Grama Vidiyal

IDFC Bharat Ltd is a microfinance bank (Formerly known as Grama Vidiyal), operating in the Tamil Nadu area of South India. 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.

IDFC Bharat Ltd
NBFC
IndustryFinance
Founded1993
HeadquartersTiruchirapalli, India
Number of locations
298
Area served
Tamil Nadu, India
Key people
S. Devaraj, chairman and managing director
Arjun Muralidharan, CEO
Shirley Devaraj, COO
Productsmicrofinance
microinsurance
networking and federation
220
Total assets2.29. INR (2018)
Number of employees
2242
Websitehttp://www.gvmfl.com/

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.[1]

Loan products

Grama Vidiyal offers a variety of loans to its members.[2]

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[3][4]

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.[5] In 2016, Grama Vidiyal was acquired by IDFC First Bank Ltd (Foremerly known as IDFC Bank Ltd) and name was changed to IDFC Bharat Ltd from Grama Vidiyal.

gollark: Or the ability to tell you the types of values on hover.
gollark: Or indentation awareness.
gollark: But Notepad doesn't have syntax highlighting.
gollark: > no GUIMeh.
gollark: > fasterBasically any editor is going to be fast enough for most usecases.> every system everFair, but then you'll lose all your fancy config

See also

Notes
  1. Grama Vidiyal grows its loan portfolio newspaper
  2. "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.
  3. "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.
  4. Roth, James; Churchill, Craig; Ramm, Gabriele; Namerta (September 2005), Microinsurance and Microfinance Institutions: Evidence from India (PDF), International Labor Organization (ILO)
  5. 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
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.