RBL BankLtd. acquired a 9.99% stake in Utkarsh Micro Finance Ltd. andagreed to extend its product portfolio to Utkarsh Micro Finance customers.
The deal has received all necessary regulatory approvals, thebank said Sept. 30.
Utkarsh Micro Finance was one of the companies that receivedin-principle approvalfrom the Reserve Bank of India to set up a small finance bank. The company isexpected to start operations soon.
Financial details of the transaction were not disclosed.