IDFC, is targeting full-fledged debut as bank by October.It is working on a "binary strategy" that will entail opening branches in metros as well as backward districts of the country.
"IDFC has chosen a binary strategy to operate in India, with one set of branches out of metropolitan cities and the others in bottom-of-the-pyramid districts," Company COO Avtar Monga said in a statement.
Under RBI’s existing guidelines, a bank has to open 25 per cent of its branches in unbanked centres in semi-urban and rural areas.
"It is important that we establish a payments technology infrastructure that will enable us to provide a uniform banking experience across both our urban and rural customer segments," Monga said, announcing a tie-up with Chennai-based company for payments and transaction processing.
Under the partnership, FSS will provide payments technology infrastructure for the bank which will include payments processing, card management, reconciliation to payment gateway for e-commerce, and Aadhaar enabled payments for financial inclusion, the FSS statement said.
It will also install and manage IDFC’s ATM network. "I am confident that our integrated ‘Bank in a Box’ offering will power IDFC to operate seamlessly," FSS’ MD Nagaraj Mylandla said.