DBS Bank India buys 9.9% stake in Svakarma Finance

DBS Bank India Ltd. acquired a 9.9% stake in nonbank financial firm Svakarma Finance Pvt. Ltd., Mint reported June 20, citing a company statement.

The Mumbai-based unit of Singapore's DBS Bank Ltd. is said to be eyeing significant growth in the small and medium-sized enterprise sector to expand its consumer business.

Founded in 2017, Svakarma Finance provides financing products and services to micro, small and medium-sized enterprises.

The financial terms of the transaction were not disclosed.