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IDFC Bank changed its name to 'IDFC First' bank

IDFC Bank changed its name to 'IDFC First' bank

IDFC Bank has changed its name to 'IDFC First Bank Limited'. The bank is in the process of joining its non-banking financial company Capital First with itself.

The name of the bank is changed to 'IDFC First Bank Limited'. The bank has sent a proposal to RBI to change the name of bank. If RBI approves, then the name of the bank will be changed to 'IDFC First Bank Limited'.

The bank is in the process of joining its non-banking financial company Capital First with itself. On October 25, 2018, the bank told the stock exchange that its board of directors decided to call for change of name from the Reserve Bank of India.

Rename Approval: For changing name, the approval of legislative and regulatory authorities, registrars of companies, shareholders and other related parties will also be required.

Effect on customers: In such situation, the bank will not have much impact on customers, because the bank itself changes the checkbook. In addition, customers will be given more time to pass the passbook, check book. The bank will give its information through SMS, email and phone.

IDFC Bank: IDFC Bank is an Indian banking company. Its headquarters are located in Mumbai. It is part of an integrated infrastructure finance company (IDFC). The bank started operations from 01 October 2015. IDFC received universal banking license from the Reserve Bank of India (RBI) in July 2015. IDFC Bank is listed on BSE and NSE on November 06, 2015.

Q.1 Which bank is changing its name to IDFC First Bank?
A. HDFC
B. IDFC
C. IDBI
D. AXIS
Answer...
Ans: IDFC
Q.2 The Central banking institution of India, which controls the monetary policy of the Indian rupee?
A. Central bank of India
B. Reserve Bank of India
C. Corporation Bank of India
D. Canara Bank of India
Answer...
Ans: Reserve Bank of India

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