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In 2008–09, the company acquired 100% of the share capital of IDFC Capital (Singapore) Pvt Ltd. In the same year, the company established IDFC Foundation to focus on capacity building, policy advisory and sustainability initiatives. [9] IDFC Bank started operating banking services on 1 October 2015. [10]
On 13 January 2018, IDFC Bank and Capital First announced a merger in a joint press release. IDFC Bank issued 139 shares for every 10 shares of Capital First, with Vaidyanathan taking over as the MD and CEO of the combined bank. The merger completed in December 2018. [21] [22]
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 February 2022, Vaidyanathan gifted shares worth ₹ 4 crore (US$460,000) to five of IDFC First's employees, including help and a driver. In May 2021, he gave away 4.3 lakh shares, worth over ₹ 2.4 crore (US$280,000) to three persons from IDFC First Bank to help them buy a house. [35]
In October 2018, NIIF announced the acquisition of IDFC Infrastructure Finance Limited (IDFC-IFL), a Non- Banking Finance Company registered with the Reserve Bank of India as an Infrastructure Debt Fund. This acquisition was made by NIIF's Strategic Opportunities Fund.
The bank began its operations on 17 April 1994, under the chairmanship of S. P. Hinduja. [9]In 2021, the bank become authorized by the Reserve Bank of India (RBI) for collecting direct and indirect taxes, on behalf of the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC).
In March 2017, Kotak Mahindra Bank launched an online savings account called Kotak 811, [26] named after the date Prime Minister Narendra Modi had announced demonetisation in the previous year (8 November), which according to Uday Kotak was "the day that changed India." [27] [28] Kotak 811 helped the bank double its number of customers by ...
The total Assets Under Management (AUM) of the Indian mutual fund industry as of December 31, 2023, stood at a staggering ₹ 50.78 trillion (US$590 billion). This is a significant milestone, marking over a six-fold increase compared to the ₹ 8.26 trillion (US$95 billion) recorded in December 2013.