RBL Bank has acquired 9.99% stake in Varanasi-based Utkarsh Micro Finance. The bank has also signed an agreement with the MFI to offer its products to the customers of Utkarsh. Utkarsh Micro Finance has received in-principle approval from the RBI for setting up a small finance bank and is expected to commence operations soon. Vishwavir Ahuja, MD and CEO, RBL Bank, said this is a strategic partnership rather than the mere acquisition of a minority stake in Utkarsh. It will help the bank to extend its distribution footprint and strengthen its financial inclusion initiatives across the rural hinterland and it will strive to explore joint business opportunities that are beneficial to Utkarsh, the bank and its customers, he added. Govind Singh, MD and CEO, Utkarsh Micro Finance, said the long-term partnership with RBL Bank will help it to augment its bouquet of products and services, including ancillary services.
