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Dive Free And Simply Give In; Olympus TG-Tracker; Maybach 6; Serpentine Gallery; Getting Reorgs Right; Rethinking Mass Banking, IDFC Bank, the country’s youngest bank, which started operations over a year ago, wants to transform itself into a mass retail bank in 5 years. In the next 4 years, the bank targets to reach 6 million customers, of which about 5 million will be in the mass retail segment. Rajiv Lall, the bank’s MD and CEO, says addressing product/service gaps and judicious pricing incentives will help the bank achieve its goals. As Lall gives shape to his vision, his wife Bunty Chand, the executive director of Asia Society India, is taking her organisation to new heights. The power couple speaks to CEO India on their plans ahead.

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Taking a Bank to the Masses Has Always Been Close to My Heart

IDFC Bank, the country’s youngest bank, is on a drive to transform itself into a mass retail bank in 5 years. The bank, which started operations in October 2015 after getting a banking licence from the Reserve Bank of India in 2014, targets to acquire 6 million customers in the next 4 years, of which, it says, about 80 per cent would be from the mass retail segment. Says Rajiv Lall, founder managing director and CEO, IDFC Bank, “Taking a bank to the masses has always been close to my heart. I have been closely involved in the financial inclusion space… and now with the convergence of technology and finance, it is my conviction that we can create a profitable mass retail bank over the next few years.” He says the bank’s customer acquisition strategy focuses on addressing product/service gaps and judicious pricing incentives — which will go a long way in helping it achieve its targets. He believes “convenient access” in rural and peri-urban areas itself is a strong incentive for customers. The bank will roll out its network for mass retail in 50 districts in five states. In these geographies, it will reach out to people through a delivery model similar to microfinance institutions. Says Lall, “Partnerships and alliances will play a critical role in the bank’s journey.” In July, the bank acquired Grama Vidiyal Micro Finance Ltd, a Trichybased microfinance entity, which gave it access to 1.2 million rural and semi-urban households across seven states. “We have already on-boarded over 1 million of these customers onto our system,” says Lall. As Lall gives shape to his vision, his wife Bunty Chand, the executive director of Asia Society India, is taking her organisation to new heights. The leading educational organisation promotes understanding and strengthening of partnerships among peoples, leaders and institutions of Asia and the US. In an interview with Amit Ranjan Rai, the power couple speaks on their plans ahead.

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CEO India Magazine Description:

CEO India is a monthly lifestyle magazine, capturing life, views and philosophies of the CEOs and top-level management professionals, who are some of the finest in our country. Besides in-depth interviews with the CEOs and senior professionals, CEO India has sections on health, an investment guide, technology trends and culture. CEO India has it all--business strategy, savoir-faire and glitter.