IFC invests $2.7 million in Vortex
By Express News Service - BANGALORE
26th June 2012 08:05 AM
The International Finance Corporation (IFC), a World Bank arm, will be investing $2.7 million as equity in Vortex Engineering to help the company expand its network of Automated Teller Machines (ATM) across India’s rural and semi-urban areas.
“IFC’s assistance in implementing technology-led banking services would help us take our offerings to other developing countries,” said Vijay Babu, CEO of Vortex Engineering.
“The investment will help in taking basic banking and financial inclusion schemes to rural and semi-urban areas in India, bringing banking close to home means a lot in a country where less than one-fifth of over 600,000 villages have a banking touch-point,” Thomas Davenport, IFC Director for South Asia said.
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