The Infrastructure Development Finance Company (IDFC) Bank, an Indian for-profit private company providing banking and other financial services, recently acquired Grama Vidiyal Micro Finance, a microfinance institution (MFI) headquartered in the Indian state of Tamil Nadu, increasing its rural and semi-urban customer base by 1.2 million. The companies did not disclose the value of the deal although sources “estimated the transaction at INR 3 billion” (USD 45 million) . While the assets of Grama Vidiyal will be transferred to the books of IDFC Bank, it will remain a wholly-owned subsidiary of IDFC Bank and act as a business correspondent for it.
For more on this story visit the following link: IDFC Bank Acquires India’s Grama Vidiyal Micro Finance
Source: Economic Times