To start working on biz recast as early as April 3: IDFC

IDFC Chairman Rajiv Lall said that their goal is to build a 'universal banking franchise'.

The Reserve Bank of India has granted an in-principle nod for banking licence to IDFC .

The "in-principle" approval will be valid for a period of 18 months during which the applicant has to comply with the requirements under the RBI guidelines.

Welcoming the news, IDFC Chairman Rajiv Lall said that their goal is to build a 'universal banking franchise'. He expects the company to comply with all RBI conditions.

Speaking to CNBC-TV18, Lall said IDFC already has 21 percent Tier-1 capital and he believes it 'will be the best capitalised start-up bank in India'. IDFC has 18 months to start banking operations.

Elated by the news, Lall hopes to start working on the business restructuring as early as April 3. The company has already prepared a detailed financial plan to kick start operations and wants to 'get ready with branch network'.

Lall said though the company is looking at organic growth entirely for the banking franchise, yet it would be premature to speak of its business model currently. He sees the lack of branches as an opportunity and not a constraint.

IDFC stock price

On April 02, 2014, IDFC closed at Rs 128.00, up Rs 4.90, or 3.98 percent. The 52-week high of the share was Rs 165.45 and the 52-week low was Rs 76.25.

The company's trailing 12-month (TTM) EPS was at Rs 12.79 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 10.01. The latest book value of the company is Rs 88.76 per share. At current value, the price-to-book value of the company is 1.44.

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