IDFC First Bank (formerly IDFC Bank) is an Indian private sector bank formed by the merger of the banking arm of Infrastructure Development Finance Company and Capital First, an Indian non-bank financial institution. It is the first universal bank to offer monthly interest credit on savings accounts, lifetime free credit cards with dynamic and low annual percentage rates. IDFC Limited was set up in 1997 to finance infrastructure projects in India. It diversified into investment banking and institutional securities (2007), Mutual Funds (2008), Infrastructure Debt Fund (2015). In 2014, the Reserve Bank of India granted 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. More information...
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