Which Indian bank has recently acquired Tamil Nadu-based Grama Vidiyal Microfinance to extend its rural banking services?
The IDFC bank Ltd has recently acquired 100% stake in Tamil Nadu-based Grama Vidiyal Microfinance, a leading Micro-Finance Institution (MFI) in India, to extend its rural banking services. After acquisition, Grama Vidiyal will become a wholly-owned subsidiary of IDFC Bank and will act as a dedicated Business Correspondent (BC) of the bank. It will expand the delivery mechanism for the services of IDFC Bank. The acquisition will help IDFC Bank to increase its network and reach to a large customer base in India. With this, IDFC Bank can access Grama Vidiyal’s network of 1.2 million households in 319 rural and semi-urban areas across 65 districts of Tamil Nadu, Kerala, Karnataka, Pondicherry, Maharashtra, Gujarat and Madhya Pradesh.