IDFC shares surge nearly 7% on RBI nod for bank operation

Shares of IDFC surged nearly 7 per cent today after the infrastructure financing firm said the Reserve Bank of India (RBI) has granted banking licence to IDFC Bank for undertaking banking business in the country.
Following the news, shares of the company jumped 6.61 per cent to Rs 163.50 at BSE.
On the NSE, the stock gained 6.82 per cent to Rs 163.60.
"The RBI on July 23, 2015 has granted Banking Licence to IDFC Bank Limited for undertaking banking business in India under Section 22(1) of the Banking Regulation Act, 1949," IDFC said in a stock exchange filing.
IDFC and Bandhan Financial Services Pvt Ltd emerged successful out of 25 contenders for new bank licences issued by the Reserve Bank of India (RBI) in April last year. Bandhan Financial got RBI approval last month.

IDFC Bank plans to start operation from October 1 with an initial loan book of around Rs 55,000 crore. The bank proposes to start operations with 20 branches.