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Mumbai: DBS Bank India Ltd on Monday announced it has acquired a 9.9% stake in Svakarma Finance, a non-banking financial company, for delivering financial solutions to micro-enterprises through a combination of direct lending and co-lending.

“DBS Bank India’s strategy for its expanded franchise across over 300 locations and more than 500 branches envisages significant growth in the small and medium enterprise (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," it said in a statement.

The lender did not mention the financial details of the transaction.

DBS Bank has been present in India for 28 years, since opening its first office in Mumbai in 1994. DBS Bank India Ltd is among the first foreign banks in India to start operating as a wholly owned, locally incorporated subsidiary.

Svakarma is a non-deposit-taking NBFC, set up by former 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 said it is looking expand its network across the country.

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