Private lender RBL Bank has raised Rs 330 crore from the UK-based development finance institution CDC Group through Basel III compliant Tier II capital.
The Tier II debt will strengthen the capital base of the bank, which in turn will support its businesses such as SME lending, agribusiness financing and financial inclusion. The infusion will also help the bank expand to new regions, RBL Bank said in a statement.
RBL Bank is an existing CDC investee company - having received Rs 174 crore equity investment in March 2014 and subsequent pre-IPO investment of Rs 44.5 crore in October 2015, it said.
"This infusion of funds is testimony to the trust that CDC Group has in our capability to deliver highly-skilled and technology-driven services. It is also a reaffirmation of the close and long-term relationship we share with CDC," said RBL Bank Managing Director Vishwavir Ahuja.
CDC has consistently supported the bank's growth as it developed from a regional bank to a pan-India bank with 201 branches and 373 ATMs across 16 Indian states and Union Territories serving over 2 million customers.
As of March 2016, RBL Bank's total business size is over Rs 45,000 crore and it employs close to 3,900 people.
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