RBL Bank holds rights to increase its stake to 100 per cent subject to regulatory approvals. Currently, the Swadhaar business operates in 17 states and union territories through 242 branches. Swaadhar has helped the bank to create an AUM of around Rs. 1,000 crore as of September 2017.
Speaking on the investment, RBL Bank's Managing Director & CEO, Vishwavir Ahuja, said: "Deepening our relationship with Swadhaar Finserve, now a subsidiary of the Bank, is in sync with our broad vision and strategy. Over the past few years, we have been able to establish a sizable business in the financial inclusion segment with an advances book of around Rs. 4,600 crores serving 1.9 million borrowers. The bank sees Swadhaar as a vehicle to execute its strategy to become a significant player in the financial inclusion and micro banking segment, catering to the economically weaker and underserved households."