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IDFC can now exit IDFC First Bank

The Reserve Bank of India had permitted infrastructure finance company IDFC to exit IDFC First Bank. RBI had earlier said that after the expiry of lock-in period of 5 years, IDFC can exit as the promoter of IDFC First Bank. IDFC had received a licence to set up a full service bank in 2013 and the infrastructure lending business was carved into IDFC Bank, which began operations in 2015. IDFC holds stake in the bank through a full-owned non-operative financial holding company (NOFHL), whoe stake in IDFC First Bank is 36.6%. A reverse merger would entail an exit from a holding company structure by the bank. IDFC First Bank has now become a retail lender and moved away from an infrastructure heavy book. The bank in 2018 merged with Capital First.

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