DBS Bank India Ltd. announced that it has purchased a 9.9% share in Svakarma Finance, a non-deposit taking, non-banking finance company that provides micro businesses with relevant financial solutions through a combination of direct lending and co-lending. DBS Bank India‘s extended franchise plan envisions considerable development in SME and consumer companies across over 300 sites and 500 branches.
It stated it will continue to look for ways to promote microenterprise lending in a cost-effective manner, both via its own enlarged franchise and through partners. Svakarma is expanding its network across the country. It is currently active in Gujarat, Maharashtra, and Tamil Nadu.
About Svakarma Finance:
Svakarma Finance is a non-banking financial Company (NBFC) with a mission to help Micro, Small, and Medium-sized Enterprises (MSMEs) and make a long-term socio-economic difference in the lives of its customers. They are headquartered in Mumbai and have offices in Maharashtra, Gujarat, and Tamil Nadu. Their mission is to democratise access to cash and information in order to empower businesses.