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History

IDFC FIRST Bank was founded by the merger of Erstwhile IDFC Bank and Erstwhile Capital First on December 18, 2018.

Main Logos
IDFC Bank Logo

Erstwhile IDFC BANK LTD.

IDFC Limited was set up in 1997 to finance infrastructure, focusing primarily on project finance and mobilization of capital for private sector infrastructure development. Whether it is financial intermediation for infrastructure projects and services, whether adding value through innovative products to the infrastructure value chain or asset maintenance of existing infrastructure projects, the company focused on supporting organisations to get the best return on investments. The Company’s ability to tap global as well as Indian financial resources made it the acknowledged experts in infrastructure finance. Dr. Rajiv Lall joined the company in 2005 and successfully expanded the business to Asset Management, Institutional Broking, and Infrastructure Debt Fund. He applied for a commercial banking license to the RBI in 2013. In 2014, the Reserve Bank of India (RBI) 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- through demerger. Thus, IDFC Bank was created by demerger of the infrastructure, lending business of IDFC to IDFC Bank in 2015.

The bank was launched through this demerger from IDFC Limited in November 2015. During the subsequent three years, the bank developed a strong and robust framework including strong IT capabilities for scaling up the banking operations. The Bank designed efficient treasury management system for its own proprietary trading, as well as for managing client operations. The bank started building Corporate banking businesses. Recognizing the change in the Indian landscape, emerging risk in infrastructure financing, and the low margins in corporate banking, the bank launched retail business for assets and liabilities and put together a strategy to retailize its loan book to diversify and to increase margins. Since retail required specialized skills, seasoning, and scale, the Bank was looking for inorganic opportunities for merger with a retail lending partner who already had scale, profitability and specialized skills.

Capital FIRST Logo

Erstwhile CAPITAL FIRST LTD.

Mr. Vaidyanathan who had built ICICI Bank’s Retail Banking business from 2000-2009 and was then the MD and CEO of ICICI Prudential Life Insurance Company in 2009-10, He quit the group for an entrepreneurial foray to acquire a stake in an existing NBFC with the stated intent of converting the NBFC to a commercial bank financing small businesses. During 2010-12, he acquired a significant stake in a real-estate financing NBFC through personal leverage, and launched businesses of financing small entrepreneurs and consumers. The NBFC wound down existing businesses and instead started businesses of financing such segments within consumer and micro-entrepreneurs that not financed by existing banks, by using alternative and advanced technology led models. He built a prototype for such financing (Rs 12000-Rs. 30,000, ~$300- $500), built a loan book of Rs. 770 crores ($130m, March 2011) within a year, and presented the proof of concept to many global private equity players for a Leveraged Management Buyout. In 2012, he concluded India’s largest Leveraged Management Buyout, got fresh equity of Rs. 100 crores into the company and founded Capital First as a new entity with new shareholders, new board, new business lines, and fresh equity infusion.

Between March 31, 2010 to March 31, 2018, the Company’s Retail Assets under Management increased from Rs. 94 crores ($14m) to Rs. 29,625 crores ($4.3 b, Sep 2018). The company financed seven million customers for Rs. 60,000 crores ($8.5b) through new age technology models. The company turned around from losses of Rs. 30 crore and Rs. 32 crores in FY 09 and FY 10 respectively, to PAT of Rs. 327 crores ($ 4.7b) by 2018, representing a 5-year CAGR increase of 56%. The loan assets grew at a 5-year CAGR of 29%. The ROE steadily rose from losses in 2010 to 15% by 2018. The market capitalization of the company increased ten-fold from Rs. 780 crores in March 2012 at the time of the MBO to over Rs. 8,282 crores in January 2018 at the time of announcement of the merger. As per its stated strategy, the company was looking out for a banking license to convert to a bank.

A New Bank

Growth is real only when it is sustainable and serves the long-term interest of stakeholders. An aspiration for accelerated and sustained growth paved the way for the merger of erstwhile IDFC Bank Ltd and erstwhile Capital First Ltd on December 18, 2018. Thus, a new bank with a new DNA was born – IDFC FIRST Bank. The merger is a milestone in the history of the two institutions and marks the end of one journey and beginning of a new one.

IDFC FIRST Bank is born to be distinctly different from what it was earlier. It has a renewed focus on retail business with an intent to fast-forward its growth trajectory, and to serve many more customer segments that are growth-drivers of the Indian economy. Our new bank fuses state-of-the-art technology superior liability platform of erstwhile IDFC Bank with analytics-led lending capabilities, the retail DNA and strong profitability track record of erstwhile Capital First. It enables both the institutions to expand capabilities and reach and to better serve customers. Thus, the merger sets the stage for the creation of a financially and strategically stronger entity. IDFC FIRST Bank now has a strong funded asset base of more than ₹ 1,71,500 crore with 79% in the retail segment. Its quarterly annualised Net Interest Margin has expanded from 1.9% to 6.3% in Q1 FY24. The Bank now enjoys a leading position in some of the retail asset segments. The Bank’s tech-driven liabilities platform is ready to grow exponentially with a new focus on expanding footprint across the nation.

As a Bank, our approach is to keep banking simple, easy to know and easy to understand. We enable people to save, borrow, invest, grow, and protect their wealth. Our service is characterised by digitisation, personalisation and customer-centricity, in addition to extensive physical reach. In addition to the exceptional strengths of erstwhile IDFC Bank, we derive the required expertise from the unique business model of erstwhile Capital First.It deploys its greenfield method of assessing credit risk – a strength that has enabled it to lend extensively to first-time borrowers and yet maintain a healthy asset quality that has withstood the challenges of economic cycles and policy changes.We are a people’s bank – for the salaried and self-employed, small businesses and micro-enterprises.With a specific emphasis on the underserved and first-time borrowers.The underserved segments are important to us. We also have the opportunity to bring these customers into the financial mainstream and touch their lives in a positive way

We believe an immense opportunity awaits us, as IDFC FIRST Bank starts to invest in customer-driven innovation that will create new liability products, new credit markets and new jobs – keeping in view the needs of a New India.By financing the growth of business and consumption, we not only participate in the growth of the country but also generate employment for millions. This, we believe, will lead to greater domestic production, greater consumption and will contribute to the virtuous cycle of growth of the nation. IDFC FIRST Bank is confident and ready to chart out its own destiny. It is now better positioned for growth in its business, deploy new digital channels, enter new markets and serve more customers.

New Mission

New Mission

The new brand identity of IDFC FIRST Bank signifies growth and energy. It reflects the progressive spirit of our times. The symbolism behind our new identity is drawn from the theme of ‘progress’. Inspired by a forward-moving bar graph, it embodies a symbol of growth that can be seen and measured. The three bars stand for a threefold purpose - progress of the bank, progress of our customers and progress of the nation.

Vission

OUR VISION

To build a world class bank in India, guided by ethics, powered by technology, and be a force for social good.

Mission

OUR Mission

We want to touch the lives of millions of Indians in a positive way


OUR Values

Our Cultural Tenets to guide every action we take

Ab

Customer Focused

We put the customer’s interest first by putting ourselves in the customer’s situations and viewing things from their perspective.

Collaborative

Collaborative

We develop, maintain and strengthen relationships with both internal and external stakeholders.

Innovative

Innovative

We constantly strive to innovate in the customer's interest.

Employees Across The Country

Empowered

We trust our employees ability to be successful, especially at challenging new tasks; delegating responsibility and authority.

Decisive

Decisive

We exercise best judgement by making sound and well-informed decisions.

Action Oriented

Action Oriented

We consistently demonstrate focus, initiative and energy to deliver our promise of delighting customers.

Our Founding Philosophy

The founding years, which I call the next five years, are particularly important, as the DNA we establish now will be hard to correct later. We will make every effort to sell the right products to customers, avoid mis-selling, avoid selling such third-party products that make wonderful fees for us but at the cost of expensive products for the customer. If we make a mistake, we will apologise and correct it. After all, we do not want to take this Bank to great heights in profits and profitability while having earned any penny that truly does not belong to us”

Strategy for the Bank

We plan to implant the erstwhile Capital First’s tried and tested model of financing small entrepreneurs and consumers (Consumer finance book, growing at 27% per annum and Core PPOP (Pre-Provisioning Operating Profit) growing at 4-Year CAGR of 43%), on bank platform (IDFC FIRST Bank’s strong branch network of 824 and growing, excellent technology stack, quality internet and mobile banking, and strong rural presence).


Road leading to the Merger

 IDFC FIRST Bank Meeting
An Integration Committee Meeting in progress.
The Listing Of  IDFC FIRST Bank Shares On Nse
The listing of IDFC FIRST Bank shares on NSE


 IDFC FIRST Bank Rangoli
Employees greeted the merger with great creativity and decorations across the country in all branches

Employees Across The Country
Employees across the country in all branches greet the merger with celebrations on Day 1 - Dec 18, 2018

IDFC’S Evolution

Evolution Evolution

In the News

News
News
Loan Assets

Total Customer Deposits(₹ Crore)

Total Customer Deposits (Retail Deposits + Wholesale Deposits) has grown strongly by 4 Year CAGR (Mar-19 to Mar-23) of 36%.

Casa deposit

CASA Deposit(₹ Crore)

In May 2021, we reduced deposit rates for balances upto Rs. 10 lacs by 300 bps from 7% to 4%. Despite this, our CASA deposit growth continues to be strong, growth of 27% YOY as of 30 June 2023.
The Bank provides high levels of customer service and is a brand with a reputation as a clean and ethical institution, which has helped us grow our deposit base.

Net interest margin

CASA Ratio

CASA Ratio stood at 46.5% as of June 30, 2023, as compared to 49.8% as of March 31, 2023, as incrementally during Q1 FY 24, the Bank raised more fixed deposits than CASA deposits.

Networth

Net Worth(₹ Crore)

The net worth of the Bank increased from ₹ 15,257 crore as of March 31, 2018 to ₹ 26,531 crore as of June 30, 2023.