IDFC was founded in 1997. It was registered and notified as public financial institution under section 4A of companies Act. IDFC focused on implementing projects related to infrastructure development and later it became a leading investment banking and asset management by establishing project development and advisory services. In 2010, IDFC become the first NBFC to be classified as Infrastructure Finance Company (IFC) by RBI.
In 2013, the company applied for Banking License from RBI and obtained in principle approval in 2014 to set up a bank for a period of 18 months. Followed by the first bank was inaugurated by our honorable Prime Minister Shri Narendra Modi in 2015, subsequently 23 new branches launched across India.
IDFC Bank, headquartered in Mumbai offers numerous financial services through its nationwide branches, internet and mobile. It offers services like saving accounts, fixed deposits, home loans products, personal loans, NRI accounts by using technology and service –oriented approach, to make banking more simple and accessible at anytime and from anywhere.
In 2016, IDFC Bank acquired 100% of Grama Vidiyal Micro Finance, one of the largest microfinance institutions in the country. This merger significantly enhanced the reach of IDFC Bank, giving it access to 1.2 million rural and semi-urban households through Grama Vidiyal's network of 319 locations across 65 districts of Tamil Nadu, Kerala, Karnataka, Pondicherry, Maharashtra, Gujarat and Madhya Pradesh.