Company Research Report: IDFC FIRST Bank
Company Overview
- Name: IDFC FIRST Bank
- Mission: Guided by ethics, powered by technology, and a force for social good. IDFC FIRST Bank is committed to becoming the world’s most customer-friendly bank.
- Founded: IDFC FIRST Bank was established following the merger of IDFC Bank and Capital First Limited on December 18, 2018.
- Key People:
- Mr. V. Vaidyanathan, Managing Director & CEO
- Mr. Sanjeeb Chaudhuri, Part-Time Non-Executive Chairperson (Independent Director)
- Mr. Pradeep Natarajan, Executive Director
- Independent Directors including Mr. Aashish Kamat, Dr. (Mrs.) Brinda Jagirdar, Ms. Matangi Gowrishankar, Mrs. Pankajam Sridevi, Mr. Pravir Vohra, Mr. S Ganesh Kumar, Mr. Sudhir Kapadia, and Mr. Uday Shirish Bhansali.
- Headquarters: The Square, C-61, G Block, Ground Floor To 8th Floor, Bandra Kurla Complex, Bandra East, Mumbai – 400051.
- Number of Employees: No information is available.
- Revenue: Profit After Tax (PAT) of Rs. 201 crore for Q2 FY25.
- Known For: IDFC FIRST Bank is recognized for ethical banking practices, zero-fee banking services, cutting-edge digital banking, and a strong retail banking focus. The bank has been awarded as India’s Best Digital Bank and known for supporting infrastructure development and microfinancing.
Products
- Savings Account: Offers competitive interest rates with monthly interest credits and zero-fee banking for various standard banking services.
- Credit Cards: Lifetime free cards with no minimum spend conditions, with offerings like the new Mayura and Ashva metal credit cards providing exclusive rewards and benefits.
- Personal Loans & Home Loans: Offers fast processing with attractive interest rates tailored for personal and business needs.
- Fixed Deposits: Provides high interest rates, up to 7.75% p.a.
- Other Loans: Includes two-wheeler loans, consumer durable loans, loan against property, and education loans among others.
Key Features of Products
- Savings Account:
- Zero charges on IMPS, RTGS, NEFT, and ATM transactions.
- Monthly interest credits with high competitive interest rates.
- Credit Cards:
- Mayura and Ashva deliver premium metal card experiences with zero or 1% forex markup.
- Extensive rewards, airport lounge access, and lifestyle privileges.
- Loans:
- Instant personal loans with high limits, seamless processing.
- Car and two-wheeler loans with minimal documentation needed.
- Fixed Deposits:
- Competitive interest rates with flexible durations.
- Digital fixed deposits without the need for branch visits.
Recent Developments
- New Product Launches:
- Introduced the Mayura and Ashva metal credit cards focusing on a luxurious lifestyle and exclusive offers.
- Mergers & Acquisitions:
- Successful completion of the merger with IDFC Limited.
- Technology Advancements:
- Launched GST payments service via an integration with the GST Portal.
- New digital initiatives including the interoperability of the Digital Rupee app with UPI QR Codes.
- Corporate Social Responsibility:
- Conducted successful fundraising efforts in marathon events for social causes.
- Awards & Recognitions:
- Awarded for innovation, best digital banking practices, and high ESG performance.
This comprehensive report portrays IDFC FIRST Bank as an innovative, ethically-driven financial institution committed to redefining banking services in India through technological advancements and a customer-first approach.
