RBI Approves Kotak Mahindra Bank To Acquire MFI Sonata Finance

Current Affairs, Economy

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  • 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.

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