What is the full form of IDFC
IDFC: Infrastructure Development Finance Company
IDFC stands for Infrastructure Development Finance Company. It is a finance company that provides finance and advisory services for infrastructure projects, asset management, and investment banking. The company has recently entered the banking sector by the name of IDFC Bank. As of September 2019, Mr. V. Vaidyanathan is the Managing Director (MD), and CEO of the IDFC First Bank.
The non-banking finance company, IDFC received the banking license from RBI on 23 July 2015. It began its operations on 1 October 2015 with 23 branches to be set-up in Delhi, Madhya Pradesh, Mumbai and three districts of Madhya Pradesh.
Today, IDFC FIRST BANK, headquartered in Mumbai, is a global bank providing financial solutions through its nationwide branches, internet, and mobile, and aims to set a new standard in customer experience. It offers fundamental banking services in India like Savings Accounts, NRI Accounts, Fixed Deposits, Home loans, Personal Loans, and more. It uses technology and follows a service-oriented approach, to make banking simple and accessible, anytime and from anywhere.
The bank aims to increase the number of customer from 400 corporate customers to 15 million in the next five years and to use technology for customer acquisition instead of opening branches in India.
IDFC Banking Services: