FAQs

  • CEO SPEAKS CEO SPEAKS CEO
    Speaks
  • About The Merger About The Merger About
    The Merger
  • Shareholder FAQs Shareholder FAQs Shareholder
    FAQs
  • Customer FAQs Customer FAQs Customer
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CEO SPEAKS CEO SPEAKSCEO
Speaks

V. Vaidyanathan

CEO Speak

A New look, a New beginning

Dear Customers and Partners,

I am pleased to announce the completion of the merger of IDFC Bank and Capital First, officially combined to form a new enterprise which will be called IDFC FIRST Bank.

The merger is a milestone in the history of the two institutions and marks the beginning of a new journey. It enables both institutions to expand capabilities and reach, to better serve our esteemed customers.

IDFC FIRST Bank represents the common vision that IDFC Bank and Capital First have been pursuing for many years, but on a much broader scale. It is a universal bank, committed to offering a wider range of retail banking solutions, backed by exceptional service, to millions of people across the country.

We are excited to begin at a time when the banking space is changing rapidly, driven by digitisation, a new market of first-time borrowers, customer preferences and a conducive regulatory environment.

We believe an immense opportunity awaits all of us, as IDFC FIRST Bank starts to invest in customer-driven innovation that will create new liability products, new credit markets and new jobs" keeping in view the needs of a new India. IDFC FIRST Bank will also use technology extensively to serve the entire ecosystem of small enterprises, entrepreneurs, consumers and corporates.

We thank all our customers and stakeholders for their continued support.

Wishing you all continued success and growth together with us.

Warm regards,
V. Vaidyanathan.

About The Merger About The MergerAbout
The Merger

Has the merger of Capital First with IDFC Bank concluded?

The merger has been approved by the hon'ble National Company Law Tribunals of Mumbai and Chennai and other regulatory bodies. The merger became effective on 18th December 2018. While the merger has been approved, we are in the process of consolidating all the processes of the two organizations and soon we will have a single window for both Capital First and IDFC Bank customers to transact and strengthen the relationship with the combined entity.

Sequence of Events

Sequence of Events -

  • 13th January 2018:
    Announcement of Merger
  • 16th February 2018:
    Receipt of Approval from National Housing Bank (NHB)
  • 7th March 2018 :
    Receipt of Approval from Competition Council of India (CCI)
  • 14th March 2018 :
    Receipt of Approval from Bombay Stock Exchange (BSE) Currency Derivative Segment
  • 26th March 2018:
    Receipt of Approval from National Stock Exchange (NSE) Currency Derivative Segment
  • 25th May 2018 :
    Receipt of Approval from Bombay Stock Exchange (BSE)
  • 25th May 2018 :
    Receipt of Approval from National Stock Exchange (NSE)
  • 4th June 2018 :
    No Objection Certificate (NOC) from the Reserve Bank of India (RBI)
  • 3rd September 2018:
    Receipt of Approval from the shareholders of IDFC Bank. 47.25% of shareholders (as per holding) participated in the valid voting process and 99.98% of them voted in favour of the merger.
  • 3rd September 2018:
    Receipt of Approval from the creditors of IDFC Bank. 100% of Secured Creditors voted in favour of the merger.
  • 4th October 2018:
    Receipt of Approval from the shareholders of Capital First Limited. 74.67% of shareholders (as per holding) participated in the valid voting process and 99.90% of them voted in favour of the merger.
  • 4th October 2018:
    Receipt of Approval from the creditors of Capital First Limited. 99.96% of Secured Creditors voted in favour of the merger.
  • 5th December 2018:
    National Company Law Tribunal (NCLT) Chennai Bench completed the hearing of the merger from IDFC Bank perspective.
  • 6th December 2018:
    National Company Law Tribunal (NCLT) Mumbai Bench completed the hearing of the merger from Capital First Limited perspective.
  • 12th December 2018:
    National Company Law Tribunal (NCLT) Chennai Bench passes the written order for the merger.
  • 13th December 2018:
    National Company Law Tribunal (NCLT) Mumbai Bench passes the written order for the merger.
  • 14th December 2018:
    Intimation to the RBI on NCLT orders.
  • 18th December 2018:
    Filing of Application with Registrar of Companies (ROC)
  • 18th December 2018:
    Board Meeting of IDFC Bank
  • 31st December 2018:
    Record Date for conversion of Capital First shares to IDFC Bank shares (as declared on 18th December 2018)

What is the effective date of the merger?

Effective date of merger is 18th December 2018.

Is Capital First & IDFC Bank one company?

Yes, the Honorable National Company Law Tribunals of Mumbai and Chennai have approved the merger of Capital First Ltd. with IDFC Bank Ltd. and with effect from 18th December 2018, Capital First and IDFC Bank will operate as one entity.

With this merger, IDFC FIRST Bank is now one stop solution for all banking needs, be it loans, savings or business banking products. Our customers will now have the benefit of availing an array of products include Consumer Durable Loans, Personal Loans, Two Wheeler Loans, Business Loans and Mortgage Loans along with unparalleled Fixed Deposit rates, Savings Account with top-of-the-line debit card, customized Wealth Management solutions and much more.

What is IDFC FIRST Bank?

IDFC FIRST Bank is the board approved name of the new combined entity (subject to requisite approvals). Once the approvals are received, IDFC bank Ltd. will be renamed as IDFC FIRST Bank Ltd.

Does Capital First continue to operate?

Capital First Ltd. & Capital Home Finance Ltd. are now merged with IDFC Bank Ltd. and will not operate as separate companies. However, all the customers of Capital First Ltd. and Capital Home Finance Ltd. automatically become IDFC FIRST Bank customers.

The servicing of the products will continue without any hindrances. All the processes, website, mobile app of Capital First will continue to operate as before in the new entity.

We are in the processing of merging the operations of the two organizations, until then Capital First brand may be used in communication

What is the merged entity called?

The merged entity is called IDFC FIRST Bank.

Shareholder FAQs Shareholder FAQsShareholder
FAQs

What is the effective date for the merger completion?

Effective Date shall be December 18, 2018 pursuant to filing of both the Orders passed by NCLT respectively with Registrar of Companies.

What is the swap ratio agreed as per the merger arrangements?

IDFC Bank Ltd. shall issue 139 (One Hundred and Thirty Nine) Equity Share of the face value of Rs. 10 (Rupees Ten) credited as fully paid-up, for every 10 (Ten) equity shares of the face value of Rs. 10 (Rupees Ten) each fully paid-up held by such Equity Shareholder in the Capital First Ltd.

When will the shareholders of Capital First get IDFC Bank shares? Do I have to do anything specific? Whom do I reach out to for any queries in this regard?

As per the statutory process, the investors of Capital First will be allotted the shares of IDFC Bank as per swap ratio in proportion to their holding as on Record Date and credited tentatively by second week of January, 2019 by IDFC Bank. The investors will not have to do anything specific and the shares would get automatically credited to their respective Demat account directly by the Bank and allotted physical shares to those holding shares in physical mode. For any clarification, they can reach out to the Company Secretary at bank.info@idfcbank.com

Do existing shareholders of IDFC Bank get any shares of Capital First?

No, the existing IDFC Bank shareholders do not get any shares of Capital First.

Will there be any change in the registrar for Capital First shareholders?

Post the effectiveness of amalgamation, the Capital First shareholders can contact the Registrar and Share Transfer Agents of IDFC Bank:

Karvy Fintech Private Limited [Unit: IDFC Bank Ltd.],
Karvy Selenium Tower B, Plot 31-32,
Gachibowli, Financial District, Nanakramguda,
Serilingampally, Hyderabad - 500 032
Email: einward.ris@karvy.com
Contact: +91 40 67161500 and Toll Free No.: 1800 345 4001

When will be the trading suspension of Capital First Shares?

The trading for Capital First shares will be suspended on 28th December 2018, one day before the record date i.e. December 31, 2018. The corporate action for crediting the converted shares to the respective shareholders of Capital First would take approximately two weeks.

What would be live customer base of the combined entity?

As per the last reported results as of September 30th, 2018, Capital First has 37 lacs live customers who primarily reside in the urban cities. As of same period, IDFC Bank has 5 lacs urban customers and 30 lacs rural customers.

What would be employee count of the combined entity?

As per the last reported results of the two entities as of September 30th, 2018, the combined entity will have a headcount of 10,943. Apart for this, there are 4,821 personnel working under the business correspondent structure for origination of rural business.

What would be total number of branches of the combined entity?

As per the last reported results as of September 30th, 2018, IDFC Bank has have 203 bank branches, 129 ATMs, 454 rural centers (including BC setups). As per the last reported results as of September 30th, 2018, Capital First has 97 branches which are primarily administrative local offices engaged in the lending business. In due course, most of these offices would be converted into banking outlets or bank ranches depending on the feasibility.

What would be overall loan book of the combined entity? What would be mix of retail loan book?

As per the last reported results of the two entities as of September 30th, 2018, the combined entity would have on-book loan assets of Rs. 1,02,683 Cr including the PSL buyout and stressed assets. The retail loan book would be contributing 32.5% of the overall loan book.

What is the CASA ratio and CASA amount to start with, for the combined entity?

As per the last reported results of the two entities as of September 30th, 2018, the combined entity would have CASA of Rs. 6,426 Cr and CASA ratio of 13.3%.

How much would be the retail deposits to start with, for the combined entity?

As per the last reported results of the two entities as of September 30th, 2018, the combined entity would have a retail deposit base of Rs. 9,413 Cr, out of which retail CASA would be Rs. 2,609 Cr and retail deposit of Rs. 6,804 Cr.

What would be the total networth of combined entity?

As per the last reported results of the two entities as of September 30th, 2018, the combined entity would have a combined networth of Rs. 17,508 Cr, on a pro forma basis.

What would be Book Value per Share for the combined entity?

As per the last reported results of the two entities as of September 30th, 2018, the combined entity book value per share would be Rs. 36.62.

Customer FAQs Customer FAQsCustomer
FAQs

Will there be any change in the servicing of the loan which I had taken from Capital First?

While we are in the process of consolidating the functioning of the two organizations, our customers will continue to get seamless servicing of the loans and can continue to reach out to us at customer.care@capitalfirst.com or call us on our helpline 18605009900.

Shortly, the operations of the two companies will merge and will offer better experience through an integrated mobile app, website, customer contact center and the branch network.

Whom should I reach out to for any queries regarding my current loan from Capital First Ltd.?

For any servicing query or a new product requirement, you can continue to reach out to us at customer.care@capitalfirst.com or call us on our helpline 18605009900.

Will Capital First Branches continue to operate?

All our existing branches will continue to operate as is and we are in the process of merging the branch network with that of IDFC Bank Ltd. to be able to provide higher reach to our customers.

If there is any change in the branch locations, we will duly update our customers and also notify the same on our websites, www.capitalfirst.com / www.idfcbank.com

Will there be any change in the customer's branch?

At present there will be no change in the customer's branch location, however as we merge our branch network, the reachability will increase and any change or enhancement in the branch will be duly communicated to our customers.

What happens if a customer has loan accounts from both Capital First and IDFC Bank?

At present both the loan facilities will continue as per the terms and conditions at the time of availing the loan. Once we merge the operations of the two organizations, both the loans will be serviced through a single window enhancing the customer experience.

For the loans with Capital First Ltd., the loan facility along with all the underlying security interest(s), if any, and all other rights, benefits and privileges of Company under the Loan Agreement and other related Security and financing documents executed with Capital First Ltd./Capital First Home Finance Ltd. on and from 18th December 2018, stand transferred to vest exclusively in and for the benefit of IDFC Bank Ltd.

What will happen to the EBC card/ Slonkit prepaid card/ other co-branded credit cards issued by Capital First?

All the products of Capital First will continue to operate as is and there will be no impact on the Easy Buy Card and Other Co-branded credit card customers. For any queries or concerns, customers can continue to reach out to us at customer.care@capitalfirst.com or call us on our helpline 18605009900.

Do customers need to register the mobile number or email afresh again with IDFC FIRST Bank for availing SMS/statements etc.?

No, Customers do not need to register their mobile number and email IDs again. The SMS alerts and documents will continue to reach to the customers at the details updated with Capital First.

Will the Capital First mobile application change?

At present, Capital First mobile app will continue to function. Once we merge the operations of the two companies, a more comprehensive app will be available for the customers which will certainly enhance the customer experience.

Customers will also be able to choose from an array of offerings from IDFC FIRST Bank which will be including but not limited to Consumer Durable Loans, Personal Loans, Two Wheeler Loans, Business Loans and Mortgage Loans along with unparalleled Fixed Deposit rates, Savings Account with top-of-the-line debit card, customized Wealth Management solutions and much more.

Is it required to change the existing ECS mandates/cheques in favour of IDFC FIRST Bank or do the current ECS/Cheques provided/issued in favour of CFL continue?

No, Customers are not required to change the existing ECS mandates or Post Dated Cheques. All the previous documents will apply and there will be no hindrance in the loan operations.

Will customers be able to pay the EMI through Capital First Website/Mobile application?

Yes, customers can continue to pay the EMIs through the Capital First Website and Mobile Application. Customers can also use the other array of payment options (Available on: https://capitalfirst.com/repayment-options). Any change and enhancements in the payment options will be duly communicated to the customers and updated on our website www.capitalfirst.com / www.idfcbank.com

What happens to the loan applications in process?

All the existing loan applications will be processed as is and there will be no impact on the same. If there are any concerns or queries, you can reach out to us at customer.care@capitalfirst.com or call us on our helpline 18605009900

Will Customer's loan account number change?

At present there will be no change to the customer's loan account number. However as we merge the processes of the 2 organizations, if there is a need to change the loan account numbers, it will be duly communicated to the customer through SMS/Emails/Website.

Is there a need to re-submit the KYC documents?

No, presently, a customer does not need to re-submit the KYC documents. However, as we merge and if a need arises for the new KYC documents, we will reach out to the customers and ensure a seamless experience in the updating process.

Do the customer service numbers change?

Our existing customer service helpline number 1860 500 9900 and email ID customer.care@capitalfirst.com will continue to operate. As we progress with the merger, any change will be duly communicated to our customers and will also be updated on the website www.capitalfirst.com / www.idfcbank.com.

Is there any impact for existing IDFC Bank customers?

If you are an existing IDFC bank customer, the merger will have no effect on the terms and conditions or operations of your product holdings.

With this merger, IDFC FIRST Bank is now one stop solution for all banking needs, be it loans, savings or business banking products. Our customers will now have the benefit of availing an array of products include Consumer Durable Loans, Personal Loans, Two Wheeler Loans, Business Loans and Mortgage Loans along with unparalleled Fixed Deposit rates, Savings Account with top-of-the-line debit card, customized Wealth Management solutions and much more.

Can an IDFC Bank customer apply for Capital First products?

Yes, as a customer of IDFC bank, you can now apply for all products of the combined entity IDFC FIRST Bank Limited. The array of products include Consumer Durable Loans, Personal Loans, Two Wheeler Loans, Business Loans and Mortgage Loans along with unparalleled Fixed Deposit rates, Savings Account with top-of-the-line debit card, customized Wealth Management solutions and much more.

Will services continue to be the same as the 2 organizations merge?

Yes, the servicing of your products for both Capital First and IDFC bank customers will be seamless. IDFC customers can continue to reach out to us on 1800 419 4332 or visit www.idfcbank.com for any concerns or queries.

As we merge, we are working on a single window for servicing which will certainly enhance the customer experience.

Can I continue using the IDFC Bank mobile app or will I need to download a new version, if so, by when?

IDFC Bank mobile app will continue to function as is. Once we merge the operations of the two organizations, a more comprehensive app will be available for the customers which will certainly enhance the customer experience.

Customers will also be able to choose from an array of offerings from IDFC FIRST Bank which will be including but not limited to Consumer Durable Loans, Personal Loans, Two Wheeler Loans, Business Loans and Mortgage Loans along with unparalleled Fixed Deposit rates, Savings Account with top-of-the-line debit card, customized Wealth Management solutions and much more

What will happen to IDFC Bank branches; will my local branch remain open?

All our branches will continue to operate as is and there will be no change in the opening of the branches. We are in the process of merging the branch network with that of Capital First branches to be able to provide higher reach to our customers. Any changes or additions in the branches will be duly communicated to our customers through our website www.idfcbank.com / www.capitalfirst.com

Will the banking hours / days change?

At present, there is no change in the operational hours of our branches. Any changes in the operational hours will be duly communicated to the customers.

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Contact us

REGISTERED office:

IDFC FIRST Bank Ltd

KRM Tower, 7th Floor, No. 1,
Harrington Road, Chetpet,
Chennai - 600031, Tamil Nadu,
India

Corporate office:

IDFC FIRST Bank Ltd

Naman Chambers,
C-32, G-Block,
Bandra-Kurla Complex,
Bandra East, Mumbai - 400051,
India

Bank Account Related

For feedback/concerns-
Call us at : 1800-419-4332
Write to us at : banker@idfcfirstbank.com

For escalations-
Call us at : 1800-419-2332
Write to us at : head.customerservice@idfcfirstbank.com

Loan Account Related

For feedback/concerns-
Call us at : 1860-500-9900
Write to us at : customer.care@idfcfirstbank.com

For escalations-
Call us at : 1800-419-2332
Write to us at : head.customerservice@idfcfirstbank.com

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