IDFC News

The Scheme remains subject to other statutory and regulatory approvals inter alia including from the National Company Law Tribunal and the respective shareholders and creditors of the companies involved in the Scheme, under applicable laws, added IDFC Ltd.  

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.

The IBC process was meant to revive businesses. On the contrary, IBC has been a fraught process. Experts say IBC has neither been swift, as promised, nor the level of recoveries, projected at a very low 20% levels, were encouraging.

In a regulatory filing made to the BSE, IDFC said that the RBI on July 20 clarified that "after the expiry of lock-in period of 5 years, IDFC Limited can exit as the promoter of 'IDFC FIRST Bank Limited'".  

The programme is funded by the employees of the bank. IDFC FIRST Bank has also rolled out several other initiatives for its employees. 1000+ ration kits in Maharashtra, Rajasthan and Haryana have been delivered.

The new interest rates on FDs will be applicable from May 1. The interest rate on FDs will range from 2.75% to 6% per annum. Interest rates depend on the time duration for which you invest your money.

IDFC First Bank has slashed its interest rates on savings accounts from 6% to 4-5%. The new rates will be effective from 1 May. Bank customers with balances up to Rs 2 crore will get a 5% interest rate.

As per the plans, almost all key businesses of the Shriram Group were to merger with either IDFC Bank or IDFC.

IDFC will seek its shareholders' approval to raise Rs 10,000 crore by issuing debt securities on private placement basis.

Infrastructure lender IDFC Ltd has issued commercial papers (CPs) worth Rs 700 crore earlier this week.

Continuing to attack the firm set up by the UPA government to provide support structure for GST rollout, BJP MP Subramanian Swamy today alleged "loot" in IDFC extending a Rs 550-crore loan to GSTN on government guarantee.

IDFC Alternatives has raised Rs 475 crore in its third real estate fund to invest in residential projects across seven major cities.

Infrastructure finance firm IDFC on Saturday said it has got regulatory approval to utilise Rs 2,500 crore non-distributable reserves for provisions against bad loans as part of exercise to clean its book before venturing into universal banking.

IDFC on Friday said government's moves on gas and power sector have not had desired impact and it is forced to create a special reserve of Rs 4,500 crore to cover expected losses from power sector loans, which will ring-fence its soon-to-be-launched universal bank.

"Given that we will be transitioning to a bank by the end of second quarter of 2015-16 with no visible solution for these assets, we believe it is prudent for us to make incremental provisions against known risks," IDFC said in a BSE filing.

Total income increased marginally to Rs 2,087.08 crore for the quarter ended June 30, from Rs 2,039.17 crore for the quarter ended June 30, 2014, IDFC said in a BSE filing.

The bank proposes to start operations with 20 branches.

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.

"In this role, Mahajan will oversee coverage of SME, mid-cap and large corporates, financial institutions, government business and transaction banking, treasury and markets and investment banking," IDFC said in a statement.