RBI Approves Kotak Mahindra Bank To Acquire MFI Sonata Finance

The Reserve Bank of India has approved Kotak Mahindra Bank’s Rs 537-crore acquisition of microlender Sonata Finance.
On February 10 of this year, the city-based private sector lender declared its intention to buy Sonata.
The RBI has approved Kotak to establish Sonata as its business correspondent subsidiary, and the entity is now a wholly-owned subsidiary of Kotak Mahindra Bank, according to the company.
In February, Kotak said that Sonata had Rs 1,903 crore of assets under management and serviced 9 lakh people as of December 2022.