RBI: IDFC can exit as promoter of IDFC First Bank; Imposed Rs 1 lakh penalty on Melur Co-Operative Urban Bank

1.Reserve Bank of India (RBI) has clarified that IDFC (Infrastructure Development Finance Company) Limited can exit as the promoter of

IDFC First Bank Limited after the expiry of lock-in Period of 5 years which already ended on September 30, 2020.

2.RBI in exercise of powers vested in RBI under provisions of Section 47 A (1) © read with Section 46 (4) () and Section 56 of the Banking Regulation Act, 1949 (AACS-As Applicable to

Cooperative Societies) imposed a monetary Penalty of Rs 1 lakh on Melur Co-operative Urban Bank Ltd. Located in Melur, Madurai District, Tamil Nadu.

About IDFC FIRST Bank:

Establishment- In 2018, by merging erstwhile IDFC Bank and former Capital First.

Managing Director (MD) & CEO (Chief Executive Officer)- V. Vaidyanathan

Headquarters- Mumbai, Maharashtra

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