Latest news with #IDFCFIRSTBank
Business Standard
2 days ago
- Business
- Business Standard
IDFC First Bank allots 6.64 lakh equity shares under ESOS
The Board of IDFC First Bank at its meeting held on 11 July2 025 has approved the allotment of 6,64,030 equity shares of face value of ₹ 10/- each fully paid-up to the eligible employees, upon exercise of stock options vested with them under the IDFC FIRST Bank - ESOS'.Post allotment, the issued and paid-up equity share capital of the Bank stands increased from Rs 73,34,32,58,560/- comprising of 7,33,43,25,856 equity shares of Rs 10/- each fully paid-up to Rs 73,34,98,98,860/- comprising of 7,33,49,89,886 equity shares of Rs 10/- each fully paid-up. Powered by Capital Market - Live News
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Business Standard
5 days ago
- Business
- Business Standard
RBI to conduct 2-day VRRR auction to drain Rs 1 trillion in liquidity
The Reserve Bank of India (RBI) plans to conduct a two-day Variable Rate Reverse Repo (VRRR) auction on Wednesday for a notified amount of Rs 1 trillion. This move comes as system liquidity remains in surplus at Rs 3.4 trillion (as of Monday), despite two seven-day VRRR auctions by the central bank. The surplus liquidity has kept the overnight weighted average call rate (WACR) — the operating target of monetary policy — near the Standing Deposit Facility (SDF) rate of 5.25 percent, and much below the repo rate of 5.50 percent. 'System liquidity will only increase from here as government expenditure picks up, and from September, the CRR cut will come into effect. This could push liquidity levels to as high as Rs 5 trillion by November–December, assuming neutral impact from foreign exchange operations. So, they had to move early to ensure overnight rates remain within the policy corridor. This operation will shift the weighted average call rate closer to the repo rate and, more importantly, pull the TREPS rate above the SDF, which it had consistently fallen below despite previous 7-day VRRRs,' said Gaura Sen Gupta, Chief Economist at IDFC FIRST Bank. 'The 100 bps CRR cut will release Rs 2.5 trillion into the banking system.' The overnight WACR settled at 5.26 percent on Tuesday, while the overnight TREPS rate settled at 5.13 percent. Market participants said that the auction, maturing on Friday, is expected to draw strong demand from banks. 'Because it's a two-day VRRR, it will attract good demand from banks. The RBI may continue such short-tenure operations as long as surplus remains above 1 percent of NDTL. With overnight rates currently trading below the repo rate, the central bank is using VRRRs to keep rates within the LAF corridor, ensuring orderly liquidity conditions without aggressively draining surplus,' said V R C. Reddy, head of treasury at Karur Vysya Bank. The RBI's VRRR operations are aimed at absorbing surplus liquidity from the system and anchoring short-term rates closer to the policy repo rate. The RBI had received bids amounting to Rs 1.70 trillion at its seven-day Variable Rate Reverse Repo (VRRR) auction on Friday, against the notified amount of Rs 1 trillion. The central bank accepted Rs 1 trillion at a cut-off rate of 5.47 percent. The recent liquidity surplus can largely be attributed to higher government spending and lower-than-expected GST collections, which have eased the usual liquidity pressures. As a result, the liquidity drain was not as sharp as anticipated, experts said, adding that with the RBI already having reduced the Cash Reserve Ratio (CRR), its room for deploying other measures for liquidity withdrawal apart from VRRR is limited.
Time of India
30-06-2025
- Business
- Time of India
‘Even samosa with chai cries at this limit': Man becomes viral after asking bank to downgrade his credit card limit to just ₹1,000
In a hilariously bizarre turn of events, a man has claimed to be the first Indian to voluntarily downgrade his credit card limit to just Rs 1,000 — and it actually worked. The individual shared a screenshot of his cheeky email to IDFC FIRST Bank , requesting the downgrade. The email struck a humorous yet pointed tone, mocking the bank's persistent refusal to offer any credit limit increases over the years. 'For the last 2 years, I have been silently watching your support team master the art of saying 'No offer available' with pride. I salute the consistency,' the man wrote. 'So today, with folded hands and a slightly broken heart, I request you to reduce my credit card limit to Rs 1,000 only… I'm a roadside-living person, no fixed assets, no future goals — just this humble Rs 1,000 dream.' He signed off the email with a signature that's since gone viral: Live Events 'Emotionally rich, limit-wise poor — by choice.' Surprisingly, the bank obliged — an SMS confirmed the limit had been reduced to Rs 1,000. The post sparked a wave of equally comical responses. One user shared their own "legendary" journey with the same bank: 'I held an IDFC credit card with Rs 80,000 limit. Despite being a Wealth Account holder and submitting salary slips, bank statements, and maintaining a perfect repayment record, I got the same reply every time: 'Not eligible at the moment.' Then it hit me — if you won't increase it, I'll decrease it! I asked them to drop my limit to ?1,000. And guess what? They instantly said YES. No questions asked. Even samosa with chai cries seeing this limit.' And it didn't stop there — the user later requested a further downgrade to ?100. Another person chimed in: 'Rs 1 record holder here. One bank slashed my 6-figure limit to ?1 because I didn't comply with their policies.' Sometimes, financial freedom comes with emotional richness — and a credit limit that won't even cover your snack break. Economic Times WhatsApp channel )
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Business Standard
28-06-2025
- Business Standard
Elderly Ludhiana couple dies by suicide after alleged harassment over EMIs
An elderly couple in Ludhiana died by suicide after allegedly facing repeated harassment and humiliation from bank officials, despite having repaid more than 55 instalments on their loan. The couple — Jasbir Singh (59) and his wife Kuldeep Kaur (58) — consumed poison inside their hosiery store, leaving behind a suicide video and note naming specific officials from IDFC FIRST Bank, The Indian Express reported on Saturday. Local police have registered an FIR for abetment to suicide against the bank's branch manager and two unidentified employees based on the video and statements from the couple's son. According to the police, the couple ran a hosiery and garments business under the name Panchratan Fashion in Gandhi Market Colony. On Wednesday, they consumed sulphas tablets inside their shop. Before taking the step, they recorded a video message detailing their ordeal, the report said. In the video, Singh, an Amritdhari Sikh, is heard saying, 'With immense grief in our hearts, we are leaving this world today... The officials from IDFC FIRST Bank and some other banks have humiliated me to such an extent that I have no other option… They did not even honour my white beard... I have already repaid 55 instalments of my loan and even then I was humiliated so much that it became unbearable. We are consuming sulphas tablets to end our lives.' He further said, 'My family is very nice, they respect me a lot. I know my son, daughter and grandchildren will be saddened but it is our compulsion now to take this step.' Son alleges over 200 harassment calls, threats by agents The couple's son, Gagandeep Singh, told the police that they had availed a loan of approximately ₹2.35 crore–₹2.38 crore against property from a private bank to support their business. While they had repaid 55 EMIs — totalling over ₹1 crore — a delay in the current month's payment allegedly triggered relentless harassment. He claimed the bank's recovery team made over 200 calls daily and even visited their shop and residence in Harbanspura. 'They misbehaved with my parents and even threatened me when I intervened,' he said. On Thursday morning, Gagandeep found his parents unconscious and rushed them to DMC Hospital, where they were declared dead. Suicide note details threats, abusive behaviour Police confirmed that a handwritten suicide note was recovered from the scene. The note corroborates the contents of the video, citing mental harassment and threats from bank officials. It also warned that their home was at risk of being taken over. SHO Gagandeep Singh from Division No. 4 police station said the bodies have been sent for post-mortem and an investigation is underway. Additional DCP-1 Sameer Verma confirmed that an FIR had been lodged against Naresh Sharma, branch manager of IDFC FIRST Bank at Feroze Gandhi Market, and two unidentified employees. The case has been registered under sections 108 (abetment to suicide), 351(2) (criminal intimidation) and 3(5) (criminal conspiracy) of the Bharatiya Nyaya Sanhita (BNS), the Indian Express report said.
Time of India
25-06-2025
- Business
- Time of India
IDFC FIRST Bank Enables UPI for NRIs in 12 Countries Using International Numbers
Mumbai: In a move to ease digital transactions for overseas Indians, IDFC FIRST Bank has enabled its NRI customers in 12 countries to make UPI payments using their international mobile numbers. The feature, launched on Tuesday, allows real-time, INR-denominated payments directly from NRE or NRO accounts through the bank's mobile app or any UPI-enabled platform, without the need for an Indian SIM card or incurring transaction fees. The facility is available to IDFC FIRST Bank customers residing in Australia, Canada, France, Hong Kong, Malaysia, Oman, Qatar, Saudi Arabia, Singapore, UAE, UK, and the US. NRIs can send and receive money using UPI IDs, QR codes, or mobile numbers, making everyday financial transactions like bill payments and fund transfers quicker and more convenient. 'This service empowers our NRI customers to transact in India with the same ease as domestic users,' said Ashish Singh, head – retail liabilities at IDFC FIRST Bank. 'Our aim is to simplify banking, regardless of geography.' This development comes after the National Payments Corporation of India (NPCI) issued a circular in Jan 2023 allowing UPI access for NRIs using international mobile numbers. Member banks were mandated to implement the feature by Apr 30, 2023. Initially, the facility was permitted in 10 countries including the US, UK, Singapore, and UAE, later expanding to include others like France and Malaysia. T he accounts used must be KYC-compliant, and all transactions must follow RBI and FEMA regulations. Banks are also responsible for conducting anti-money laundering and compliance checks. With this move, IDFC FIRST Bank joins other major banks like ICICI Bank, HDFC Bank, Axis Bank, and Federal Bank in rolling out UPI access for NRIs. The facility eliminates the need for NRIs to retain an Indian mobile number, significantly lowering the cost and complexity of managing finances from abroad. This initiative is part of the bank's broader digital-first approach, which has helped it grow its customer base to 35.5 million. The bank's mobile app, which ranks among the top globally for customer experience, plays a key role in delivering secure, seamless digital banking services to users worldwide. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
