JOIN USRBL Bank has acquired 100% stake in Swadhaar Finserve (SFPL), an exclusive business correspondent of RBL Bank engaged in offering services to the underbanked segment in rural and semi-urban areas.
RBL Bank has brought this additional stake from marquee investors including global financial inclusion nonprofit Accion, which has been instrumental in shaping Swadhaar into one of India’s most effective lenders for underserved families and businesses.
SFPL works as a last-mile distributor of comprehensive financial services and products, particularly loans and savings products, to low-income households and microenterprises across India.
Today, the company has an AUM of around Rs 2,000 crore and reaches 7,50,000 customers. RBL Bank’s acquisition of SFPL is in line with its stated policy of strengthening its market position in this inclusive finance segment. SFPL and a few other select BC partners help RBL Bank in having a twin strategy of distribution, which is key towards having a diversified pan-India presence.
Harjeet Toor, Head – Retail, Inclusion and Rural business, RBL Bank said, “We have been successful in expanding our inclusive finance portfolio by reaching the hinterlands of India and Swadhaar has been instrumental in this effort. The bank sees Swadhaar as a vehicle for becoming the market leader in the space of inclusive finance, especially catering to the underserved households and small businesses. In the future, we will also be looking to leverage Swadhaar’s growing branch network to offer other relevant products to customers in semi-urban and rural markets.”