RBL Bank acquires 10 stake in Utkarsh Micro Finance shares rise

first_imgPrivate-sector lender RBL Bank on Monday announced acquisition of a 9.99% stake in Utkarsh Micro Finance Ltd (UMFL). The acquisition is seen as a strategic move to reach out to the unbanked and underbanked segments of the society.The bank is also entering into an MoU to extend its product portfolio to Utkarsh customers. In a statement, the bank said it has got all the necessary regulatory approvals. UMFL has received in-principle approval from the RBI for setting up a small finance bank and is expected to commence operations soon.”This is a strategic partnership rather than a mere acquisition of a minority stake in Utkarsh, one of India’s finest and well-governed micro finance institutions. Personally, I am very happy and excited to be a part of this partnership. It will help us extend our distribution footprint and strengthen our financial inclusion initiatives across the rural hinterland,” Vishwavir Ahuja, RBL Bank Managing Director and CEO, said in the statement.In other news, RBL Bank said it has raised Rs 330 crore (about $50 million) from CDC Group Plc, a UK-based development finance institution, through Basel III compliant Tier II capital. The capital infusion will help the bank expand to new regions in India.The fund-raising will also strengthen its capital base to meet future requirements. This is the third round of funding the private-sector lender received in two-and-a-half years. Previously, in October 2015, the bank raised Rs 44.5 crore, and in March 2014, it secured investment of Rs 174 crore.RBL Bank stock closed at Rs 297.10 on Monday, up 1.97 from its previous close on the Bombay Stock Exchange.last_img read more

Gupta alleges AAP has scant regard for Assembly rules

first_imgThe Leader of Opposition in Delhi Assembly Vijender Gupta on Monday alleged that the AAP government is violating all rules and traditions in conducting the sessions of the Assembly and is running away from discussions.“This is the smallest session of the House. The government has confined the question hours to the last two days only. How can the budget be discussed in two days? The members will not get time to put their views,” said Vijender Gupta on Monday.  Also Read – Company director arrested for swindling Rs 345 croreHe alleged that the budget is scheduled to be presented on Friday, which was reserved for private member’s bills. “All the members should have been informed 12 days in advance about the session but it was not done,” added Gupta.As per the schedule of the Speaker the budget is likely to be presented in the House on Thursday, June 25.The Speaker, however, in a press conference informed that he had relaxed the norms for the question hour. “The question hours have been fixed for the last two days of the session. I have relaxed the norms to allow members to ask questions by relaxing the minimum limit of 12 days. So far 67 questions have been received,” said Ram Niwas Goel, the Speaker. Goel also informed that Friday is reserved for private member’s bill and three bills are scheduled to be introduced in the Assembly.last_img read more