IDFC Bank has signed a share purchase agreement to acquire 100% of Grama Vidiyal Micro Finance, one of the largest microfinance institutions in the country. Upon completion of acquisition, Grama Vidiyal will be a wholly-owned subsidiary of IDFC Bank. 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. The move enables IDFC Bank to significantly enhance its network and reach and make basic banking services available to a large customer base.
The acquisition will give IDFC Bank immediate access to 1.2 million rural and semi-urban households and Grama Vidiyal's network of 319 locations across 65 districts of Tamil Nadu, Kerala, Karnataka, Pondicherry, Maharashtra, Gujarat and Madhya Pradesh will act as BC centres to IDFC Bank. Current customer households of Crania Vidiyal, in turn, will benefit from IDFC Bank's full range of liability products, customised credit offerings, innovative digital services and doorstep banking.
IDFC Bank --a subsidiary of India’s leading integrated infrastructure finance company. IDFC has successfully implemented Intellect Design Arena’s Global Transaction Banking (IGTB) solution suite. This combined digital solution by the company will play a key role in IDFC Bank's growth plans, as it seeks to introduce a differentiated form of banking.
Company Name | CMP |
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HDFC Bank | 1734.95 |
ICICI Bank | 1291.55 |
Axis Bank | 1158.50 |
Kotak Mahindra Bank | 1730.50 |
Indusind Bank | 1055.75 |
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