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:

• Personal Banking: The bank gives a quick and consistent service to fulfill the individual needs of the customers at the right time and the right place. Services offered under personal banking include savings account, Visa Platinum Debit Card, Debit Card Offers, Home Loan, Personal Loan, Notice Board, etc.
• Business Banking: It takes care of the business needs of the customers. It offers services such as business loans, cash management services, business debit cards, fixed deposits for the banks, and trade and forex services.
• Wholesale Banking: It includes Investment Banking, Corporates, MNC's, SME's, Financial Institutions, etc.
• Wealth Management: It includes Mutual Funds, Gold Bonds, Personal Insurance Solutions, and Business Insurance Solutions.
• Latest/Trending Services: It includes Track Loan Status, Branch Locator, NRI Banking, Mobile Banking Services, Internet Banking Services, Bill Payments, and Recharges.