The Hindu Business Line : Aga Khan Fund to infuse Rs 140 cr in DCB

AGA Khan Fund for Economic Development, the major shareholder of Development Credit Bank, is planning to infuse Rs 140 crore into the bank, to support increased growth.

A press release from the bank said that AKFED is in the process of applying to Reserve Bank of India for the same.

The infusion of additional capital will permit DCB to purse its retail and commercial banking activities and treasury operations. Consulting firm McKinsey was the advisor to the bank. Currently, AKFED holds 49 per cent stake in the bank.

The release added that three members have been elected to the board. They are Dr Vijay Kelkar, advisor to the Ministry of Finance, Mr Anuroop Tony Singh, CEO and MD of Max New York Life Insurance and Mr Narayan Seshadri, a former partner with KPMG India and Arthur Andersen.

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