IDFC has received the final banking license from the Reserve Bank of India. The infrastructure finance firm said in release that RBI has granted banking license to IDFC Bank for undertaking banking business in India under Section 22(1) of the Banking Regulation Act, 1949. IDFC and Bandhan Financial Services were the two entities which got interim license from RBI in April 2014 to set up banks. Bandhan received the final approval in June this year. IDBI Bank will be starting its operations from 1 October with an initial loan book of around Rs 55,000 crore. It will have 20 branches to start with.
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