Shivalik Small Finance Bank, backed by Sumitomo Mitsui Banking Corporation (SMBC), is finalizing the acquisition of ManiBhavnam Home Finance for ₹109 crore. The Reserve Bank of India has approved the deal, which involves share swaps and cash payments. This strategic move is intended to bolster Shivalik's presence in the affordable housing segment and support financial inclusion efforts in North India. Shivalik has been exploring acquisitions over the past year, having previously raised ₹100 crore in equity to strengthen its capital base. As of December 2022, Shivalik's total loan book stood at ₹3,659 crore, primarily driven by housing loans, while ManiBhavnam has a loan book of approximately ₹300 crore. The acquisition positions Shivalik to tap into a growing affordable housing finance market, projected to expand at a 20% compounded annual growth rate until 2030.