Kotak Mahidra Bank said it has agreed to acquire BSS Microfinance Pvt Ltd for Rs 139.2 crore in cash.
BSS Microfinance Pvt Ltd is an non-banking micro finance institution. It exends microfinance to poor rural and semi urban women, primarily for income generating activities, and also for life quality improvement activities.
As at June 30, 2016 BSS had microfinance loans of Rs 483 crore. The total no.of employees in BSS are 728 as of June 30.
The bank said it was buying the company to embrace financial inclusion and to cater to the needs of weaker sections.
Kotak Mahindra Bank is an Indian private sector banking headquartered in Mumbai, Maharashtra.
In February 2003, Reserve Bank of India gave the licence to Kotak Mahindra Finance Ltd., the group’s flagship company, to carry on banking business.
