IDFC Bank to start operations from October
Posted on: 2015-08-08 Posted by: CLAT Gurukul Category: Archive Blog
Along with the demerger of financial undertaking from IDFC Ltd, IDFC Bank will start its lending operations from October 1, 2015. The transfer of business to the new bank should coincide with commencement of banking business, IDFC Ltd said in a filing to the BSE on Tuesday. The board of directors of IDFC Ltd and IDFC Bank at their meetings, on July 30 and July 27 respectively, determined that the demerger scheme could be effective only with receipt of requisite operational licenses from the Reserve Bank of India and IDFC Bank will commence the business from October 1, 2015, it said. The RBI had granted a licence to IDFC Bank on July 23, 2015. The new bank plans to start operations with an initial loan book of around Rs 55,000 crore and with 20 branches. Source: Economic Times
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