IDFC Bank acquires Grama Vidiyal

IDFC Bank (Infrastructure Development Finance Company) has announced it had acquired Tamil Nadu-headquartered microfinance institution Grama Vidiyal in an all-cash deal. The company did not disclose the deal size. The bank has obtained in-principle approval from the Reserve Bank of India for the deal.

The acquisition gives IDFC Bank access to Grama Vidiyal’s 12 lakh customers across 7 States, besides giving it 319 branches across 65 districts in these States. According to Rajiv Lall MD and CEO of IDFC Bank, the acquisition will help the bank reach out to those segments of customers that are usually not served by the banking system, besides transforming it into a mass retail bank. The acquisition was value-accretive for the bank. All 3,000 employees will be absorbed by IDFC Bank and the current top management of the microfinance institution will remain. Grama Vidiyal has a presence in Tamil Nadu, Kerala, Karnataka, Puducherry, Maharashtra, Gujarat and Madhya Pradesh and has a net asset base of Rs. 1,502 crore as of FY16, all of which will be transferred to IDFC Bank.

So let’s do:
1. Name the bank, which has announced it had acquired Tamil Nadu-headquartered microfinance institution Grama Vidiyal in an all-cash deal?

Source – The Hindu

×

Download success!

Thanks for downloading the guide. For similar guides, free study material, quizzes, videos and job alerts you can download the Adda247 app from play store.

Thank You, Your details have been submitted we will get back to you.

Leave a comment

Your email address will not be published. Required fields are marked *

Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizes
  • Subject-Wise Quizes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Login

OR

Forgot Password?

Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizes
  • Subject-Wise Quizes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Sign Up

OR
Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizes
  • Subject-Wise Quizes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Forgot Password

Enter the email address associated with your account, and we'll email you an OTP to verify it's you.


Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizes
  • Subject-Wise Quizes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Enter OTP

Please enter the OTP sent to
/6


Did not recive OTP?

Resend in 60s

Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizes
  • Subject-Wise Quizes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Change Password



Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizes
  • Subject-Wise Quizes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Almost there

Please enter your phone no. to proceed
+91

Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizes
  • Subject-Wise Quizes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Enter OTP

Please enter the OTP sent to Edit Number


Did not recive OTP?

Resend 60

By skipping this step you will not recieve any free content avalaible on adda247, also you will miss onto notification and job alerts

Are you sure you want to skip this step?

By skipping this step you will not recieve any free content avalaible on adda247, also you will miss onto notification and job alerts

Are you sure you want to skip this step?