IDFC Bank on Thursday went live with a “soft launch” at 23 locations, including 15 branches in rural Madhya Pradesh, becoming the 91st scheduled commercial bank in the country.
The bank, which is aiming to be a ‘hatke bank’ with a stress on technology, has started operations in corporate and wholesale banking, rural banking and treasury verticals as part of the launch.
The bank management had last week announced that personal banking business, where it will compete entrenched lenders for a share of low-cost deposits and retail advances in the cities, will formally start from January next year.
To start with, the city-headquartered bank, which has its genesis as an infra lender, has 1,200 employees across all of its verticals.
It was selected along with micro-lender Bandhan in the last round of award of licences. Bandhan started operations in August with a network of over 500 branches.