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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. IDFC has emerged as an integrated lender over the years providing the entire gamut of project and corporate finance, consultancy and advisory services, asset management services, investment banking and brokerage services and holds ownership of infrastructure assets. Out of its consolidated revenues of Rs 8,138 crore in FY13, term-lending contributed nearly 95 per cent. IDFC's assets have grown at a compound annual growth rate (CAGR) of 19.6 per cent in the last five years. The assets valued at Rs 68.393 crore at the end of FY13 makes it India's fifth largest non-banking finance company (NBFC). IDFC loan portfolio in the infrastructure space comprises 40 per cent in the power sector, 25 per cent in the transport, 22 per cent in the telecom space and others forming 13 per cent of the overall loan basket. At the end of FY13, IDFC had nearly Rs 3,500 crore in over 75 different infrastructure companies and SPVs. IDFC has reported 13.1 per cent as return on equity in FY13, which is lowest among the NBFCs with the exception of L&T Finance.