DCB Bank has bought 5.81% stake in Annapurna Microfinance for Rs 9.99 crore. Annapurna Microfinance has 172 branches in rural areas of Odisha, Chhattisgarh, Jharkhand, Maharashtra, Rajasthan, and Madhya Pradesh. The microfinance firm has assets under management worth Rs 720 crore. Murali M. Natrajan, MD & CEO of the bank, said the two entities had a long and fruitful relationship since the MFI’s inception. The initiative of acquiring a strategic equity stake in the company further strengthens the partnership, he said adding the bank has a meaningful presence in microfinance segment which helps to achieve its financial inclusion goals.
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