RBL Bank has increased its stake in microlender Swadhaar Finserve to 60.48%. The bank did not disclose the price at which it acquired the stake. It now holds rights to increase the stake to 100%. In September 2016, the bank had acquired 30% of Swadhaar, which now operates as the bank’s business correspondent in 17 states and Union Territories through 242 branches. Vishwavir Ahuja, MD and CEO of the bank, said Swadhaar is now a subsidiary of the bank and increasing the stake is in line with its vision and strategy. The bank is intending to have a significant role in the microfinance segment and push its financial inclusion efforts, said Ahuja, adding the bank’s micro advances book stands at around Rs 4600 crore serving 1.9 million borrowers. Swadhaar has helped the bank create assets under management of around Rs 1000 crore as of September 2017.
