IDFC to apply for bank licence

The IDFC board has approved a resolution for making an application to the Reserve Bank of India for obtaining banking licence, based on the Guidelines for Licensing of New Banks in the Private Sector. As on March-end 2013, the non-banking finance company, which is into infrastructure lending, had gross loans aggregating Rs 56,595 crore (Rs 48,887 crore as on March-end 2012). In FY2013, it reported a net profit of Rs 1836 crore (Rs 1554 crore in FY2012).