IDFC gets banking licence; to launch by end of this calendar

IDFC Ltd has said that the company has been granted banking licence to IDFC Bank ltd by the Reserve Bank of India (RBI). 

The licence is for understaking banking business. 

The share price of IDFC was trading up by nearly 4% on the Bombay Stock Exchange's (BSE) Sensex on Friday 10.45 am. 

The company said on its website that it has received the banking licence from the RBI. 

The company came into existence in 1997 and has been providing services ranging from infrastructure financing, infrastructure development and investment banking. 

Sources say that IDFC Bank Ltd is looking to launch operations by the end of the current calendar year and may roll-out even soon, by October by some estimates. 

The company has been hiring a lot of banking employees from other banks and hunt to find real estate space in Mumbai is currently underway. 

(With PTI)