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IDFC Bank has acquired Grama Vidiyal Micro Finance Ltd, a leading micro-finance institutions in the country. On completion of the deal, Grama Vidiyal will become an IDFC Bank subsidiary.
Grama Vidiyal will act as a dedicated business correspondent of IDFC Bank. The acquisition will help IDFC Bank, one of the two new generation private sector banks to start operations recently, increase its network and reach and make basic banking services available to a large customer base.
It will give the bank access to 1.2 million rural and semi-urban households and Grama Vidiyal’s network of 319 locatins across 65 districts in Tamil Nadu, Kerala, Karnataka, Puducherry, Maharashtra, Gujarat and Madhya Pradesh.
The 30-year-old Grama Vidiyal was headquartered in Tiruchi, Tamil Nadu, and had assets under management of ₹1,502 crore. All loan assets will be transferred to IDFC Bank. Grama Vidiyal had attracted investments from investors including Vinod Khosla, venture capital and impact investment firms such as Unitus Equity Fund, MicroVest and Amar Foundation.
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