Headquartered in Mumbai IDFC Bank is a universal bank offering financial solutions through its nationwide branches internet and mobile. IDFC Bank offers basic services like Savings Accounts NRI Accounts Fixed Deposits Home Loans Personal Loans among others using technology and a service-oriented approach to make banking simple and accessible anytime and from anywhere. The bank provides customized financial solutions to corporates individuals small and microenterprises entrepreneurs financial institutions and the government. IDFC Bank is a subsidiary of IDFC Ltd.IDFC was granted an in-principle approval by Reserve Bank of India (RBI) on 9 April 2014 to set up a new bank in the private sector under Section 22 of the Banking Regulation Act 1949. Accordingly a new company namely IDFC Bank with a paid up capital of Rs 5 lakh was incorporated on 21 October 2014 at Chennai Tamil Nadu under the Companies Act 2013 to carry out the business of banking. As per the terms and conditions contained in the in-principle approval and the RBI New Banking Guidelines IDFC was required to transfer Financing Undertaking to IDFC Bank. Accordingly the Board of Directors of IDFC at its meeting held on 30 October 2014 approved a proposal to demerge its Financing Undertaking into its wholly owned step down subsidiary - IDFC Bank under a Demerger Scheme. On December 26 2014 the entire equity stake of IDFC Bank held by IDFC was transferred to IDFC Financial Holding Company Limited (IDFC FHCL) thereby making IDFC Bank a wholly owned subsidiary of IDFC FHCL which in turn is a wholly owned subsidiary of IDFC. Pursuant to the Scheme of Demerger IDFC Bank issued and allotted 159.40 crore equity shares to shareholders of IDFC thereby reducing the shareholding of IDFC FHCL from 100% to 53%. IDFC Bank began its operations with effect from 1 October 2015 with the launch of 23 branches across India and with a gross loan book of approximately Rs 46381 crore. Shares of IDFC Bank were listed on the bourses on 6 November 2015.On 31 March 2016 IDFC Bank announced a partnership with Uphold the world's fastest growing cloud-based financial platform for instant easy and affordable inward remittances to India. The partnership is subject to approval from the RBI. This will enable Uphold users across geographies initially starting with the U.S. and UK to send money or make payments instantly to anyone in India redeemable directly through any Indian bank.On 12 July 2016 IDFC Bank signed a share purchase agreement to acquire 100% of Grama Vidiyal Micro Finance Ltd one of the largest microfinance institutions in the country. Upon completion of acquisition Grama Vidiyal will be a wholly-owned subsidiary of IDFC Bank. The acquisition will give IDFC Bank immediate access to 1.2 million rural and semi-urban households and Grama Vidiyal's network of 319 locations across 65 districts of Tamil Nadu Kerala Karnataka Pondicherry Maharashtra Gujarat and Madhya Pradesh will act as Business Correspondent (BC) centres to IDFC Bank. Grama Vidiyal has an AUM (Assets Under Management) of Rs 1502 crore of micro finance assets as on 31 March 2016.IDFC Bank launched its services in Meghalaya on 8 August 2016 with the opening its first branch in the capital city of Shillong and setting up first-of-its-kind interoperable micro ATMs in the state's rural locations. IDFC Bank committed to provide 100000 water and sanitation loans with a value of over Rs 200 crore in the next three years at the 2016 Global Citizen Festival held in Mumbai on 19 November 2016.On 30 November 2016 IDFC Bank announced that it has partnered with Bangalore-based online lending platform Capital Float to provide digital lending to small businesses across India. The partnership will address the needs of borrowers who have no access to organised bank credit with limited or no documentation and without existing credit history. It is thus expected to bring more small businesses into the organized finance architecture.In 2016 IDFC Bank acquired up to 10% stake in ASA International India Microfinance for Rs 8.5 crore.On 7 February 2017 IDFC Bank in collaboration with IndiaLends launched a differentiated personal loan solution for first-time borrowers. IndiaLends is a financial technology start-up founded by ex-Capital One professionals Gaurav Chopra and Mayank Kachhwaha.IDFC Aadhaar Pay India's first Aadhaar-linked cashless merchant solution was officially launched on 7 March 2017 following successful pilots across 16 states. The customer's fingerprint is the password used to authenticate the transaction.On 9 August 2017 IDFC Bank announced that it has partnered with Zeta a leader in the digitised employee benefits space to launch `IDFC Bank Benefits' - an innovative solution for corporates that digitises employee spends and claims making the process simple real-time and paperless. The end-to-end digital solution comprises an IDFC Bank Benefits Card and Zeta app which integrates the full suite of allowances and reimbursements offered by an employer into one preloaded card.On 17 October 2017 IDFC Bank crossed an important milestone with the launch of its 100th branch at Honnali in Davanagere district of Karnataka. This coincides with the completion of the bank's second year of operations.IDFC Bank MobiKwik and Net1 announced a partnership on 9 November 2017 to launch a co-branded virtual prepaid card on the Visa platform to customers of MobiKwik. Around 65 million users of the MobiKwik will gain access to an IDFC Bank virtual card embedded within the app making digital purchases at all e-commerce merchants easier and faster. Net 1 a leading international payments company is a partner and a strategic investor in MobiKwik.The Boards of Directors of IDFC Bank and Capital First at their respective meetings held on 13 January 2018 approved a merger of Capital First with IDFC Bank. Pursuant to the merger which is subject to regulatory and shareholder approvals IDFC Bank will issue 139 shares for every 10 shares of Capital First. This announcement is pursuant to IDFC Bank's stated strategy of retailising its business to complete their transformation from a dedicated infrastructure financier to a well-diversified universal bank and in line with Capital First's stated intention and strategy to convert to a universal bank. Capital First is finance company specialising in financing small entrepreneurs and consumers based on new age technologies.Post-merger the combined entity of IDFC Bank and Capital First will have an AUM of Rs 88000 crores; PAT of Rs 1268 crores (FY 17); and a distribution network comprising 194 branches (as per branch count of December 2017 of both entities) 353 dedicated BC outlets and over 9100 micro ATM points serving more than five million customers across the country.On 4 June 2018 the Reserve Bank of India (RBI) conveyed its `No Objection' for the voluntary amalgamation of Capital First Limited Capital First Home Finance Limited and Capital First Securities with IDFC Bank subject to compliance with the terms and conditions specified therein.