Central Government Notification: IDFC First Bank Exempted from Section 19(2) Compliance [S.O. 3018(E)]

Last updated: 08 July 2025

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The Central Government has exempted IDFC First Bank Limited from specific provisions of Section 19(2) of the Banking Regulation Act, 1949. This exemption pertains to the bank's holding of shares exceeding thirty per cent. of the paid-up capital in Niraj Kakad Constructions Private Limited. The notification, issued by the Ministry of Finance, is effective from its publication date and will remain in force until July 7, 2030.

MINISTRY OF FINANCE
(Department of Financial Services)
NOTIFICATION
New Delhi, the 7th July, 2025.

S.O. 3018(E).—In exercise of the powers conferred by sub-section (1) of section 53 of the Banking Regulation Act, 1949 (10 of 1949) (hereinafter referred to as the said Act), the Central Government, on the recommendation of the Reserve Bank of India, hereby declare that the provisions of sub-section (2) of section 19 of the said Act shall not apply to the IDFC First Bank Limited, in so far as they relate to its holding shares of an amount exceeding thirty per cent. of the paid-up capital of Niraj Kakad Constructions Private Limited.

2. This notification shall come into force on the date of its publication in the Official Gazette and shall cease to operate at the expiration of the 7th day of July, 2030, except as respects things done or omitted to be done before such cesser.

[F. No. 7/57/2019-BOA-I]
ASHISH MADHAORAO MORE, Jt. Secy.

FAQ :

The notification exempts IDFC First Bank Limited from complying with specific parts of Section 19(2) of the Banking Regulation Act, 1949, concerning its shareholding in Niraj Kakad Constructions Private Limited.

IDFC First Bank is exempted from the provisions of sub-section (2) of section 19 of the Banking Regulation Act, 1949, specifically regarding holding shares exceeding thirty per cent. of the paid-up capital of Niraj Kakad Constructions Private Limited.

The exemption was issued by the Central Government, on the recommendation of the Reserve Bank of India.

The exemption comes into force on the date of its publication in the Official Gazette and will cease to operate on July 7, 2030, unless actions taken before that date are affected.

The reference number for this notification is S.O. 3018(E) and the file number is F. No. 7/57/2019-BOA-I.

Notification No : F. No. 7/57/2019-BOA-I
Source : https://egazette.gov.in/(S(rvo02ceb34yl2zm154ca2glc))/ViewPDF.aspx

Attached File : 322600_11476_264435.pdf

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