New Delhi, Jun 28 (PTI) RBL Bank today said it has raised its stake in microlender Swadhaar FinServe to 100 per cent to expand its portfolio across geographies. Also Read - 'Was Reading Script Given by Farmers', Masked Man Makes U-turn in Viral Video, Being Quizzed by Haryana Police

Financial details of the acquisition were however not disclosed. Also Read - India vs England 2021: Full Schedule of Four-Match Test Series, Squads, Timings, Dates And Venues

RBL Bank had earlier held 60.48 per cent stake in Swadhaar, it said in a statement. Also Read - BJP, TMC Workers Clash Ahead of PM Modi's Bengal Visit, Several Vehicles Torched

Swadhaar FinServe — an exclusive business correspondent of RBL Bank — is engaged in offering services to the underbanked segment in rural and semi-urban areas, it said.

RBL Bank said this buyout will help it expand its inclusive finance portfolio across geographies. It has bought this additional stake from marquee investors including global financial inclusion nonprofit organisation Accion.

“The acquisition…is as per our stated intent and goes in line with our broad vision and strategy.

“We have been successful in expanding our inclusive finance portfolio by reaching the hinterlands of India and Swadhaar has been instrumental in this effort,” said Harjeet Toor, Head – Retail, Inclusion and Rural business, RBL Bank.

The bank will be looking to leverage Swadhaar’s growing branch network to offer other relevant products to customers in semi-urban and rural markets in future as well, Toor said.

Swadhaar FinServe founder Veena Mankar said: “With the 100 per cent acquisition by RBL Bank we have achieved the most favourable outcome for our customers and employees.” The microlender has a network of 331 branches across 16 states and two union territories.

This is published unedited from the PTI feed.