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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 ]
On 13 January 2018, IDFC Bank and Capital First announced a merger. IDFC Bank issued 139 shares for every 10 shares of Capital First, and Vaidyanathan took over as the MD and CEO of the combined bank. [21] [22] Effectively Vaidyanathan successfully secured a banking license for Capital First through the merger and assumed control of the bank's ...
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 1 October 2024, IDFC Limited merged with the bank, with shareholders receiving 155 bank shares for every 100 IDFC Limited shares. [11]
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IndusInd Bank was honored by Businessworld in the categories of Supply Chain Innovation and Creativity, and Customer-Centric Supply Chain at the BW Supply Chain Awards 2023. [31] In 2022, Celent recognized the bank's best-in-class Enterprise Payments Hub (EPH) with a "Model Bank" award for Payments System Transformation. [32]
The National Financial Switch was launched by the IDRBT on 27 August 2004, connecting the ATMs of three banks, Corporation Bank, Bank of Baroda and ICICI Bank. [3] [4] [5] The IDRBT then worked towards bringing all major banks in India on board and by December 2009, the network had grown to connect 49,880 ATMs of 37 banks, thereby emerging as the largest network of shared ATMs in the country.
IDFC First Bank and Param Value Investments [15] are the equity investors in Village Financial Services as on 31 March 2019. Param Value Investments invested in VFS in March 2018. [ 16 ] Param Value Investments is a partnership firm owned by a high net-worth individual, Mr Mukul Mahavir Agarwal, and Param Capital Research Pvt Ltd. [ 17 ] The ...
Unified Payments Interface (UPI) is an Indian instant payment system as well as protocol developed by the National Payments Corporation of India (NPCI) in 2016. The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions.