DBS identifying opportunities to support lending to micro enterprises
Singapore-origin DBS Bank India Limited has acquired a 9.9% stake in Mumbai’s Svakarma Finance, a non-banking finance company, for delivering relevant financial solutions to micro enterprises through a combination of direct lending and co-lending.
DBS Bank India’s strategy for its expanded franchise across 300+ locations and 500+ branches envisages significant growth in SME and consumer businesses.
DBS will continue to identify opportunities to support lending to micro enterprises in a cost-efficient manner through its own expanded franchise as well as through partners, DBS Bank India said in a release from its Mumbai office on 20 June 2022.
Svakarma, a non-deposit taking NBFC, is set up by seasoned ex-bankers to target micro-enterprises using an industry segment and cluster focused delivery model leveraging smart technology and data.
Currently present across Gujarat, Maharashtra and Tamil Nadu, Svakarma is looking to expand its network across the country. Svakarma’s vision is to democratise access to capital and knowledge to empower entrepreneurs by giving them access to credit, while building a high impact and profitable lending platform for MSMEs.
DBS is a leading financial services group in Asia with 18 markets. Recognised for its global leadership, DBS has been named ‘World’s Best Bank’ by Euromoney, ‘Global Banks of the Year’ by The Banker and ‘Best Bank in the World’ by Global Finance.
DBS Bank has been present in India for 28 years, opening its first office in Mumbai in 1994. DBS Bank India Limited is among the first foreign banks in India to start operating as a wholly owned, locally incorporated subsidiary of a leading global bank. fiinews.com