Mumbai Based Swadhaar FinServe Acquired By RBL Bank

RBL Bank has raised its stake in Swadhaar Finserve Pvt. Ltd to 100% from 60.48%. The bank has bought the stake it did not own from US-based non-profit Accion. Swadhaar FinServe started operations as a non-banking finance company in 2008.

It subsequently converted into an NBFC-MFI. It became a business correspondent for RBL Bank in 2014 and transferred its microcredit portfolio to the bank. In November 2017, RBL Bank increased its stake in Swadhaar to 60.48%.

Source- The Livemint

Static/Current Takeaways Important for SBI PO/Clerk Exam 2018-

  • RBL Bank Headquarters: Mumbai, MD & CEO: Vishwavir Ahuja, Founded: August 1943.