IDFC FIRST Bank

An Indian non-bank financial company called Capital First and the banking division of Infrastructure Development Financing Corporation came together to form IDFC FIRST Bank, a private sector bank in India. It is the first universal bank to provide lifetime free credit cards with dynamic and low annual percentage rates, as well as monthly interest credit on savings accounts.

In order to finance Indian infrastructure projects, IDFC Ltd. was founded in 1997. It expanded into investment banking, institutional securities, mutual funds, and infrastructure debt funds in 2007 and 2008, respectively. The Central Bank of India gave IDFC Limited in-principle clearance in 2014 to launch a new private bank. After then, IDFC Limited transferred its infrastructure finance assets and liabilities to IDFC Bank, a new company. The bank was established by this demerger from IDFC Ltd, and Prime Minister Narendra Modi gave it its formal opening in October 2015.

As of April 2023, the market capitalization for IDFC FIRST Bank was $4.63 billion. By market capitalization, this places IDFC FIRST Bank as the 2503rd most valuable corporation in the world. The most recent financial reports from IDFC FIRST Bank indicate that the company's current revenue (TTM) is $2.00 billion. The company generated $1.76 billion in revenue in 2021, an increase from $1.06 billion in revenue in 2020.

Founded: October 2015
Headquarters:Mumbai, Maharashtra, India
Website: www.idfcfirstbank.com