| Company type | NBFC |
|---|---|
| Industry | Finance |
| Founded | 1993 |
| Headquarters | Tiruchirapalli, India |
Number of locations | 298 |
Area served | Tamil Nadu, India |
Key people | S. Devaraj, chairman and managing director Arjun Muralidharan, CEO Shirley Devaraj, COO |
| Products | microfinance microinsurance networking and federation |
| 220 | |
| Total assets | 2.29. INR (2018) |
Number of employees | 2242 |
| Website | http://www.gvmfl.com/ |
IDFC Bharat Ltd is a microfinance bank (Formerly known as Grama Vidiyal), operating in the Tamil Nadu area of South India.[1] Since 1993, it has provided small loans to women without access to formal credit and who typically have daily incomes of less than INR 80 (US$2) per day.
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Transcription
History
In 2007, Grama Vidiyal transformed from a charitable trust to a regulated Non-Bank Financial Company (NBFC). Its status as an NBFC brings Grama Vidiyal under the purview of government regulation but will permit the firm to take on larger amounts of equity capital. Grama Vidiyal expects continued rapid growth, reaching more than two million clients by expanding to other states of India with an excess of Rs.15 billion (US$400,000,000) in loans outstanding by 2012.[2]
Loan products
Grama Vidiyal offers a variety of loans to its members.[3]
Other services
Grama Vidiyal is among the largest microinsurance providers in India, and was studied by the ILO for a 2005 case study on microinsurance[4][5]
Investors
Some of the most prominent investors include Vinod Khosla, co-founder of Sun Microsystems and former partner in the venture capital firm Kleiner Perkins. Additional investment has come from the Unitus Equity Fund, a $23.6 million fund which invests in emerging microfinance institutions.[6] In 2016, Grama Vidiyal was acquired by IDFC First Bank Ltd (formerly known as IDFC Bank Ltd) and name was changed to IDFC Bharat Ltd from Grama Vidiyal.[7][8]
See also
Notes
- ^ "IDFC Bank buys Grama Vidiyal Micro". www.thehindubusinessline.com. 25 July 2016. Retrieved 14 April 2022.
- ^ Grama Vidiyal grows its loan portfolio newspaper
- ^ "Demand > Search for MFIs > Profile for GV (Grama Vidiyal)". The MIX Market. The Microfinance Information eXchange (MIX). Archived from the original on 26 March 2005.
- ^ "Microinsurance and Microfinance Institutions: Evidence from India - Good and bad practices in Microinsurance – CGAP Working Group on Microinsurance Good and Bad Practices - Case Study No. 15 (Electronic Resource)". International Labor Organization (ILO). 25 September 2005.
- ^ Roth, James; Churchill, Craig; Ramm, Gabriele; Namerta (September 2005), Microinsurance and Microfinance Institutions: Evidence from India (PDF), International Labor Organization (ILO)
- ^ Lee, Jennifer (12 May 2008), MICROCAPITAL STORY: Indian Microfinance Institution Grama Vidiyal Microfinance (GV) Plans Expansion and Receives USD 3.5 Million from Unitus Equity Fund and Vinod Khosla, MicroCapital, retrieved 8 February 2013
- ^ "IDFC Bank buys micro lender Grama Vidiyal". The Hindu. 12 July 2016. ISSN 0971-751X. Retrieved 31 March 2024.
- ^ "IDFC Bank acquires Grama Microfinance". The Indian Express. 13 July 2016. Retrieved 31 March 2024.
External links
- The Grameen Foundation
- ASA-GV, The Activists for Social Alternatives - Grama Vidiyal
- Sa-Dhan, The Association of Community Development Finance Institutions
- Unitus Group, Market-based solutions to global poverty
This page was last edited on 31 March 2024, at 10:36