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IDFC Bank announces acquisition of Grama Vidiyal Microfinance

IDFC Bank announces acquisition of Grama Vidiyal Microfinance
13 July 2016 Current Affairs: IDFC Bank has announced the acquisition of Grama Vidiyal Microfinance, a Trichy-based Microfinance company. The bank said it had completed a share purchase agreement with the lender, but declined to comment on the value of the deal. 

A person familiar with the transaction said the deal is estimated at nearly Rs 300 crore, adding that it will lead to a 20-fold surge in IDFC Bank's customer base to more than a million. IDFC Bank said it is the first time an Indian bank has acquired a microfinance institution. Prior to this, the bank had purchased 10% stake in Dhaka-based ASA International in January for nearly Rs 8.5 crore. 

Grama Vidiyal would become a dedicated BC (banking correspondent) and a 100% subsidiary of IDFC Bank, Rajiv Lall, MD, IDFC Bank, said while announcing the deal. One of the largest microfinance institutions in the country, Grama Vidiyal has over 12 lakh customers and an asset book of Rs 1,502 crore. All loan assets on the book will be transferred to IDFC Bank. 

Grama Vidiyal's network is spread over 319 branches across seven states and 65 districts of Tamil Nadu, Kerala, Karnataka , Puducherry, Maharashtra, Gujarat and Madhya Pradesh, and has over 3,000 employees. Its annual profit is nearly Rs 60 crore and has a a loan recovery rate of 99.99%. 

The 30-year-old company is known for its double-bottom-line approach, focusing on the sustainability of financial inclusion programmes and the development of women and their families. Current customer households of Grama Vidiyal, in turn, will benefit from IDFC Bank's full range of liability products, customised credit offerings, innovative digital services and doorstep banking. 

Over 90% of IDFC Bank's book comprises loans from large corporates and the remaining is retail. The bank, licensed two years ago, currently has a deposit base of Rs 8,219 crore, as on March 31, of which about Rs 200 crore worth of deposits came from its retail customers. 

 


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