IDFC Full Form

Infrastructure development finance company is an Indian financial organization that cannot be identified as a bank that provides financial contributions towards a diverse range of sectors such as infrastructure, business development, business financing, mortgages, investment banking, and many more. This organization has been authenticated by the Reserve bank of India (RBI) in the year 2014. The financial activities have been widened by this private financial institution in recent times and an effort to reach individuals that require financial help both in the short and long run can be identified. The ulterior motive of the institution behind such a move is to capture and address the financial need of the majority of the population as well as contribute to organizational expansion in all walks of life such as digital shopping, personal loan, and many more. 

Infrastructure Development Finance Company

IDFC can be recognized to deal primarily in the infrastructural development of business activities and business establishment. In recent times, the company has exerted significant effort to capture the financial opportunities present in the market. It can be identified to provide monthly loans in terms of purchase of different items from the online e-commerce platforms which are being used by a lot of persons who are even directly related to the banking activities. The Reserve bank of India has recognized the Infrastructure development finance company as a private sector industry financial solution. The IDFC has evolved and diversified into a private bank namely the IDFC bank. This bank had initiated its operations in the year 2015. The ulterior objective of this bank is to reach the segments of the population and area that are deprived of using various banking solutions. The most significant phase in terms of operational expansion can be noticed in the year 2018. The IDFC Bank and former Capital first are merged to constitute a new bank entity namely “IDFC FIRST” Bank. 

IDFC FIRST Banking Solutions

The headquarter of the IDFC FIRST bank is situated in Mumbai. This bank has swiftly embarked on a huge identity as a global entity in banking operations. This bank can be identified to have an underlying motto of imparting its customers to the digital media in a very sophisticated way. This bank is emphasizing empowering its customers to do banking activities through digital platforms. After the completion of the merger, the bank has disbursed over 1,00,000 crores.

Technically Sound Banking Services

The IDFC FIRST bank is emphasizing the financial inclusion of a wide range of customers, especially those who are not accustomed to using technology. To serve this purpose, this bank has introduced many digital banking solutions which can be identified as user-friendly and quite simple to use. The normal banking transactions can be done with massive ease and the operations can also be understood by a novice person. Similarly, the account opening formalities have been simplified considering the age-related issues and other humanitarian issues. The provision of high-interest rates in the cases of long-term investment for senior citizens has been introduced. In addition to that, the usage of mobile banking and internet banking has remitted the burden of the customers to go to the bank every time for transaction purposes. This bank has also incorporated artificial intelligence to assist both its operations and the customers. This can be recognized as a modern age technology to assist the customers to be able to understand the viable solutions while the customers are incapable of contacting the bank for several reasons. The bank is also benefited by the incorporation of artificial intelligence into its overall operations due to the massive possibility of AI technology to holistically address all the banking activities. 

Various Financial Services

The IDFC FIRST bank can be witnessed to grow rapidly after the commencement of its operations in 2018. The bank is currently offering various services to its customers in terms of account opening such as savings deposits, recurring deposits, NRI accounts, personal loan catering, business loan offers, short-term digital platform credit, and many more. The banking operations of the bank can be marked to be heavily dependent upon the use of technology. The bank has addressed the digital medium in a sophisticated way to minimize human intervention in the case of a transaction, loan seeking, and loan disbursement procedure. The ulterior motive behind this can be asserted as an effort to eliminate overcrowding and discrepancies owing to human errors. It leads to the establishment of an efficient banking solution.

Conclusion 

The Infrastructure development finance company or IDFC can be recognized as a superior banking solution for the customers. This organization has showcased rapid growth and development since its initiation. The operation of this organization has touched optimum efficiency after the merger in 2018 when it self-revealed as IDFC FIRST bank. This bank can be termed as a technology-driven banking solution with smart banking tools. The growth and profitability of the bank have touched the zenith of abundance. It is transforming itself as a popular banking solution for the customers in comparison with other nationalized and private banks for better policy and technology implementation. The customer service of the bank can be referred to as “riveting” from the perspective of the existing customers. This is quite an achievement in ensuring customer satisfaction with the ultimate new-age banking module. The bank is also striving to collaborate with the e-commerce giants such as Flipkart, Amazon, eBay, and many more to provide financial solutions to the customers through delivering credit limits and many more.