Deposits in accounts opened under the governmentÂ´s ambitious financial inclusion scheme Pradhan Mantri Jan Dhan Yojana have crossed Rs.25,000 crore, the Finance Ministry said. A Â“good amountÂ” has come to the banks as low-cost deposits, it said.
IDFC Ltd has won a banking licence as per a recent RBI announcement. A banking licence would provide a window to IDFC to access low-cost bank deposits and reduce reliance on high-cost term loans and, thus, help expand margins. The company was set up in 1997 as a specialised lender for big-ticket infrastructure project with long gestation period.