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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).

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Read more Current Affairs on: IDFC Bank , Grama Vidiyal , NBFC , Microfinance Institution

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