IDFC Limited was set up in 1997 to finance infrastructure projects in India. It diversified into investment banking & institutional securities , Mutual Funds , Infrastructure Debt Fund . In 2014, the Reserve Bank of India granted an in-principle approval to IDFC Limited to set up a new bank in the private sector. Following this, the IDFC Limited divested its infrastructure finance assets and liabilities to a new entity - IDFC Bank. The bank was launched through this demerger from IDFC Limited and it was officially inaugurated by Prime Minister of India Narendra Modi in October 2015.IDFC Bank started operations on 1 October 2015, with 23 branches in Madhya Pradesh, Delhi, Mumbai, Hyderabad, Bengaluru, Pune, Chennai, Ahmedabad and Kolkata. It has more than 600 branches across India till 2021. 15 branches are in settlements with a population of less than 10,000. IDFC Bank launched its 100th branch in Honnali, Karnataka, in October 2017.In January 2018, IDFC Bank and non-banking financial company Capital First announced a merger. Shareholders of Capital First were to be issued 13.9 shares of the merged entity for every 1 share of Capital First. IDFC First Bank was founded as a new entity on December 18, 2018.The bank begin to grow its loans with a particular focus on retail as it comes out of nearly four-year self-imposed restrictions on growth while building the deposit franchise. As of 22 October 2022, IDFC First Bank reports a 266 per cent jump in its net profit at ?556 crore for the quarter ended September 2022. Its core operating income rose by 35 per cent from a year ago to ?3,947 crore in Q2 of 2022-23 fiscal year. Net interest income climbed 32 per cent at ?3,002 crore, while fee and other income spurted by 44 per cent to ?945 crore in the September quarter of FY23.
The Reserve Bank has approved the appointment of V. Vaidyanathan as Managing Director and CEO of IDFC First Bank for a period of three years effective from December 19, 2018.The loan assets and borrowings of IDFC Limited were transferred to IDFC Bank at the time of inception. 13.9 shares of IDFC Bank were issued for every share of Capital First as part of the merger scheme.The parent entity, IDFC Limited, retained the AMC, Institutional Broking and Infrastructure Debt Fund business through IDFC Financial Holding Company Limited . The shares of erstwhile IDFC Bank Limited were listed in the exchanges in November 2015.
IDFC FIRST Bank reached a ROA of 1% within three and half years, with gross NPA of 2% and net NPA of only 0.7% as on quarter ending September 2022. The transformation of the bank into a retail bank is complete.
Mr. Saptarshi Bapari (Head of Investor Relations)
Mr. Satish Ashok Gaikwad (Head of Legal & Company Sec.)
Mr. Adrian Andrade (Chief HR Officer and Head of Communications & HR)
Mr. Ravi Shankar Prasad (Head of Bharat Banking)
Mr. Amit Kumar (Head of Retail Liabilities & Branch Banking)
Mr. Naarayan T. V (Chief Marketing Officer)
Mr. Pradeep Natarajan (Head of Retail Assets)
Recognition and Awards
Mr. Vembu Vaidyanathan AMP (HBS), MBA (MD, CEO & Director)
Mr. Sudhanshu Jain (CFO & Head of Corp. Centre)
Mr. Madhivanan R. Balakrishnan (Chief Operating Officer)