IDFC First Bank has announced a significant change in its domestic airport lounge access program for debit cardholders, moving from DreamFolks to Elite Assist, a subsidiary of Travel Food Services Limited (TFSL). This transition, effective September 15, comes in the wake of TFSL terminating its arrangement with DreamFolks.

Key Points of the Transition

• New Provider: Elite Assist, a subsidiary of Travel Food Services Limited (TFSL), is now the bank's partner for domestic airport lounge access.
• Effective Date: The change took effect on September 15.
• Reason: The shift occurred following TFSL's termination of its arrangement with DreamFolks.

Complimentary Visit Allowances

IDFC First Bank has maintained the same complimentary visit allowances across all card tiers:

Access Procedure

Cardholders can continue to access lounges by swiping their IDFC First Bank debit cards at participating domestic airport lounges. This process remains unchanged despite the switch in service providers.

DreamFolks' Status

While DreamFolks has confirmed the discontinuation of its domestic airport lounge access service for IDFC First Bank, it's important to note that:

• DreamFolks' global lounge business remains operational.
• Other domestic services provided by DreamFolks continue to function.

Corporate Governance Update

In a separate development, IDFC First Bank Limited has received acknowledgment from the Reserve Bank of India (RBI) regarding a change in its board composition. As per a disclosure:

• Currant Sea Investments B.V., an affiliate of Warburg Pincus, has been granted the right to appoint one non-executive director on the bank's Board of Directors.
• This appointment is subject to rotation, as per standard corporate governance practices.
• The RBI's acknowledgment follows an Amendment Agreement to the original Investment Agreement.

This corporate governance update reflects IDFC First Bank's ongoing efforts to strengthen its board and strategic partnerships.

As IDFC First Bank continues to evolve its services and corporate structure, these changes in both customer offerings and governance underscore the bank's commitment to enhancing value for its cardholders and stakeholders alike.

IDFC First Bank has received a significant nod from the Reserve Bank of India (RBI) regarding its recent agreement with a major investor. The bank announced that the RBI has acknowledged Currant Sea Investments B.V.'s right to appoint one non-executive director on the bank's Board of Directors.

Key Developments

• The RBI has taken on record the Amendment Agreement dated July 3, to the Investment Agreement dated April 17.
• This agreement was entered into by IDFC FIRST Bank with Currant Sea Investments B.V., an affiliate of Warburg Pincus.
• The appointed director will be liable to retire by rotation on the bank's Board of Directors.

RBI Acknowledgment Details

IDFC FIRST Bank received the RBI's letter on September 18, confirming the recognition of the Amendment Agreement. This acknowledgment effectively grants Currant Sea Investments B.V. the right to appoint one non-executive director to the bank's board.

Implications for IDFC FIRST Bank

This development marks a significant step in IDFC FIRST Bank's relationship with Currant Sea Investments B.V. and, by extension, with Warburg Pincus. The ability of an investor to appoint a board member often signifies a substantial investment and can potentially bring new perspectives and expertise to the bank's governance structure.

Disclosure and Compliance

The bank made this disclosure in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. This transparency ensures that all stakeholders are informed about significant changes in the bank's governance structure.

IDFC FIRST Bank continues to maintain its commitment to regulatory compliance and transparent communication with its shareholders and the market at large.