RBI approves Kotak Mahindra Bank's acquisition of Sonata Finance
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The Reserve Bank of India (RBI) has finally given the green light to Kotak Mahindra Bank's acquisition of Sonata Finance Pvt Ltd and its transformation into a business correspondent subsidiary, the private lender said in an exchange filing on October 20. Announced in February, the all-cash deal is valued at Rs. 531 crore. This acquisition will make Sonata Finance a wholly-owned subsidiary of Kotak Mahindra Bank, India's fourth-largest private sector bank.