DBS Bank India Ltd (DBIL) has acquired a 9.9 per cent stake in Svakarma Finance, a non-banking finance company, to deliver financial solutions to micro enterprises through a combination of direct lending and co-lending.
However, the bank, which is a wholly owned subsidiary of DBS Bank Ltd., Singapore, did not disclose the transaction value.
DBIL’s strategy for its expanded franchise across 300 plus locations and 500 plus branches envisages significant growth in SME and consumer businesses, per the bank’s statement.
DBS will continue to identify opportunities to support lending to micro enterprises in a cost-efficient manner through its own expanded franchise as well as through partners, it added.