IDFC gets banking licence from RBI
Infrastructure Development Financing Company (IDFC). Ltd became second lender to enter the banking sector since 2004, as the Reserve Bank of India granted Banking licence on 24 July 2015.
It was Yes Bank that got banking licence in 2004. However, IDFC and Microfinance Company Bandhan Financial Services Pvt Ltd were granted preliminary bank permits by RBI in April 2014 and Bandhan got Banking licence from RBI in June 2015 and plans to start its operations from August 2015, whereas IDFC plans to start operations from 1 October 2015.
IDFC will start its operations with 20 branches and with initial loan book of 55,000 crore rupees.
IDFC is a leading public limited infrastructure finance company that provides end to end infrastructure financing and project implementation services. It was incorporated in 1997 with main motive to provide finance for infrastructure projects and advisory services for asset management and investment banking. Its independent director is ex- Comptroller and Auditor General (CAG) of India Mr. Vinod Rai.
Month: Current Affairs - July, 2015