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RBL Bank has bought out the balance stake in Swadhaar Finserve Pvt Ltd, an exclusive business correspondent for RBL Bank engaged in offering services to the under-banked segment in rural and semi-urban areas. RBL, which previously held a 60.48 per stake in Swadhaar, bought the balance 39.52 per cent stake from marquee investors, including US-headquartered non-profit Accion, which sold its 35.94 per cent stake in Swadhaar.
RBL bought the balance stake at a mutually agreed price per share and did not disclose the transaction amount. Swadhaar is a last-mile distributor of financial services and products to low-income households and micro-enterprises. Swadhaar has a network of 331 branches in 16 States and two Union Territories.
It transformed from a non-banking finance company to a banking correspondent and it has assets under management of ₹2,000 crore and reaches 7.5 lakh customers. RBL’s acquisition of Swadhaar is to strengthen its inclusive finance segment.
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