IDFC Bank on October 25, 2018, proposed to change its name to ‘IDFC First Bank Ltd’ in the wake of its amalgamation with the non-banking financial company Capital First. The decision was taken during the meeting of the Board of Directors of IDFC Bank.
The proposal now needs the approval of the Reserve Bank of India (RBI). It would further require the approvals of statutory or regulatory authorities including the Registrar of Companies, Shareholders and other Stakeholders.
IDFC had applied for a banking license in 2013 and got in-principle approval from the RBI in 2014. IDFC Bank was officially inaugurated by Prime Minister Narendra Modi in 2015. Started its operations on October 1, 2015, the bank has its headquarters in Mumbai and forms a part of IDFC, an integrated infrastructure finance company.