Rajiv Lall will be taking over as the MD & CEO of IDFC Bank with effect from tomorrow, infrastructure financing firm IDFC Ltd said today.
The Board of IDFC Ltd has accepted the resignation of Lall as Executive Chairman of the company with effect from September 30, 2015, IDFC said in a filing to the BSE.
IDFC Bank will start functioning as a full fledged bank from tomorrow with over 20 branches.
"Lall will be taking over the position of MD & CEO of IDFC Bank Ltd with effect from October 1, 2015," IDFC added.
Meanwhile, Standard & Poor's Ratings Services today said it has affirmed its 'BBB-' long-term and 'A-3' short-term credit ratings on IDFC Ltd and then withdrew the ratings at the company's request.
"The affirmed rating on IDFC reflected the company's sound capitalisation and earnings, strong management, and satisfactory business stability," it said.
"IDFC Ltd 'BBB-' rating affirmed with stable outlook; rating then withdrawn at the company's request," S&P said in a statement.
The bank license that IDFC received recently will help the group to access stable retail deposits and low-cost current and savings accounts and reduce reliance on wholesale funding, S&P said, adding the rating also reflected the fact that IDFC is transitioning into a bank.
