Kotak Mahindra Bank has bought 99.49 per cent stake in
Bengaluru-headquartered BSS Microfinance Pvt Ltd for ₹139.20 crore.
In July 2016, newly-started private sector bank IDFC Bank bought out Tamil Nadu-based Grama Vidiyal Micro Finance Ltd.
BSS Microfinance, a non-banking finance company, has a
networth of about ₹73 crore and microfinance loans of ₹483 crore in its
books, as of June 30. It will become a subsidiary of Kotak Mahindra
Bank. This acquisition gives Kotak access to BSS Microfinance’s growing
customer base, which now stands at 2.17 lakh and a network of 78
branches. It also gives Kotak a deeper reach into the low income segment
and at the same time increases the access of BSS Microfinance’s
customers to a wider array of banking products and services. BSS
Microfinance’s loan book qualifies for priority sector lending.
The
deal will help in increasing financial inclusion. Kotak believes the
capabilities and processes required for this customer segment are
different and cannot be created easily or organically in a short period
of time.
In July 2016, newly-started private sector bank IDFC Bank bought out Tamil Nadu-based Grama Vidiyal Micro Finance Ltd.
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