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IDFC Bank will start lending services from October 1

The IDFC Bank will be starting its lending operations from October 1, 2015.

IDFC Ltd said in a BSE filing on Tuesday that the transfer of business to the new bank should coincide with commencement of banking business.

It further said that the board of directors of IDFC Ltd and IDFC Bank at their meetings on July 30 and July 27 respectively, determined that the demerger scheme could be effective only with receipt of requisite operational licenses from Reserve Bank and IDFC Bank will commence the business from October 1, 2015.

The IDFC Bank had been granted the license by RBI on July 23, 2015 and the new bank is planning to start operations with an initial loan book of around Rs 55,000 crore and with 20 branches.

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