Infrastructure lending company IDFC has got the final approval from the Reserve Bank of India (RBI) to start its banking operations in the country.
"The Reserve Bank of India on July 23, 2015, has granted banking licence to IDFC Bank for undertaking banking business in India under Section 22(1) of the Banking Regulation Act, 1949," IDFC informed the exchanges.
According to reports, IDFC Bank plans to start operations from October 1, with an initial loan book of around Rs 55,000 crore.The bank proposes to start operations with 20 branches.
The board of IDFC had, on October 30, 2014, approved a proposal to demerge its financing undertaking into its wholly owned subsidiary, IDFC Bank, pursuant to a scheme under the Companies Act, 1956.
Published 24 July 2015, 17:34 IST