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IDFC Bank to start operations on 1 October

IDFC Bank is all set to start its operations on 1 October. According to news reports, the bank has hired experienced professionals, who have retail banking experience. The reports indicated that three senior executives of HDFC Bank are now part of the new bank – Biju Pillai, Amit Kumar and Birendra Sahu, who heads HDFC Bank’s various business units. At IDFC Bank, they will handle retail assets and card business, branch banking and overall retail operations, respectively, the reports said. Being an infrastructure company, IDFC did not have any retail operations. As such, it has to start from scratch and that is one reason it has to depend on experienced bankers in this realm. It is also said to have hired people from other private banks. IDFC chairman Rajiv Lall will be vice-chairman and managing editor of the banking entity while former union home secretary Anil Baijal will be its chairman.

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