IDFC Bank to acquire Grama Vidiyal Micro Finance
The Dollar Business Bureau IDFC Bank has signed a share purchase agreement on Tuesday to acquire Grama Vidiyal Micro Finance Ltd. After completion of the acquisition, Grama Vidiyal will be a completely owned subsidiary of IDFC Bank. Tamil Nadu-based micro finance firm will act as IDFC Bank’s dedicated Business Correspondent. It will expand the delivery mechanism for the services of IDFC Bank. The acquisition will help IDFC Bank to increase its network and reach to a large customer base in the country. Post-acquisition, IDFC Bank can access Grama Vidiyal’s network of 1.2 million households in 319 rural and semi-urban areas across 65 districts of Tamil Nadu, Kerala, Karnataka, Pondicherry, Maharashtra, Gujarat and Madhya Pradesh. With this, the customers of Grama Vidiyal will benefit from IDFC Bank’s ...
Increased production will boost growth rate: Sinha
The Dollar Business Bureau The Minister of State for Finance Jayant Sinha on Wednesday said that 7-8% of annual growth will definitely double the Indian economy in 10 years. Speaking at the 15th Sustainable Development Summit in New Delhi, the Finance Minister for State further said that this trajectory of growth will also create huge employment opportunities, along with boosting the economy. The Minister further stressed upon the need for building productive capacity and the sustainable growth, as a process to witness the rising growth trajectory. In his earlier statements, the Minister had pitched for the structural reforms as a key to achieve a sustainable growth of 7-8 % and making India a $5 trillion economy in next 12 ...
