IDFC, leading integrated infrastructure finance player, will commence its banking operations on October 1 with few branches. The company has received shareholders approval for demerger of its financial undertaking into IDFC Bank. Each IDFC shareholder will get 1 share of IDFC Bank.
IDFC Bank will be the owner of payments bank. It will focus on 3 areas, including wholesale, retail & rural banking and will be a universal bank. The company expects the total balance-sheet size at around Rs 70,000 crore by October 1.
IDFC is the country’s leading integrated infrastructure finance player providing end to end infrastructure financing and project implementation services.
