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Kotak Mahindra Bank has received approval from the Reserve Bank of India (RBI) for its acquisition of microlender Sonata Finance for Rs 537 crore. The RBI has allowed Kotak to make Sonata its business correspondent subsidiary, making it a wholly-owned subsidiary of the bank. The acquisition will help Kotak deepen its presence in rural and semi-urban areas in north India. Sonata has Rs 1,903 crore of assets under management and serves 9 lakh people as of December 2022. ....
The company did not specify the date or the floor price of the proposed fundraise. The management also did not say how it plans to use the proceeds ....
The separation of microfinance from the parent will mean that the company will take at least five years to get to its aspired 50:50 mix of gold and non-gold loans. Gold loans make up 56% of its assets under management (AUM) of ₹37,086 crore at the end of June. Nandakumar said that the pace of growth in gold loans will be half the average growth. ....
A Sa-Dhan report found that all lenders, with the exception of not-for-profit institutions, had positive portfolio growth in the first three months of this year. ....
A 17-year-old girl in Jharkhand, India, allegedly consumed poison and died after being humiliated over the late payment of her brother s loan instalment. The girl had visited the office of a private company to make the payment but encountered an employee who subjected her to derogatory language. The police have initiated an investigation, and local authorities have promised that whoever is found guilty will be punished. ....