RBI rejects Dia Vikas Capital's ESAF Bank promoter share acquisition

ESAF Small Finance Bank announced on October 28, 2025, that the Reserve Bank of India (RBI) has rejected a proposed acquisition of shares by Dia Vikas Capital Private Limited. Dia Vikas Capital is an identified shareholder of the promoter company.

The acquisition, which would have exceeded 5% of the bank's paid-up share capital under a scheme of arrangement, was not approved by the RBI via an email dated October 27, 2025.

This development impacts the scheme, initially approved by the promoter company's board on December 10, 2024. The scheme aimed to facilitate a significant change in promoter shareholding. Consequently, the promoter company's board of directors is now evaluating the implications of the RBI's decision and exploring alternative courses of action to ensure compliance with the RBI Bank Ownership Directions 2023.

Due to this rejection, the scheme of arrangement will not be filed with the National Company Law Tribunal. ESAF Small Finance Bank will provide further updates as they become available.