "IDFC Bk to start ops with few branches by Oct 1: Rajiv Lall". Moneycontrol.com. 12 April 2015. Retrieved 15 October 2016.
  12. ^ Gopakumar, Gopika (21 July 2021). "IDFC can exit as promoter of IDFC First Bank, clarifies RBI". mint. Retrieved 12 December 2022.
  13. ^ Iyer, Aparna (15 January 2018). "IDFC Bank, Capital First merger: will the shoe fit this time?". Mint (newspaper). Retrieved 29 October 2024.
  14. ^ Tadas, G. A. (August 2020). Need for Setting Up of a New Development Bank (RIS-DP #254) (PDF). New Delhi, India: Research and Information System for Developing Countries. p. 7.{{cite book}}: CS1 maint: date and year (link)
  15. ^ "Future Group sells Future Capital Holdings to Warburg Pincus for Rs 800 cr". The Economic Times. 5 June 2012. Retrieved 12 December 2024.
  16. ^ Kalbag, Chaitanya (3 July 2012). "V. Vaidyanathan takes wing with a $17 million stake in a star NBFC". Business Today. Retrieved 3 August 2023.
  17. ^ Roy, Anup (13 January 2018). "IDFC Bank to merge with Capital First, Vaidyanathan to succeed Lall". Business Standard. Retrieved 29 October 2024.
  18. ^ sundarajan, Priya (13 January 2018). "IDFC Bank to take over Capital First in share swap deal". www.thehindubusinessline.com. Retrieved 12 December 2022.
  19. ^ Sinha, Shilpy. "IDFC, Capital First completes merger process to form IDFC First Bank". The Economic Times. eonomictimes.com.
  20. ^ "Capital First merges with IDFC Bank to create IDFC First Bank". Moneycontrol. 18 December 2018. Retrieved 12 December 2022.
  21. ^ "RBI approves appointment of V Vaidyanathan as MD, CEO of IDFC First Bank". Moneycontrol. 18 January 2019. Retrieved 12 December 2022.
  22. ^ "IDFC FIRST Bank FY23 Profit After Tax Highest-Ever at Rs. 2,437". Bloomberg.com. 2 May 2023. Retrieved 21 June 2023.
  23. ^ Shukla, Saloni; Rangan, MC Govardhana. "IDFC First Bank's transformation to retail complete; NPA woes behind, says CEO V Vaidyanathan". The Economic Times. Retrieved 12 December 2022.
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Further reading

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