Diabytes
IDFC Bank News
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IDFC FIRST Bank has announced zero-fee banking on savings accounts.
The bank made the announcement on the occasion of its foundation day on December 18.
The Bank has waived fees on 25 commonly-used banking services.
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The bank has increased the interest rate on FDs maturing in 7 days to 14 days to 3.50 per cent.
IDFC Bank is now offering a 3.50 per cent interest on fixed deposits (FDs) with a maturity period of 7-29 days.
The interest rate on FDs maturing in 15 days to 29 days has been increased to 3.50 per cent.
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The private sector bank had reported a net profit of Rs 130 crore for the October-December period of 2020-21.
However, total income during the quarter declined to Rs 5,197.79 crore from Rs 4,711.72 crore in the same period of the previous fiscal.
Provisions other than tax were lower by 32 per cent to Rs 392 crore as against Rs 461.57 crore in the same quarter a year.
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The board of IDFC Bank also approved appointment of Rajiv Lall, Founder MD & CEO of IDFC Bank, as part-time non-executive chairman of IDFC First Bank, subject to approval from the RBI.
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According to the draft papers, the government will be selling 9.6 crore shares, whereas the company itself will be selling 2.4 crore shares through the IPO.
IDFC will seek its shareholders' approval to raise Rs 10,000 crore by issuing debt securities on private placement basis.
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Besides, the bank announced that the Board has approved the resignation of veteran banker Vikram Limaye from the post of MD and CEO who is set to join leading stock exchange NSE as its new Managing Director and CEO.
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The android app makes cashless transactions possible even for those who do not have mobile phones
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India Post Payments Bank (IPPB) on Monday kicked off its operations by rolling out pilot services in Raipur and Ranchi.
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Tech Mahindra is the third applicant to abandon the plan to set up payments bank after Cholamandalam which quit last month and Dilip Shanghvi-IDFC Bank-Telenor combine last Friday.
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IDFC Bank Thursday went live with a "soft launch" at 23 locations, including 15 branches in rural Madhya Pradesh, becoming the 91st scheduled commercial bank in the country.
As it prepares to launch its banking services with motto to become "hatke bank", IDFC Bank is contemplating a low capex move of not having its own ATMs and making transactions at rivals' ATMs free for customers, a senior official said.
With the demerger of financial undertaking from IDFC Ltd, IDFC Bank will kick-start its lending operations from October 1, 2015.
IDFC, which is targeting full-fledged debut as bank by October, Tuesday said it is working on a "binary strategy" that will entail opening branches in metros as well as backward districts of the country.
Infrastructure financing firm IDFC Ltd on Friday said it has received shareholders approval to its demerger scheme to set up a wholly-owned subsidiary IDFC Bank.
IDFC and Bandhan emerged successful out of about 25 contenders for new bank licences issued by the RBI in April.
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