Our Philosophy: In Sanskrit, Gaj: the Elephant signifies majesty, wisdom, stability, and sovereign power. In ancient Indian thought, the Gaj was the bearer of majesty of the land, the protector of empires, and the symbol of measured strength; never impulsive, never excessive. A majesty’s greatness was often judged not by the crown they wore, but by the Gaj they rode.

Our Design: The Gaj: Credit Card transcends generic global aesthetics. The “crafted on metal”, signature twin-elephant motif is an artisanal masterpiece designed to be a silent ambassador of Indian excellence on the global stage.

Availability: Gaj: Credit Card is an invitation-only offering for select IDFC FIRST Bank Private Banking customers with established relationship depth. The card carries a joining and annual fee of ₹12,500 + GST. The card comes with 12,500 invitation Rewards Points of 1RP=Rs.1 redeemable on travel bookings via the IDFC FIRST Bank app effectively offsetting the joining fee. The annual fee is also waived on ₹10 lakh of annual spends. Beyond this, GAJ offers an inspirational metal card design, zero foreign exchange mark-up, a simple 1:1 rewards structure, and a set of premium travel and lifestyle privileges designed to complement an already strong proposition.

 The Gaj: Benchmark:

• The 1:1 Reward Standard: 1 Reward Point = ₹1 for flights and hotels, eliminates complex math by offering the most direct value-back in the super-premium category.
• The Global Traveler’s Core: 0% Forex Markup and Interest-Free Global ATM cash access, there is no longer a need to carry foreign currency notes and travel cards.

• Full Travel Protection:  A dedicated ₹50,000 Trip Cancellation Cover, the card is built for the “Global Indian” who demands a zero-compromise travel experience.
• Hyper-Accelerated Rewards: Exclusive access to 50X rewards on hotels and 25X on flights via the IDFC FIRST ecosystem, delivering a value-back of up to 33.33%.
• Seamless transit: with complimentary international and domestic lounges including one for the Guest.
• For more features, refer to Annexed Table of Benefits

Shirish Bhandari, Head – Credit Cards, FASTag & Loyalty, IDFC FIRST Bank, said: “Gaj: Credit Card reflects our deep respect for Indian heritage and its achievers. We designed this card to be complete in every respect- combining feature depth with an inspirational Indian design. As the pinnacle of our Ashva- Mayura- Gaj: trilogy, it honours the wisdom and strength of the modern Indian achiever.”

The post IDFC FIRST Bank Unveils Gaj: – An Invitation-Only Metal Masterpiece for IDFC Private Banking Customers. appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.

Mumbai, 19^th March, 2025: IDFC FIRST Bank has unveiled Ace Feature on its premium Mobile Banking App, that provides relevant insights and tools to allow investors make an informed Mutual Fund investment decision. This feature aims to empower an individual with ‘do-it-yourself’ investing, digitally.

The ACE Feature on the IDFC FIRST Bank app provides rich and useful details on more than 2500 Mutual Funds in India. Investors can browse  through various fund categories (like Equity, Debt, Tax-Saving, Hybrid, and Index funds) and choose the right need-based fund to build a diversified portfolio.

IDFC FIRST Bank Customers can also access detailed information – like historical fund performance (1Y, 3Y & 5Y), holding patterns (by sectors, companies, and market cap), and expert ratings on each fund (Morningstar Rating).

This feature provides premium experience to the investor by combining  information about the fund available publicly, insights and easy investing customer journey.

At a glance:

• There are over 2,500 mutual funds in India; how does a customer choose? Ace feature simplifies investment by providing relevant details to help select top performing funds.

• What are the companies invested in each MF? What are the sectors your MF has invested in? Simply click to know.

• “Senior Citizen Assistance Special” feature that automatically selects ‘Conservative’ funds with lower risks based on the typical risk appetite for Senior Citizens, ensuring enhanced safety while investing. Senior Citizens can select other funds by choice. 

• Goal-based MF investing for key life stages and events like retirement planning, wedding, etc. by access to investing tools.

• Customers can now link their external mutual funds through eCAS (electronic Consolidated Account Statement) service for mutual funds to get a consolidated view of their MF holdings without switching multiple APPs

Mr. Ashish Anchaliya, Chief Product Officer, Digital Banking, IDFC FIRST Bank said “We know that investing can feel overwhelming, and making the right investment can be a challenge, especially with over 2,500 mutual funds to choose from. That’s why we created the Ace feature with tools and insights that provides relevant information at a single place. With just a few taps, you can select  funds that you want to invest in with confidence and ease.”

IDFC FIRST Bank’s mobile banking app is the highest-rated Indian banking app on Play Store with a rating of 4.9 and is ranked #1 by Forrester (The Forrester Digital Experience Review: Indian Mobile Banking Apps, Q3 2024).

The post IDFC FIRST Bank Launches ACE Feature on the Mobile Banking App to Empower Investors with Smart Investments in Mutual Funds appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.

20^th January, 2025, Mumbai: IDFC FIRST Bank, in partnership with RuPay, a global card payment network from India, proudly announces the launch of the UPI enabled RuPay Credit Card called – FIRST EA₹N. This credit card is backed by Fixed Deposit and hence everyone is eligible to instantly avail this unique credit card, online. It also offers cashback on UPI payments thus making the product rewarding for users.

What sets it apart is that the Fixed Deposit creation is seamlessly integrated within the credit card application for all customers. Thus customers get an unmatched opportunity to avail credit on UPI, earn rewards, and simultaneously earn attractive interest rates on Fixed Deposits.

In addition to its inclusive approach, the card’s seamless integration with UPI opens a world of possibilities, offering universal access to over 60 million UPI-enabled merchants across India. With every UPI spend, customers earn upto 1% cashback, making every transaction rewarding.

“We are thrilled to announce the launch of the FIRST EA₹N RuPay Credit Card, specifically designed for first time Credit Card users as a gateway product to the financial services world said Mr. Shirish Bhandari, Head- Credit Cards, FASTag and Loyalty, at IDFC FIRST Bank”.

He further added, “this fixed deposit backed credit card is available online and instantly makes every day UPI payments super rewarding with a simple 1% cashback credited automatically to the card account. It inherently offers efficient money savings and growth with the linked interest-earning Fixed deposit- building credit, investment, and financial health together. It continues our philosophy of customer centricity in product conception and design – #getmorefromyourbank.”

Speaking on the development, Mr. Rajeeth Pillai, Chief of Relationship Management, NPCI said, “We are happy to launch FIRST EA₹N RuPay Credit Card in partnership with IDFC FIRST Bank. This UPI-enabled virtual credit card is designed to make transactions both convenient and highly rewarding for cardholders. Through this offering, we are further enhancing credit accessibility while delivering greater value to users.”

Features and Benefits:

• Seamless UPI Integration: The FIRST EA₹N Credit Card is ready for UPI transactions at more than 60 million UPI QR codes
• Instant Card Issuance: Virtual credit card issued instantly with seamless UPI integration for immediate use.
• Maximum availability: This secured credit card requires a fixed deposit and is available to everyone.
• Cash Back Launch offer: New cardholders on joining get 100% cashback on their first UPI transaction amount upto Rs. 500, within 15 days of card creation. Effectively the first year Fees is paid back as cash back.
• Cashback Rewards:
  • 1% cashback on UPI transactions via the IDFC FIRST Bank app.
  • 5% cashback on transactions made through other UPI apps, as well as on insurance, utility bills, and e-commerce purchases.
• Movie offer: 25% discount up to ₹100 on District by zomato movie tickets.
• Interest on Fixed Deposit: Earn 7.25% p.a. interest on 1 year 1 day FD.
• Comprehensive Protection:
  • Complimentary roadside assistance worth ₹1,399.
  • Lost card liability cover of ₹25,000.
  • Personal accident cover of ₹2,00,000.

IDFC FIRST Bank customers can apply for the FIRST EA₹N Credit Card through a seamless digital process available on the bank’s website. This continues IDFC FIRST Bank’s commitment to providing unparalleled convenience and innovative products that meet the evolving needs of its customers.

The post IDFC FIRST Bank Launches all new FIRST EA₹N RuPay Credit Card appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.

New Delhi, January 02 2025: IDFC FIRST Bank is proud to announce the launch of IDFC FIRST Academy, a comprehensive financial literacy initiative available through digital platforms. This Academy reflects the Bank’s mission to enhance financial literacy, enabling individuals to better manage their financial matters.

Participants can easily access the courses of IDFC FIRST Academy at https://www.idfcfirstacademy.com on the browser of the desktop or the mobile. For IDFC FIRST Bank customers, it is also available on the mobile Banking App.

                                        Desktop                                                                                               Mobile

IDFC FIRST Academy has simplified complex financial subjects in easy-to-understand bite-size modules with easy, expert-designed content for quick and effective learning. It has blogs, videos, and interactive quizzes for diverse learning styles. It also includes Real-world scenario-based activities to enhance practical understanding. Finally, it has Certification programs to recognize learning of the participant.

                                              Desktop – Video                                                                      Mobile – Video

                                               Desktop – Blog                                                                             Mobile – Blog

The program has three levels: Foundation, Intermediate and Advanced. With 35 courses covering 255 topics, IDFC FIRST Academy is meticulously designed to provide a deep understanding of financial topics. Each topic takes just 3-5 minutes to complete, with the full program totalling 36 hours of learning:

The learning program is designed to progressively increase the depth of understanding of financial topics. Thus, users can join any level of the program based on their level of current financial literacy and grow their knowledge on financial matters.

For example, the Savings course covers topics across all levels, such as:

• Foundation: “What is a Savings Account?” and “What is Interest?”
• Intermediate: “The Power of Compounding” and “Types of Savings Accounts.”
• Advanced: “Goal-Based Savings,” “KYC,” and “How to Manage Emergency Funds.”

Mr. V. Vaidyanathan, MD & CEO, IDFC FIRST Bank said, “IDFC FIRST Academy is a key initiative from IDFC FIRST Bank. We notice in our day to day lives, whether savings or investments, most people don’t quite know where to begin. For example, they may have heard of Mutual Funds, but don’t know whether to invest in Debt, or Equity, or Hybrid, or Tax savings Mutual Funds, what these terms mean, and how to begin. This program will make complex concepts easy to understand.”

Interactive Quizzes & Certificates: After the completion of each course, users will be prompted to take an interactive quiz to test their understanding of the topic. Basis the test results, they will be awarded certificates.

Join IDFC FIRST Academy Today: Start your journey toward financial learning with IDFC FIRST Academy. Visit www.idfcfirstacademy.com . IDFC FIRST Bank customers can also access the courses through the IDFC FIRST Mobile Banking App.

About IDFC FIRST Bank

IDFC FIRST Bank is a new age Universal Bank in India built on the foundations of Ethical Banking, Digital Banking, and Social Good Banking. We are building a world class bank in India.

As part of the Bank’s ethical banking approach, it applies a “Near and Dear” Test to its products, so that the employees of the Bank serve only such products they’d want for their own loved ones. It believes income earned unethically is not worth earning.

Therefore, the Bank avoids complicated descriptions, calculations, and legalese that customers don’t understand. It abolished all charges on Savings Accounts including for Debit Cards, IMPS, RTGS, NEFT, Cash Deposit, “Non-Home branch” access, Cash withdrawals at ATMs and at branches, 3rd party transaction charges at branches, SMS Alert, Cheque book, Demand Drafts, Pay-order, duplicate statement, and all such services that are usually charged in the market. It follows the principle that it won’t touch its customers’ bank account for one reason or other. It is the first and only bank in India till date to do so.

IDFC FIRST Bank is the first bank in India to offer monthly credit on savings accounts. The credit cards have no hidden charges. It offers Lifetime Free without minimum spend conditions, never-expiring rewards points, zero interest on cash withdrawal at ATMs, dynamic low APR and much more. Fees if any are transparent and described neatly in a manner a common person can understand. Every product offered by the bank is highly customer friendly, most often the best in the industry.

As part of technology led banking, the Bank has built a modern technology stack and has built an advanced mobile app with 250+ features such as Goal based investing, MF investment assistance, electric-speed payments, Account Aggregator, MF Aggregator, Personal Finance Manager, Auto categorisation of spends, single app for personal and business banking, UPI on Credit Cards, travel and shop, bill and recharges, deals and reward redemptions, which offer great convenience to the customers. For business customers the Bank offers on-the-go bulk payments, ability to pay income tax, GST, customs duty, and connected banking with ERP solutions.

As part of the Social Banking theme, the Bank’s business model is naturally geared to social banking. It has developed unique capabilities for financing bottom of pyramid customers with consistently high asset quality. The Bank has financed over 40 million customers including 0.3 million SMEs, 0.9 million livelihood (cattle loans), 16 million lifestyle improvement loans (for laptops, washing machine, etc.), 1 million sanitation loans (toilets, water fittings), 6.5 million mobility loans (2-wheelers and cars), and home financing (over 100,000 homes), and 15 million loans to 4.3 million women-entrepreneurs. It also offers other retail and rural loans such as Kisan Credit Cards, harvest financing, gold loans etc.

IDFC FIRST Bank is a Universal Bank, and offers end to end Corporate Banking, Trade Finance such as issuance of LCs & BGs, SBLC, Packing Credit, Pre-shipment and Post-shipment Finance, Treasury products including risk hedging solutions like Forwards, Swaps, Options, and other Forex Solutions, SME Banking, Wealth Management, NRI banking, Cash Management, Nostro & Vostro account operations, Escrow facilities, Correspondent Banking, Fastag, Toll-acquiring, Dealer Finance and Purchase/Sales Invoice discounting.

ESG Goals: The Bank is incorporating ESG in every aspect of working and has high ESG scores. The Bank believes that to get an opportunity to create a new age, ethical and world class Bank for India is a great privilege for its employees.

The post IDFC FIRST Bank launches IDFC FIRST Academy on eve of New Year 2025 appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.

The HXR device has been developed in collaboration with Ikonz Studios, a new-age technology company. The content has been meticulously scripted to ensure accuracy and engagement. This revolutionary technology will redefine the banking experience for customers, offering personalized assistance and an immersive service experience. This initiative is in line with IDFC FIRST Bank’s commitment to its digital-first philosophy and innovation-led customer-centric approach.

Speaking on the launch, Mr Shreepad Shende – Head, Business Excellence & Corporate Strategy at IDFC FIRST Bank, said, “We’re proud to be the first in the banking industry to bring this AI-powered holographic innovation to life. With this, we have created an entirely new way for our customers to interact with us at our select branches, making banking simpler, faster, and more engaging. It has been an amazing journey with Wing Commander Ramesh Pulapaka, CEO & Director – AB Corp. Ltd., from conceptualising this pioneering concept to bringing it to life with IKONZ and I am delighted that IDFC FIRST Bank was first to partner Mr Amitabh Bachchan in this unique journey”.

Mr Amitabh Bachchan, Said, “This unique initiative by IDFC FIRST Bank showcases the possibilities of innovation in creating immersive and meaningful customer experiences. It is fascinating to see how technology continues to evolve and redefine the way we connect with people. I am delighted to see my digital avatar being a part of this revolutionary and groundbreaking journey in banking.”

The first device has been launched at IDFC FIRST Bank’s Juhu branch in Mumbai, with plans to deploy similar devices across high-footfall branches and other strategic locations nationwide.

About IDFC FIRST Bank 

IDFC FIRST Bank is a new age Universal Bank in India built on the foundations of Ethical Banking, Digital Banking, and Social Good Banking. We are building a world class bank in India.

As part of the Bank’s ethical banking approach, it applies a “Near and Dear” Test to its products, so that the employees of the Bank serve only such products they’d want for their own loved ones. It believes income earned unethically is not worth earning.

Therefore, the Bank avoids complicated descriptions, calculations, and legalese that customers don’t understand. It abolished all charges on Savings Accounts including for Debit Cards, IMPS, RTGS, NEFT, Cash Deposit, “Non-Home branch” access, Cash withdrawals at ATMs and at branches, 3rd party transaction charges at branches, SMS Alert, Cheque book, Demand Drafts, Pay-order, duplicate statement, and all such services that are usually charged in the market. It follows the principle that it won’t touch its customers’ bank account for one reason or other. It is the first and only bank in India till date to do so.

IDFC FIRST Bank is the first bank in India to offer monthly credit on savings accounts. The credit cards have no hidden charges. It offers Lifetime Free without minimum spend conditions, never-expiring rewards points, zero interest on cash withdrawal at ATMs, dynamic low APR and much more. Fees if any are transparent and described neatly in a manner a common person can understand. Every product offered by the bank is highly customer friendly, most often the best in the industry.

As part of technology led banking, the Bank has built a modern technology stack and has built an advanced mobile app with 250+ features such as Goal based investing, MF investment assistance, electric-speed payments, Account Aggregator, MF Aggregator, Personal Finance Manager, Auto categorisation of spends, single app for personal and business banking, UPI on Credit Cards, travel and shop, bill and recharges, deals and reward redemptions, which offer great convenience to the customers. For business customers the Bank offers on-the-go bulk payments, ability to pay income tax, GST, customs duty, and connected banking with ERP solutions.

As part of the Social Banking theme, the Bank’s business model is naturally geared to social banking. It has developed unique capabilities for financing bottom of pyramid customers with consistently high asset quality. The Bank has financed over 40 million customers including 0.3 million SMEs, 0.9 million livelihood (cattle loans), 16 million lifestyle improvement loans (for laptops, washing machine, etc.), 1 million sanitation loans (toilets, water fittings), 6.5 million mobility loans (2-wheelers and cars), and home financing (over 100,000 homes), and 15 million loans to 4.3 million women-entrepreneurs. It also offers other retail and rural loans such as Kisan Credit Cards, harvest financing, gold loans etc.

IDFC FIRST Bank is a Universal Bank, and offers end to end Corporate Banking, Trade Finance such as issuance of LCs & BGs, SBLC, Packing Credit, Pre-shipment and Post-shipment Finance, Treasury products including risk hedging solutions like Forwards, Swaps, Options, and other Forex Solutions, SME Banking, Wealth Management, NRI banking, Cash Management, Nostro & Vostro account operations, Escrow facilities, Correspondent Banking, Fastag, Toll-acquiring, Dealer Finance and Purchase/Sales Invoice discounting.

ESG Goals: The Bank is incorporating ESG in every aspect of working and has high ESG scores. The Bank believes that to get an opportunity to create a new age, ethical and world class Bank for India is a great privilege for its employees.

The post IDFC FIRST Bank Elevates Customer Experience with India’s First AI-Powered Interactive Avatar of its brand ambassador Amitabh Bachchan appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.

LIC has raised stake in private sector lender IDFC First Bank by adding 0.2 percent stake through private placement at a price of Rs 80.63 per share, India’s largest insurer informed in an exchange filing on July 4.

The share purchase is for investment purpose, LIC said, and takes its stake in IDFC First Bank to 2.68 percent. For the year so far, shares of IDFC First Bank are down 7.6 percent, and marginally higher by 3 percent over the last one year.

On May 30, IDFC First Bank had approved issuance of shares worth Rs 3,200 crore on a preferential basis at a price of Rs 80.63 per equity share, amounting to Rs 3,200 crore. LIC, HDFC Life, AB Sun Life, Bajaj Allianz, ICICI Lombard & SBI General were announced as the allottees of the share placement.

The managing director and chief executive officer V Vaidyanathan had told in April that the bank has a borrowing plan of Rs 5,000 crore for the second half of this financial year.

“Things are looking good for the next year, profitability will be more pronounced in the last two quarters of FY25. Our cost to income will come down into the 60s and the ROA (return on assets) will go past 1.3 in our estimates.”, Vaidyanathan told  in April.

DFC First is engaged in banking services and has a market capitalisation of over Rs 57,000 crore.

The Q4FY24 showed Net Interest Income (NII) grew 24 per cent to Rs 4,469 crore in Q4FY24. The bank’s gross Non-Performing Assets (NPAs) reduced to 1.88 per cent of gross advances as of March 31, 2024, from 2.51 per cent by the end of March 2023. It reported a 10 per cent decline in net profit at Rs 724 crore for the fourth quarter ended March 2024 due to a substantial jump in provisions.

The post IDFC First Bank issues additional 0.2 percent shares to LIC at Rs 80.63 per share appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.

India Ratings & Research (Ind-Ra) has re-affirmed the rating/outlook of bank’s debt instruments (Basel-III Tier-2 Bonds, Infrastructure Bonds and Non-Convertible Debt Instruments) amounting to Rs 29,148 crore at ‘IND AA+/Stable’, the lender said in a stock exchange filing.

Further, Ind-Ra has also assigned ‘IND AA+’ with stable outlook to Basel III Tier 2 Bonds amounting to Rs 3,000 crore Key Rating Drivers Sizeable Retail Franchise with Diversified Product Lines: IDFCFB’s retail and commercial finance book accounted for 80.1% of the total funded exposure in 2QFY24 (2QFY23: 75.4%). The bank intends to continue focusing on diversifying its overall loan portfolio with focus on retail and SME loans, thereby increasing loan granularity. This increased retailisation would help maintain the margins, thereby reducing the impact of higher-than-peer funding cost and helping the bank absorb its above-average operating cost. IDFCFB’s net interest margin marginally improved to 6.3% in 2QFY24 (FY23: 6.05%), driven by a moderation in the cost of funds and continued retailisation of the loan book. However, sustaining margins at current levels would be monitorable as the recent Reserve Bank of India directive on unsecured lending could curtail loan growth for the impacted segments such as consumer loans, credit cards and other retail loans which constituted 23% of the overall loan book as of 2QFY24.

Retail Liabilities and Repricing of Legacy Borrowing to Reduce Funding Cost: IDFCFB’s top 20 deposit-to-total deposits moderated to 10.9% in 2QFY24 (FY23: 12.56%; FY22: 16.06%), thereby improving its granularity, in line with its peers. In line with the industry, the CASA ratio marginally moderated to 46.4% in 2QFY24 (FY23: 49.8%). In 2QFY24, IDFCFB’s current account saving account (CASA) deposits accounted for 35.4% (FY23: 35.7%; FY22: 32.3%) of the total liabilities (deposits + borrowing). While the bank’s cost of funds has moderated from the historical levels, its borrowing cost is likely to remain higher than that of its peers in the medium term, due to its historically high- cost fixed rate borrowings which has been moving down and is being replaced with retail deposits. However, any reduction in the funding cost would be absorbed incrementally, as the bank builds up a higher proportion of secured book thereby marginally benefiting overall margins. With the growth in its retail deposit base, IDFCFB has been able to reduce its high-cost borrowings (2QFY23: INR150.0 billion; FY23: INR176.7 billion.

The post Ind-Ra affirms IDFC First Bank’s debt instruments ratings with stable outlook Further, Ind-Ra has also assigned ‘IND AA+’ with stable outlook to Basel III Tier 2 Bonds amounting to Rs 3,000 crore appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.

The standalone core operating profit grew 38% YOY from Rs 1,052 crore in Q2FY23 to Rs 1,456 crore for Q2FY24. The net interest income (NII) grew 32% YoY from Rs 3,002 crore in Q2FY23 to Rs 3,950 crore in Q2FY24.

The net interest margin was 6.32% in Q2FY24 as compared to 5.83% in Q2FY23 and 6.33% in Q1FY24.
The fee and other income grew by 46% YoY from Rs 945 crore in Q2FY23 to Rs 1,376 crore in Q2FY24. The retail fees constitute 93% of the overall fees for the quarter Q2FY24.

The consolidated net profit was up over 2% quarter on quarter. The private lender had reported a profit after tax (PAT) of Rs 731.51 crore in the June ended quarter.

On a consolidated basis, PAT stood at Rs 746.85 crore for the quarter ended September 30 which was up 31.6% YoY versus Rs 567.19 crore reported by the company in the corresponding quarter of the previous financial year. The total consolidated income for the reporting quarter stood at Rs 8,765.81 crore which was up 34.2% YoY as against Rs 6,531.16 crore reported by the company in the year-ago period. In the June ended quarter the bank had reported the total revenue at Rs 8,232.47 crore.

The interest earned by IDFC First Bank during the quarter under review stood at Rs 7,356.27 crore, which was up over 34% YoY from 5,469.76 crore in the year-ago period. In June ended quarter, the interest earned by the company stood at Rs 6,868.86 crore.

The post IDFC First Bank Q2 Results: Net profit jumps 35% YoY to Rs 751 crore appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.

As an early mover in the ONDC network, the Bank has enabled a platform for buyers which will help
them discover sellers in the ONDC Network as it develops over time.

The Bank has also started onboarding small merchants, who are its current account customers, onto
a partner app registered with ONDC. The app is expected to help small merchants carry out
transactions over ONDC’s electronic network and step up their digital footprint.

B. Madhivanan, Chief Operating Officer, IDFC FIRST Bank, said, “As a technology-first bank and an
early adopter of digital initiatives, we are pleased to be part of a techno-social innovation that will
trigger a dramatic shift in the way buyers and sellers interact online. By leveraging ONDC, we can
enable merchants to mobilize the network effect and unlock value at scale. ONDC is a fully digitally driven model and aligns with the Bank’s digital and social-good ethos.”

Shireesh Joshi, Chief Business Officer, ONDC, said, “IDFC FIRST Bank joining the network is poised to
expand the network on both sides – buyers and sellers. This is a great development, and we look
forward to IDFC FIRST Bank offering more options on the network on both sides. Each participant
brings their unique insights and knowledge to the design they implement, and this diversity of
approach will add richness to user experience on ONDC.”

ONDC, a section 8 company, has been set up to democratize e-commerce and will transition ecommerce from a platform centric model to an open network model, similar to the Unified Payments
Interface (UPI) for payments. A revolutionary network, it is expected to bring inclusivity and
interoperability into supply chains, buyer universes, logistics and technology services. It will put equal
access of the marketplace in the hands of small business owners who can access buyers at
scale and provide best-in-class quality of experiences combining with other participants and
combining with their strengths.

IDFC FIRST Bank has leveraged technology extensively to empower small businesses and
entrepreneurs. The Bank has developed deep specialization in retail lending and capabilities to
leverage the country’s digital ecosystems. Its retail business is diversified over 25 lines of businesses
and across millions of customers. Customers and partners are supported through retail apps and
assisted-digital services.

About IDFC FIRST Bank
IDFC FIRST Bank was formed by the merger of erstwhile IDFC Bank, promoted by renowned
infrastructure financing institution IDFC Ltd. and leading technology NBFC, Capital First. IDFC FIRST
Bank has a balance sheet of Rs. 2,00,565 crore and has provided over 30 million loans in its combined
history and serves customers in over 60,000 villages, cities and towns across the length and breadth
of the country. The bank believes in making customer-first products and was the first universal bank
to offer monthly interest credit on savings accounts, lifetime free credit cards with dynamic and low
APR rates, and many other such interesting products.

The Bank’s vision is to build a world class bank in India, guided by ethics, powered by technology, and
to be a force for social good. Our mission is to touch the lives of millions of Indians in a positive way
by providing them high-quality banking services.

In a short time, the Bank has expanded to 651 branches, 235 asset service centres, 807 ATMs and 602
rural business correspondent centres across the country, a next-generation net and mobile banking
platform and 24/7 Customer Care services and is incrementally growing digitally. IDFC FIRST Bank is
committed to bring high-quality banking at affordable rates to India. The Bank also offers high quality
technology-enabled corporate banking solutions, contemporary cash management solutions, fleet
card and FASTag solutions and wealth management solutions

The post IDFC FIRST Bank joins the Open Network for Digital Commerce (ONDC) appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.

Marathon to be held on August 28

World boxing champion Nikhat Zareen unveiled the finishers’ medals of NMDC Hyderabad Marathon to be held on August 28 with a total prize money of ₹24 lakh

The post Nikhat unveils NMDC Hyderabad Marathon finishers’ medals appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.