IDFC Bank to start operations from October 1

With the demerger of financial undertaking from IDFC Ltd, IDFC Bank will kick-start its lending operations from October 1, 2015.

The transfer of business to the new bank should coincide with commencement of banking business, IDFC Ltd said in a filing to BSE today.

The board of directors of IDFC Ltd and IDFC Bank at their meetings on July 30 and July 27 respectively, determined that the demerger scheme could be effective only with receipt of requisite operational licenses from Reserve Bank, and IDFC Bank will commence the business from October 1, 2015, it said.

RBI had granted license to IDFC Bank on July 23, 2015.

The new bank plans to start operations with an initial loan book of around Rs 55,000 crore and with 20 branches.

IDFC Ltd scrips traded at Rs 148.10 apiece on BSE, down 1.43 per cent from the previous close.