IDFC shares rise nearly 9% after RBI grants banking licence

Apr 03 2014, 16:18 IST
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IDFC's shares opened the day on a strong note and further gained 8.71 per cent to Rs 139.15 on the BSE. (Reuters) IDFC's shares opened the day on a strong note and further gained 8.71 per cent to Rs 139.15 on the BSE. (Reuters)
SummaryShares of infrastructure financing firm IDFC gained nearly 9 per cent today after the Reserve Bank granted in-principle approval to the company to set up a new bank.

Shares of infrastructure financing firm IDFC gained nearly 9 per cent today after the Reserve Bank granted in-principle approval to the company to set up a new bank.

IDFC's shares opened the day on a strong note and further gained 8.71 per cent to Rs 139.15 on the BSE.

At the NSE, the stock rose by 8.76 per cent to Rs 139.

The Reserve Bank had yesterday granted an in-principle approval to IDFC and Bandhan Financial Services to foray into the banking business.

The approval will be valid for a period of 18 months, during which the applicants have to comply with the requirements under the guidelines and fulfil other conditions as may be stipulated by the RBI, said IDFC in a filing to the BSE today.

On being satisfied that the applicants have complied with the requisite conditions laid down by the RBI as part of in-principle approval, they would be considered for grant of a licence for commencement of banking business, it said.

Until a regular licence is issued, the applicants would be barred from doing banking business.

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