IDFC, an infrastructure finance firm, has received Reserve Bank of India's (RBI) approval to utilize 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 had earlier stated that it will make an additional provision in the second quarter of this fiscal against coal and gas power assets, as it transitions into a bank by the end of the period. With these additional provisions, its net worth will reduce by approximately Rs 1,600 crore.
IDFC is the country’s leading integrated infrastructure finance player providing end to end infrastructure financing and project implementation services.
