IDFC Bank acquires micro lender Grama Vidiyal

Jul 14, 2016 10:01 IST

IDFC   BankIDFC Bank on 12 July 2016 signed a share purchase agreement to completely acquire South India-based lender Grama Vidiyal Micro Finance Ltd. for an undisclosed amount.

Grama Vidiyal will act as a dedicated Business Correspondent of IDFC Bank, and will help deepen reach and widen the delivery mechanism for banking services.

It is a first-of-its-kind transaction, where a bank has taken over a microfinance institution and made it a subsidiary.

About IDFC Bank

IDFC Bank Ltd. is an Indian banking company.

It is headquartered in Mumbai.

The bank started operations on 1 October 2015.

It received a universal banking licence from the Reserve Bank of India in July 2015.

About Grama Vidiyal

Grama Vidiyal is a microfinance institution.

It operates in the Tamil Nadu area of South India.

Since 1993, it has provided small loans to women without access to formal credit and who typically have daily incomes of less than 80 rupees per day.

In 2007, Grama Vidiyal transformed from a charitable trust to a regulated Non-Bank Financial Company (NBFC).

Now get latest Current Affairs on mobile, Download # 1  Current Affairs App

Is this article important for exams ? Yes3 People Agreed
Read more Current Affairs on: IDFC Bank , Grama Vidiyal , NBFC , Microfinance Institution

Latest Videos

Register to get FREE updates

    All Fields Mandatory
  • (Ex:9123456789)
  • Please Select Your Interest
  • Please specify

  • ajax-loader
  • A verifcation code has been sent to
    your mobile number

    Please enter the verification code below

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK