RBL Bank has increased its stake from 30% to 60.48% in Swadhaar Finserve – a captive business correspondent of RBL Bank – engaged in offering services to the financial inclusion segment covering MSME & Micro banking in rural and semi-urban areas.
RBL Bank bought the additional 30.48% stake in Swadhaar Finserve, in line with its business strategy to leverage technologies and partnerships and extend its service offerings to the under-banked. The Bank holds rights to increase its stake to 100% subject to regulatory approvals. Currently, the Swadhaar business operates in 17 states and Union Territories through 242 branches. Swaadhar has helped the Bank to create an AUM of around Rs 1,000 crore as of September, 2017.
RBL Bank is one of India’s fastest growing private sector banks with an expanding presence across the country.
