RBL Bank has acquired 9.99% stake in Utkarsh Micro Finance (UMFL) in what is a strategic move to reach out to the unbanked and under-banked segments of society. The bank is also entering into a Memorandum of Understanding (MoU) to extend its product portfolio to Utkarsh customers. The transaction has got all the necessary regulatory approvals.
UMFL is a Non-Banking Financial Company - Micro Finance Institution registered with Reserve Bank of India. It has received in-principle approval from the RBI for setting up a small finance bank and is expected to commence operations soon.
RBL Bank is one of India’s fastest growing private sector banks with an expanding presence across the country. It currently services over 2 million customers through a network of 201 branches and 373 ATMs spread across 16 Indian states and Union Territories.
