RBL Bank has acquired 100 percent stake in Swadhaar Finserve Pvt. Ltd. (SFPL) – an exclusive business correspondent of RBL Bank engaged in offering services to the underbanked segment in rural and semi-urban areas.
RBL Bank has brought this additional stake from marquee investors including global financial inclusion nonprofit Accion, which has been instrumental in shaping Swadhaar into one of India’s most effective lenders for underserved families and businesses. SFPL works as a last-mile distributor of comprehensive financial services and products, particularly loans and savings products, to low-income households and microenterprises across India.
Swadhaar’s extensive reach – with a network of 331 branches across 16 states and 2 union territories – and transformation from an NBFC to one of India’s first banking correspondents pioneered an innovative way to reach underserved communities throughout the country, the bank said.
Today, the company has an AUM of around Rs. 2,000 crores and reaches 750,000 customers.
"RBL Bank’s acquisition of SFPL is in line with its stated policy of strengthening its market position in this inclusive finance segment. SFPL and a few other select BC partners help RBL Bank in having a twin strategy of distribution, which is key towards having a diversified pan-India presence," the bank said.
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Source:https://www.moneycontrol.com/news/business/markets/market-live-nifty-below-10650-ahead-of-f-midcaps-index-dips-1-2644411.html
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