Kotak Mahindra Bank gets RBI nod to acquire microlender Sonata Finance
Banking & Finance
Kotak Mahindra Bank has received approval from the Reserve Bank of India (RBI) to acquire microlender Sonata Finance for Rs 537 crore. RBI has given permission to Kotak to make Sonata its business correspondent subsidiary, making it a wholly owned subsidiary of the bank. This acquisition will help Kotak strengthen its presence in rural and semi-urban areas in North India. Sonata has assets under management worth Rs 1,903 crore and serves 9 lakh people by December 2022. It said the acquisition will help the lender expand its presence in rural and semi-urban areas in North India .
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