IDFC First Bank Ltd. was formed with the merger between erstwhile Capital First and erstwhile IDFC Bank. It is a banking company. The Bank's segments include treasury, corporate/wholesale banking, retail banking and other banking business.
Business area of the bank
The business of the bank is divided into various segments: Treasury, Corporate / Wholesale Banking, Retail Banking Business and Other Banking Business. These segments have been identified and reported taking into account, the target customer segment, the nature of products, internal business reporting system, transfer pricing policy approved by Asset Liability Committee (ALCO).
Treasury- the treasury segment primarily consists of Bank’s investment portfolio, money market borrowing and lending, investment operations and entire foreign exchange and derivative portfolio of the Bank. Revenue of treasury segment consist of interest income on investment portfolio, inter segment revenue, gains or losses from trading operations, trades and capital market deals. The principal expenses consists of interest expenses from external sources & on funds borrowed from inter segments, premises expenses, personnel cost, direct and allocated overheads.
Corporate / Wholesale Banking- the wholesale banking segment provides loans, non-fund facilities and transaction services to corporate relationship not included under Retail Banking, and syndication. Revenues of the wholesale banking segment consists of interest earned on loans to customers, inter segment revenue, interest / fees earned on transaction services, earnings from trade services, fees on client FX & derivative and other non-fund facilities. The principal expenses of the segment consists of interest expense on funds borrowed from internal segments, premises expenses, personnel costs, other direct overheads and allocated expenses of delivery channels, and support groups.
Retail Banking- Retail Banking constitutes lending to individuals / business banking customers through the branch network and other delivery channels subject to the orientation, nature of product, granularity of the exposure and the quantum thereof. Revenues of the retail banking segment are derived from interest earned on retail loans, inter segment revenue and fees from services rendered, fees on client FX & derivative. Expenses of this segment primarily comprise interest expense on deposits & funds borrowed from inter segments, commission paid to retail assets sales agents, infrastructure and premises expenses for operating the branch network and other delivery channels, personnel costs, other direct overheads and allocated and support groups.
Other Banking Business- This segment includes revenue from distribution of third party products.
Products and services of the bank
Ways to Bank
Accounts & Deposits
Cash Management Services
Business Investment Solutions
Trade Forex Services
Ways to Bank
Most Promising New Bank in India 2019 by Capital Finance International (CFI).
CNBC Awaaz Entrepreneur of the Year Award, 2019.
Prestigious Brands of India 2020 by Herald Global and BARC Asia.Milestones2020
IDFC First Bank, Bajaj Finance and Vivo have entered into partnership to waive dealer charges paid by retailers for selling devices under installment schemes.
IDFC FIRST Bank has opened its MBA Scholarship programme for the batch of 2020-2022, as part of its Corporate Social Responsibility (CSR).
DFC First Bank has launched video KYC facility so that customers can open savings accounts without the need to visit a branch office.
IDFC Bank is an Indian Banking Company. It was founded in the year 2015. It received its universal banking licence in July 2015 from the Reserve Bank of India. The headquarters of the bank are in Mumbai, Maharashtra, India. The current CEO of the IDFC First Bank is Mr V. Vaidhyanathan.
As of March 31 2019, the IDFC First Bank has built a national footprint through the operation of 242 branches. Out of 242, 133 are Urban Bank Branches and 109 are the Rural Bank Branches. It has 454 Corporate Business Correspondent (BC) branches, 141 ATMs and 102 asset-servicing branches spanning across cities in India. It also hosts 3 Central Processing Centers and 1 Clearing Hub primarily in the urban areas.
The IDFC First bank aims to serve corporate and private customers in India. This also includes the infrastructure sector that IDFC specialized in from its founding in 1997. The bank also strives to provide services to people in rural areas and to the self-employed.
The bank was the first bank in the country to launch the Aadhar linked cashless merchant solution. It also signed Mr.Amitabh Bacchan, the popular Bollywood actor as its brand ambassador in March 2020. The IDFC Bank also entered into a strategic partnership with MobiKwik. MobiKwik is a digital payment solution company. Together, they launched a co-branded virtual Visa prepaid card for customers of MobiKwik.
IDFC First Bank is listed on the National Stock Exchange
of India and the Bombay Stock Exchange.
The bank management has the following core values at the heart of its operations: Honesty, Balance, Collaboration and Drive. MERGER
In January 2018, the formerly known IDFC Bank and Capital First went in for a merger. Their merger entity was named as the IDFC First Bank in December 2018. The shareholders of Erstwhile Capital First were to be issued 13.9 shares of the merged entity for every 1 share of Erstwhile Capital First. The merger was announced for the betterment of both the entities. It was aimed at strengthening the position of both. SERVICES
IDFC First bank offers an array of services and products like Consumer banking, Home loans, Loans against property, Personal loans, Consumer Durable loans, Vehicle loans, Business loans, Micro-Enterprise loans, Private banking, Wealth Management, Investment banking, Corporate Banking, Wholesale banking.ACHIEVEMENTS/RECOGNITIONS
Over its years of operation, IDFC First Bank has received several accolades for its excellent customer service and banking operations. Some of the laurels achieved by IDFC First Bank are as follows:
Frontiers Finnoviti Awards 2019
Asian Private Banker’s Best Private Bank-Digital Innovation and Services 2019
Sixth Payments and Cards Summit 2018
NASSCOM DSCI Excellence Award 2018
Indian Banking Summit and awards 2018
IDC Digital Transformation Awards 2017
IDFC Bank at TISS CLO Awards 2017
Honnali Branch Launch Bharat Banking
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