DBS Bank India acquires 9.9% stake in Svakarma Finance
MUMBAI, India, June 20, 2022 /PRNewswire/ — DBS Bank India Limited today announced that it has acquired a 9.9% stake in 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.
About Svakarma Finance:
Svakarma is a non-deposit taking NBFC, 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.
About DBS
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. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named ‘World’s Best Digital Bank‘ by Euromoney and the world’s ‘Most Innovative in Digital Banking‘ by The Banker. In addition, DBS has been accorded the ‘Safest Bank in Asia‘ award by Global Finance for 13 consecutive years from 2009 to 2021. DBS was also ranked No. 1 on Forbes’ list of the World’s Best Banks in India for two consecutive years.
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. DBS provides an entire range of banking services for large, medium and small enterprises and individual consumers in India. In 2016, DBS launched India’s first mobile-only bank, digibank, with ~1 million savings accounts. In November 2020, Lakshmi Vilas Bank was amalgamated with DBS Bank India Limited. The bank now has a network of over 500 branches across 19 states in India.
DBS provides a full range of consumer, SME, and corporate banking services. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment, and can-do spirit of our 30,000+ staff representing over 40 nationalities. For more information, please visit www.dbs.com.
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