Question: Which of the following bank has acquired Grama Vidiyal Micro Finance Ltd?
(a) IDFC Bank
(b) HDFC Bank
(c) ICICI Bank
(d) State Bank of India
Ans:(a)
Related facts:
- On 12 July 2016 IDFC Bank signed a share purchase agreement to acquire 100% of Grama Vidiyal Micro Finance Ltd.
- Grama Vidiyal will act as a dedicated Business Correspondent of IDFC Bank.
- 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.
- Grama Vidiyal’s has an AUM (Assets Under Management) of Rs. 1,502 crore of micro finance assets, as on March 31, 2016.
- GramaVidiyal Micro Finance Ltd has its headquarter in Tiruchirappalli.
- According to Dr Rajiv Lall, Founder MD & CEO of IDFC Bank, the acquisition of a micro-finance institution by a bank is an industry’s first.
Reference:
http://www.idfcbank.com/content/dam/idfc/image/press-releases/IDFC-Bank-Press-Release-July12-2016.pdf
http://economictimes.indiatimes.com/industry/banking/finance/banking/idfc-bank-announces-acquisition-of-grama-vidiyal-microfinance/articleshow/53183481.cms