IDFC First Bank

IDFC First Bank on Monday said it has partnered with Swedish company Crunchfish to pilot a project to demonstrate offline retail payments. IDFC First Bank, is set to be a part of RBI's pilot project to enable offline payments, the private sector lender said, adding that the project will give access to digital payments even when there is no network. The unique digital payment solution was designed by Crunchfish for merchants and customers under the RBI's Regulatory Sandbox Program, IDFC First Bank said in a release. "This project will provide support for offline retail payments based on a Digital Cash platform to the payment ecosystem of India. IDFC FIRST Bank will be one of the first few banks to be a part of this pilot project by HDFC Bank," it said. The application was approved by the RBI to demonstrate offline payments between two banks. The Development and Demonstration Agreement which is a non-commercial agreement has now been signed to give IDFC First Bank access to the Digit

This comes after IDFC Ltd decided to infuse Rs 2,200 crore into the bank as growth capital

IDFC First Bank on Saturday said its board has approved allotment of 37.75 crore shares to a subsidiary of IDFC on preferential basis for Rs 2,196 crore. Equity shares of face value of Rs 10 each fully paid-up, on a preferential basis will be issued IDFC Financial Holding Company Limited at a price of Rs 58.18 per unit, including premium of Rs 48.18 per share, IDFC First Bank said in a regulatory filing. The proposal is subject to acceptance of the offer by the board of IDFC and approval of the shareholders of the bank, it said.

At a meeting held on Wednesday, IDFC's board gave an in-principle approval to infuse Rs 2,000 crore "growth capital" into IDFC First Bank

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Private sector IDFC First Bank has announced waiver of charges on a number of customer-centric services such as cash deposits, withdrawals, demand drafts, IMPS and SMS alerts, among others ahead of its Foundation Day on Sunday. On the occasion of its Foundation Day on 18th December, IDFC First Bank has announced 'Zero-fee banking' on savings accounts, the bank said in a release on Saturday. The lender said it has waived fees on 25 commonly used banking services related to savings accounts such as cash deposit and withdrawal at branches, third party cash transactions, demand drafts, IMPS, NEFT, RTGS, cheque book, SMS alerts, interest certificates, insufficient balance for ATM transactions, international ATM usage and so on. Customers maintaining as low as Rs 10,000 average monthly balance and Rs 25,000 AMB in savings accounts will be offered these services free of cost. This will benefit all customers, and particularly those with lesser financial literacy who find it difficult to ..

In CBDC, the core banking will have a one-time debit for currency purchase, but all subsequent transactions, which move from wallet to wallet

RBI says digital rupee for retail segment will be in the form of a digital token that represents legal tender, to be issued in same denominations as paper currency and coins

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In a filing with BSE, the company said improved macro environment and sell-down capabilities were driving faster book reduction

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IDFC First Bank on Saturday reported a 266 per cent jump in its net profit at Rs 556 crore for the quarter ended September 2022 on the back of strong growth in core operating income. The private sector lender had posted a net profit of Rs 152 crore in the same quarter a year ago. Its core operating income (excluding trading gains) rose by 35 per cent from a year ago to Rs 3,947 crore in Q2 of 2022-23 fiscal year, it said in a regulatory filing. Net interest income climbed 32 per cent at Rs 3,002 crore, while fee and other income spurted by 44 per cent to Rs 945 crore in the September quarter of FY23. Total income in the three months to September rose to Rs 6,531.03 crore as against Rs 4880.29 crore in the same period of 2021-22. Asset quality was better with gross non-performing assets (NPA) coming down to 3.18 per cent of the gross advances as of end-September 2022 from 4.27 per cent a year ago. Net NPAs were also down at 1.09 per cent as against 2.19 per cent. The bank said it

The Bank's profitability is expected to improve over the medium term as the bank establishes its retail franchise and the economies of scale help improve operational efficiency

Retail business comprised 66.4 per cent of overall funded assets as of September 30, says private lender

Asset quality of the loans booked during last 1 year, on a like-to-like vintage comparison basis, is performing better than prior vintage periods, indicating improvement in asset quality going forward

The Indian rupee could decline to 82.50 against the dollar by March, driven by the greenback's surge and the country's balance of payment deficit, IDFC First Bank said in a research note

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Coal India, City Union Bank, Cummins, IDFC First Bank and Piramal Enterprises are the five F&O stocks tha can deliver up to 21 per cent returns in the September series.