The Reserve Bank today said IDFC Bank Ltd has been included in the Second Schedule of the RBI Act.
"We advise that the IDFC Bank Limited has been included in the Second Schedule of the Reserve Bank of India Act, 1934," RBI said in a notification.
Earlier, in October this year, IDFC Bank started its formal banking services with a total of 23 branches across the country.
Of these, as many as 15 branches are in rural Madhya Pradesh.
The bank, with a focus on technology, has started operations in corporate and wholesale banking, rural banking and treasury verticals.
As part of personal banking, the bank is offering free transactions at any bank ATMs, free fund transfers, free debit card for lifetime and no charges for any transactions except when cheques bounce.
Last year, IDFC, along with micro-lender Bandhan Financial Services, was selected for a banking licence.
Bandhan started operations in August with a network of over 500 branches.