CURRENT AFFAIRS

Detailed explanation-1: -The bank said the three-decade old Trichy-based Grama Vidiyal will be its wholly-owned subsidiary and will act as a dedicated business correspondent of IDFC Bank.

Detailed explanation-2: -In an industry first, IDFC Bank has acquired 100% of Grama Vidiyal Micro Finance, one of the largest microfinance institutions in the country.

Detailed explanation-3: -It is worth mentioning here that the Self Employed Women’s Association (SEWA) Cooperative Bank, operating in Gujarat with similar objectives since 1974, is arguably the first microfinance programme in India.

Detailed explanation-4: -In 1974, SEWA (Self-Employed Women’s Association) Bank, a cooperative bank, was established in Ahmedabad; as one of the first modern-day microfinance institutions in the country.

Detailed explanation-5: -The modern use of the expression “microfinancing” has roots in the 1970s when Grameen Bank of Bangladesh, founded by microfinance pioneer Muhammad Yunus, was starting and shaping the modern industry of microfinancing.