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, to provide relevant financial solutions to micro-enterprises through a combination of direct loans and co-loans.
DBS Bank India’s strategy for its expanded franchise to over 300 locations and over 500 branches envisions significant growth in SME and consumer businesses. DBS will continue to identify opportunities to support micro business lending profitably through its own expanded franchise as well as through partners.
About Svakarma Finance:
Svakarma is a deposit-free NBFC, created by veteran former bankers to target micro-enterprises using an industry segment and cluster-driven delivery model leveraging technology and smart data. Currently present across Gujarat, Maharashtra and Tamil Nadu, Svakarma is looking to expand its network across the country. Svakarma’s vision is to democratize access to capital and knowledge to empower entrepreneurs by giving them access to credit, while creating a high-impact and profitable lending platform for MSMEs.
DBS is a leading financial services group in Asia with 18 markets. Recognized for its global leadership, DBS has been named ‘The best bank in the world‘ by Euromoney, ‘Global Banks of the Year‘ by The Banker and ‘best bank in the world‘ by GlobalFinance. The bank is at the forefront of using digital technology to shape the future of banking, having been named ‘The best digital bank in the world‘ by Euromoney and the world ‘The most innovative in digital banking‘ by The Banker. In addition, DBS was granted the ‘safest bank in Asia‘ award given by Global Finance for 13 consecutive years from 2009 to 2021. DBS was also ranked #1 on the Forbes list of the best banks in the world in India for two consecutive years.
DBS Bank is present in India for 28 years, opening its first office in Bombay in 1994. DBS Bank India Limited is among the first foreign banks India to begin operating as a wholly owned, locally incorporated subsidiary of a leading global bank. DBS provides a full range of banking services to large, medium and small businesses and individuals in India. In 2016, DBS launched india first exclusively mobile bank, digibank, with approximately 1 million savings accounts. In November 2020, Lakshmi Vilas Bank merged with DBS Bank India Limited. The bank now has a network of more than 500 branches in 19 states of the India.
DBS offers a full range of retail, SME and corporate banking services. As a bank born and raised in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with its customers because it does its banking the Asian way. Through the DBS Foundation, the bank creates an impact beyond the bank by supporting social enterprises: enterprises with a double profit and social and/or environmental impact. The DBS Foundation also gives back to society in a variety of ways, including equipping communities with future-ready skills and building food resilience.
Thanks to its vast network of operations in Asia and its focus on engaging and empowering its people, DBS presents exciting career opportunities. The bank recognizes the passion, commitment and dynamic spirit of our more than 30,000 employees representing more than 40 nationalities. For more information, please visitwww.dbs.com.
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