IDFC First Bank has announced a significant development in its capital raising efforts, with the Reserve Bank of India (RBI) granting approval for a substantial investment from Platinum Invictus B 2025 RSC Limited.

RBI Approval and Investment Details

The bank revealed that Platinum Invictus has received RBI approval to invest up to 9.99% in IDFC FIRST Bank's paid-up share capital. As part of this approval, Platinum Invictus plans to invest approximately ₹2,624.00 crores, which will represent about 5.09% of the bank's post-issue paid-up share capital.

Preferential Issue Background

This investment is part of a preferential issue that was previously approved by IDFC FIRST Bank's shareholders. The move signifies a strong vote of confidence in the bank's future prospects and its strategic direction.

Regulatory Compliance

In compliance with regulatory requirements, IDFC FIRST Bank has duly informed the National Stock Exchange of India Limited and BSE Limited about this development. The disclosure was made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Additional Corporate Action

In a separate but related development, IDFC FIRST Bank also announced the allotment of 12,17,474 equity shares to eligible employees under its Employee Stock Option Scheme (ESOS). This allotment has resulted in an increase in the bank's issued and paid-up equity share capital.

The newly allotted shares will rank pari-passu with the existing equity shares of the bank in all respects.

These developments underscore IDFC FIRST Bank's ongoing efforts to strengthen its capital base and reward its employees, positioning itself for potential growth opportunities in the banking sector.

IDFC First Bank has taken a significant step in expanding its digital banking services for Non-Resident Indians (NRIs) with the launch of 'RemitFIRST2India', a new digital remittance platform. This innovative solution aims to simplify and streamline the process of sending money to India from overseas.

Key Features of RemitFIRST2India

• Initial Availability: The platform is currently accessible to NRIs in Singapore and Hong Kong, with plans for expansion to other countries.
• Real-time Tracking: Users can monitor their transactions in real-time, enhancing transparency and peace of mind.
• Competitive Forex Rates: The platform offers attractive foreign exchange rates for remittances.
• Cost-Effective: No processing or platform fees are charged, making it an economical option for users.
• Paperless Transfers: The entire process is digital, eliminating the need for physical documentation.

Accessibility and Onboarding

IDFC FIRST Bank has ensured that the platform is easily accessible to both existing and new customers:

• Existing Customers: Can use the service through the bank's mobile application.
• New Customers: Can onboard digitally via the RemitFIRST2India website.

Benefits for Recipients

The platform allows transfers to any Indian bank account, offering:

• Guaranteed forex rates
• No hidden markups

Strategic Partnership

RemitFIRST2India was developed in collaboration with SingX, a Singapore-based fintech company, combining IDFC FIRST Bank's banking expertise with SingX's technological capabilities.

Management Perspectives

Ashish Singh, Head of Retail Liabilities at IDFC FIRST Bank, emphasized the platform's user-friendly and secure design, catering to both existing and potential customers.

Atul Garg, CEO of SingX, highlighted the increasing demand for remittance services among NRIs, noting two primary drivers:

1. Supporting family members in India
2. Investing in the Indian market

Looking Ahead

As IDFC FIRST Bank continues to innovate in the digital banking space, the launch of RemitFIRST2India represents a strategic move to capture a growing market of NRI remittances. The bank's focus on providing competitive rates, real-time tracking, and a seamless user experience positions it well in the evolving landscape of international money transfers.

Recent Corporate Actions

In a separate development, IDFC FIRST Bank recently granted 70,000 stock options to eligible employees under its Employee Stock Option Scheme. These options will vest equally over a four-year period, with each year seeing 25% of the options vesting. The exercise period for these options is set at 3 years from the respective vesting dates, aligning employee interests with the bank's long-term growth objectives.

As IDFC FIRST Bank continues to expand its digital offerings and invest in its workforce, it demonstrates a commitment to both technological innovation and employee engagement in the competitive banking sector.