IDFC Bank gets RBI nod for starting banking operations

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IDFCReserve Bank of India (RBI) has granted banking licence to IDFC Bank for undertaking banking business in the country.

Infrastructure financing firm IDFC Ltd informed BSE that the RBI on July 23, 2015 has granted Banking Licence to IDFC Bank Limited under Section 22(1) of the Banking Regulation Act, 1949.

According to report, the bank is planning to start operation from October 1 with an initial loan book of around Rs 55,000 crore. The bank proposes to start operations with 20 branches.