Tag: IDFC FIRST Bank

A VISITOR SEEN HAVING A BICYCLE RIDE IN A STALL IN THE BACKDROP OF THE MARATHON MANNEQUINS
sports

The 7th edition of SportExpo India 2024 kicked off at Hitex

Aug 23, 2024 by Mansi Praharaj 0 Comments #13th Edition of the NMDC Hyderabad Marathon, #7th Edition of SportExpo India 2024, #a fun gaming zone, #Aditya Reddy, #August 23rd and 24th at Hitex, #Ayyappa Chakilam, #Buddy Bash, #Business Head of HITEX., #CoinChaos; QuadMad; TwistyEscape, #corporate events, #Decathlon, #educational institutions, #events, #Fintastic Fish, #fitness, #fun, #funny games, #Gamology, #gatherings, #health and wellness, #Hitex Business Center, #Hyderabad Runners, #IDFC FIRST Bank, #India’s first institutionalized running group, #Madhapur, #Mr Jayapal Reddy, #Mr Vishwaraj Mohan, #Mr. Srinivas Avasarala, #NMDC Hyderabad Marathon 2024, #nutrition a, #nutrition and wellness industry, #parties, #ShiftSwift, #ShuttleShowdown; BalanceBattle; RollingRumble; Knockdown King, #social gatherings, #SportExpo, #SportExpo India 2O24, #Sports, #sports and fitness, #Sports Expo, #Srikanth T. G., #Srinivas Avasarala, #stress-busters, #The Hyderabad Runners Society (HRS), #TossBoss, #TS Srikanth

Be fit and keep the lifestyle diseases and doctors away: Film star and director Srinivas Avasarala

Hyderabad, August 23, 2024……Hitex is organizing the 7th Edition of SportExpo India 2024 for two days on August 23rd and 24th at Hitex, Madhapur in the city.

The two-day expo was inaugurated by Mr. Srinivas Avasarala – Director & Actor; Mr. Vishwaraj Mohan – Decathlon; Mr. Jayapal Reddy – Executive Director, NMDC; Mr. Aditya Reddy – Buddy Bashl Mr. Srikanth T.G, Business Head, Hitex Business Center.

Speaking on the occasion the film star and director Srinivas Avasarala said, my fitness mantra is to go to the gym as soon as I get up from bed, but never do. By visiting the Sports Expo and seeing many fitness freaks, I am now motivated and doubly charged to get back to fitness, which I skipped after COVID-19.

It is very important to have an active lifestyle. And my message to people is that your body is a very important thing in life. Be fit and take care of it. It is better to be fit rather than regret later, the film star added. Be fit and keep the lifestyle diseases and doctors away, he added.

The expo is a B2C platform that unites leading brands and exhibitors from diverse segments of the sports, fitness, nutrition, and wellness industry. It has 55 exhibitors informed TS Srikanth, Business Head of Hitex.

A snapshot of Sports Expo at Hitex

NMDC Hyderabad Marathon 2024 powered by IDFC FIRST Bank, India’s second-largest marathon and a World Athletics Label Race is a Marathon partner of SportExpo.

SportExpo India 2O24 brings a holistic approach to mainly emphasize sports and fitness as a profitable industry as well as an avenue for health and wellness, added Srikanth.

Gamology, a fun gaming zone, was one of the attractions at the Expo. It has a lot of engaging and funny games. Our games elevate the gaming experience of any social gatherings, corporate events, get-togethers said Ayyappa Chakilam. Our games are fun, stress-busters, and ideal for parties, corporate events, educational institutions events, and gatherings. Some of the interesting and out-of-the-ordinary games include Fintastic Fish, TossBoss, ShiftSwift, ShuttleShowdown; BalanceBattle; RollingRumble; Knockdown King, CoinChaos; QuadMad; TwistyEscape, and others.

The Hyderabad Runners Society (HRS), India’s first institutionalized running group will be organizing 5K- a “Curtain Raiser” of the 13th Edition of the NMDC Hyderabad Marathon powered by IDFC FIRST Bank on Saturday at 7 am.

Mr Aditya Reddy of Buddy Bash who is supporting the expo said ‘We make things that help people engage with life and loved ones– through leisure games and play.

Buddy Bash, Decathlon, Hyderabad Runners, and Community are some of the partners of the expo.

Business

IDFC First Bank – Outcome of Board Meeting

May 31, 2024 by Sujata Muguda 0 Comments #Board, #IDFC FIRST Bank, #NNPA, #Opportunities, #Preferential Issue, #SEBI ICDR Regulations

IDFC FIRST Bank has laid a robust foundation with a strong and profitable business model. The Bank is seeing strong traction in raising deposits with customer deposits growing by 42% in FY24 over FY23. The Bank also sees significant upcoming opportunities for loan growth with high asset quality. The overall asset quality of the Bank continues to be good, with GNPA of 1.88% and NNPA of 0.60% as of March 31, 2024. In the retail, rural and sme finance book, the Gross and Net NPA continues to be quite low at 1.38% and 0.44% respectively as of March 31, 2024.

The Bank is also well positioned in terms of experience, team, technology, systems, risk management and controls, to take advantage of the growth opportunities in a stable manner. The business is also profitable with the profit after tax increasing to ₹ 2,957 crores in FY24, an increase of 21% over ₹ 2,437 crores in FY23. The capital adequacy as of March 31, 2024 is strong at 16.11%. With the objective to take advantage of upcoming growth opportunities, the Bank intends to raise funds of ₹ 3,200 crores by issuing equity shares of the Bank on preferential basis. With this proposed capital raise of ₹ 3,200 crores, the overall capital adequacy of the Bank will further increase to 17.49%, as computed on the risk weighted assets as on March 31, 2024, which will put the bank in a strong position to participate in future growth.

With the aforesaid intention, the Board of Directors (“Board”) of the Bank at its meeting held today i.e., May 30, 2024, has, inter-alia, considered and approved to Issue, offer and allot 39,68,74,600 (Thirty nine crore sixty eight lakhs seventy four thousand and six hundred) equity shares of face value of ₹ 10/- each fully paid-up, on a preferential basis, to the allottees, as mentioned in Annexure

1 (“Proposed Allottees”), at a price of ₹ 80.63/- per equity share, amounting to ₹ 3,200 crore (Rupees Three thousand and two hundred crore only) [round off] (“Preferential Issue”), in accordance with the applicable provisions of the Companies Act, 2013 and SEBI ICDR Regulations, and also subject to approval of the shareholders of the ‘Bank’.

Further, the Board of Directors of the Bank has approved a process of carrying out Postal Ballot to seek approval of the shareholders of the Bank for issuance and allotment of equity shares by way of preferential issue to the Proposed Allottees. Also, the Board has approved the draft Postal Ballot Notice to be issued to the shareholders for seeking their approval for Preferential Issue.

Disclaimer: This press release was prepared by a third party. The information is based on sources believed to be reliable but has not been independently verified. We do not guarantee its accuracy or completeness and are not liable for any loss arising from its use.

Business

Moneylife Foundation Presents Study on Bank Service Charges by IIT Bombay’s Ashish Das

May 24, 2024 by Sujata Muguda 0 Comments #AMB, #Bank Service Charges, #Dr Ashish Das, #IDFC FIRST Bank, #Indian Institute of Technology- Bombay, #Moneylife Foundation, #Mumbai IIT Bombay's Ashish Das, #NACH, #ZERO FEES

Mumbai, 24 May 2024: A pathbreaking new research benchmarks reasonableness of service charges levied by banks across India. The study, authored by Dr Ashish Das, Professor, Department of Mathematics, from the Indian Institute of Technology- Bombay (IIT-B), was commissioned by Moneylife Foundation. According to the Author, Dr. Das, this report is a holistic assessment of banks.

We are proud to share that the report says IDFC FIRST Bank come out as class apart vis-à-vis other banks in the private sector.

IDFC FIRST Bank has overall featured in Category A Bank among commercial banks. Even among the Category A Banks, IDFC FIRST Bank is the only Bank that charges ZERO FEES on all services in savings accounts, on all account variants, urban or rural, irrespective of AMB.

The Moneylife Ashish Das report points out that On-Us (own bank’s) ATM cash withdrawal, 16 banks charge Rs 10 or less, while the remaining 9 banks charge at the caps set by RBI (Rs 20 or Rs 21). IDFC FIRST Bank is the only Bank that provides unlimited ATM cash withdrawal without any fees. For Off-Us (other banks’), while all banks charge Rs 20 or Rs 21, IDFC FIRST Bank charges ZERO.

IDFC FIRST Bank is one of the only four banks which do not charge for IMPS transactions. It is also one of the few banks that do not charge for SMS alerts which may vary to Rs. 100 or Rs. 150 per quarter, where limits have been specified by banks or higher if there are no limits specified.

The report also says that IDFC FIRST Bank is the only bank in India that does not charge debit card for any variant of its savings account, while annual fee for debit cards at most banks’ ranges from Rs 100 to Rs 300.

As per the report, NACH “mandate registration” are NIL at IDFC FIRST Bank, while charges in the system vary between Rs. 36 to Rs 108. Further, for failed NACH mandate, on an average, banks charge between Rs 261 to Rs. 455 while IDFCFB is the only bank that charges ZERO fees for failed NACH Mandate.

While these are the specific comparisons made in the report, we are proud that IDFC FIRST Bank offers unique customer friendly and customer first product propositions for its including ZERO fees for many other services such as RTGS, NEFT, Cash Deposit at branches and online, 3rd party transaction charges at branches, Cheque book, Demand Drafts, Pay-order, duplicate statement, and all 28 such services that are usually charged in the market. IDFC FIRST Bank follows the principle that it won’t touch its customers’ bank account for any reason whatsoever so customers can have total peace of mind. The bank does not have the concept of “home” branch, and all nearly 1000 branches of the bank are Home Branches for the customer, hence the bank does not have “non-Home branch” access charges.

Even in case customer do not maintain minimum balance requirements, then only AMB maintenance charges apply and IDFC FIRST bank does not charge any fees for these services mentioned above for customers not able to maintain minimum balances.

Finally, the bank removed complicated calculations, legalese, and descriptions that customers normally don’t understand.

Disclaimer: This press release is provided by a third party and has not been independently verified. We do not guarantee its accuracy. Readers are advised to conduct their own research before relying on the information herein.

NavyMoU2
Business, News

IDFC FIRST Bank signs up with Indian Navy to offer Honour FIRST banking solutions

Aug 10, 2021 by Rekha Nair 0 Comments #Amit Kumar, #Commodore-Pay and Allowances of Indian Navy, #Head – Retail Liabilities, #IDFC FIRST Bank, #Neeraj Malhotra

Mumbai: IDFC FIRST Bank announced the signing of a Memorandum of Understanding (MoU) with the Indian Navy to offer Honour FIRST, a premium banking solution, to serving personnel and veterans of the Indian Navy.

The Honour FIRST Defence Account is specially designed keeping in mind the needs of the Armed Forces and its veterans. Account holders of Honour FIRST are supported by a dedicated team of defence veterans.

The MoU for Honour FIRST was signed at the Naval Headquarters in New Delhi between Commodore Neeraj Malhotra, Commodore – Pay and Allowances, Indian Navy and senior officials of IDFC FIRST Bank.

Commodore Neeraj Malhotra, Commodore-Pay and Allowances of Indian Navy, said, “I welcome the initiative of IDFC FIRST Bank to offer customized banking solutions to suit the needs of the Indian Navy and its personnel.”

Speaking on the occasion, Amit Kumar, Head – Retail Liabilities, IDFC FIRST Bank, said, “This is indeed a proud moment for us. The association couldn’t have come at a better time as the Indian Navy commemorates the 50th anniversary of India’s historic victory in the 1971 war. We look forward to serving the banking needs of the prestigious Indian Navy as its safeguards the maritime frontiers of our country. This association is rooted in our nation-first approach to banking and reiterates our longstanding commitment to meeting the needs of our Armed Forces.”

The Honour FIRST Defence account comes with a range of privileges and features such as a zerobalance salary account that earns up to 5 per cent interest per annum and a netbanking and mobile App that offers superior user interface and experience.

Honour FIRST Account holders get a free enhanced Personal Accident Insurance Cover of Rs. 46 lakhs for both on-duty and off-duty incidents. This not only covers accidental death but also total and partial permanent disability. This Personal Accident Insurance Cover includes a Child Education Grant of Rs.4 lakhs, and a marriage cover of Rs 2 lakh.

In addition, other best-in-class features include a top-of-the-line Visa Signature Debit Card with no annual charges, free Air Accidental Insurance cover of Rs. 1 crore and complimentary airport lounge access at domestic airports, twice a quarter.

Honour FIRST Defence Account also offers free lost card liability and fraud protection of up to Rs. 6 lakhs, purchase protection against burglary, theft and damage up to 90 days from date of purchase up to Rs. 1 lakh.

Account holders of Honour FIRST are eligible for a ‘Free for Life Credit Card’ with variable APR and 10X Reward Points, 1.5% forex markup, complimentary access to select spas and lounges at domestic and international airports, travel insurance and other benefits round the year. Privileges also include 10X reward points on spends greater than Rs. 20,000, 6X rewards on all online spends, complimentary for life & interest-free credit for purchases and cash withdrawals.

Other benefits comprise free unlimited ATM transactions across all domestic ATM’s, free online payment transactions, unlimited cheque books and anywhere banking across the Bank’s network of branches and ATMs.

The Bank is constantly investing in state-of-the-art technology to bring digital innovations to its customers, with a view to enhancing customer convenience and experience.

IDFC BAnk
Business World

IDFC FIRST Bank to launch SafePay – contactless card payments on phone

Sep 24, 2020 by Gouri Achary 0 Comments #Arvind Ronta, #debit card payments, #IDFC FIRST, #IDFC FIRST Bank, #SafePay

IDFC FIRST Bank is set to launch SafePay, a digital facility that allows contactless debit card payments by simply waving one’s smartphone against a Near Field Communication (NFC)-enabled POS terminal.

SafePay embeds Near Field Communication (NFC) technology in the IDFC FIRST Mobile App to enable secure payments using a debit card issued by the Bank. A social distancing-friendly way to pay, SafePay completely does away with the need to hand over the card to a merchant or even carry it in the wallet.

Users can simply wave, pay and go, making the payment process not only touch-free but also faster, simpler and safer.

The first such facility to be made available in an integrated mobile banking app, the SafePay feature has been tested successfully and certified by Visa. It will be available to users on the Bank’s mobile app in the next week.

Amit Kumar, Head – Retail Liabilities, IDFC FIRST Bank, said, “In a wireless world, the way people want to pay is changing. So far, convenience has been driving the adoption of digital payments. Now, the pandemic has quickened this pace. We see the tap-to-pay technology as significant in this digital play.”

“SafePay makes the payment experience fast and frictionless. For a cardholder, it does away with the need for a physical debit card, and thereby, eliminates concerns about loss of cards. It is the easiest way to check-out of a store in seconds,” he added.

Arvind Ronta, Head – Products, India and South Asia, Visa said, “As consumers make a preference shift to digital, payment providers should be able to service any payment need, whether through physical cards or the near-ubiquitous smartphone. And to meet such needs, we are delighted to enable tokenized tap to pay transactions for IDFC FIRST Bank customers.

With Visa having issued over a billion tokens globally, our clients have seen a fraud reduction rate of 26% for transactions processed through the Visa Token Service. With a virtual debit card, tokenization and contactless technology, tapping to pay with smartphones is now secure and simple. We are committed to simplifying digital payments for consumers and enabling safe payments for everyone, everywhere.”

SafePay enables contactless payments of up to Rs. 2,000 per transaction and up to a limit of Rs. 20,000 per day, making everyday purchases easy.

To enable SafePay, consumers need to do a one-time activation by linking their IDFC FIRST Bank debit card to the mobile banking app. Once activated, users can then make payments at merchant locations by just unlocking the mobile phone and waving it against an NFC-enabled POS terminal, through which encrypted card information is transmitted wirelessly to the terminal. Users do not need to log into the Bank’s mobile app for every transaction. The debit card can be added to the mobile app and deleted if required. To enable payment, the NFC-enabled smartphone needs to be waved at the terminal within 30 seconds of unlocking it.

SafePay is part of the Bank’s efforts to deliver a high-quality digital experience to customers across its range of products and services. In the payments space, the Bank’s emphasis is to make transacting simple, seamless and safe.

The facility is set to be available for resident Savings Account holders having VISA cards and IDFC FIRST Mobile App on NFC-enabled Android device with OS 5 & above.

To activate SafePay:

1) Link the debit card to IDFC FIRST Bank Mobile App

2) To pay, unlock the NFC-enabled smartphone

3) Wave it against an NFC-enabled POS terminal; encrypted card information is transmitted wirelessly to the terminal