IDFC Bank (Infrastructure Development Finance Company) is one of the new entrants in the banking sector. It was incorporated in 1997 and registered with the RBI in 1998 as NBFC (Non-Banking Financial Company). The organization became a public financial institution in 1999. It started operations in October 2015 after getting the in-principle approval from RBI in July 2015. It operates in the field of personal banking, business banking, infrastructure financing and rural financing.
IDFC Bank is the first ever bank to launch cashless digital merchant solutions linked with Aadhaar. The bank stands out from the league of other banks as it provides a range of additional features such as high flexibility, complementary savings account, no penalty on early closures, higher interest rates, etc.