IDFC Bank launches services in Meghalaya, opens first branch in North East

This is IDFC Bank’s first presence in the North East.

The branch was inaugurated by Prestone Tynsong, Minister for Community & Rural Development, Border Areas Development, Forest & Environment & Parliamentary Affairs, Government of Meghalaya, in the presence of  M. Ampareen Lyngdoh, Minister for Urban Affairs, Municipal Administration & Labour, Government of Meghalaya, and Ravi Shankar, Head – Bharat Banking, IDFC Bank.

Speaking on the launch, Rajiv Lall, Founder Managing Director & CEO, IDFC Bank, said, “IDFC Bank has chosen to establish presence in the North East in its very first year of operations. This shows its intent to achieve inclusive growth by expanding financial access in under-banked locations."

"The Bank’s plans for Meghalaya will be shaped by the state’s goal of financial inclusion. IDFC Bank will bring to citizens of Meghalaya, the convenience of doorstep banking, customised financial products and increased access to capital for micro, small and medium businesses," said he.

IDFC Bank’s branch, located in Shillong’s Demseiniong area, is powered by a custom-designed solar power system.

IDFC Bank’s Interoperable Micro ATMs are designed to make banking simpler and more accessible across Meghalaya. The first few Micro ATMs are now operational in Mawlyngbna, a hamlet on the Indo-Bangladesh border and Umsning, a company statement claimed.

The Micro ATM enables citizens to transact from the comfort of their neighbourhoods, while also encouraging local entrepreneurship.

The device, which functions like a ‘Bank in a box’ enables digital transactions for customers of any bank.

It also provides instant account opening and activation, working on multiple identifiers including mobile numbers, debit cards, bank account numbers or Aadhaar.