In The Spotlight
In an industry first, IDFC Bank has acquired 100% of Grama Vidiyal Micro Finance, one of the largest microfinance institutions in the country.
This significantly enhances the reach of IDFC Bank, giving it access to 1.2 million rural and semi-urban households through Grama Vidiyal’s network of 319 locations across 65 districts of Tamil Nadu, Kerala, Karnataka, Pondicherry, Maharashtra, Gujarat and Madhya Pradesh.
With an employee base of over 3000, Grama Vidiyal will be a wholly-owned subsidiary of IDFC Bank. It will operate as a dedicated Business Correspondent of IDFC Bank. Current customer households of Grama Vidiyal, in turn, will over time benefit from IDFC Bank’s full range of liability products, customised credit offerings, innovative digital services and doorstep banking.
The 30-year-old, Trichy-headquartered Grama Vidiyal is known for its double-bottom-line approach, focusing on the sustainability of financial inclusion programmes and the development of women and their families. Grama Vidiyal’s has an AUM of Rs. 1,502 crore of micro finance assets, as on March 31, 2016. All loan assets on the book will be transferred to IDFC Bank.