Private sector lender Dhanalakshmi Bank plans to buy about 70 percent stake in a mutual fund firm, its managing director and chief executive officer Amitabh Chaturvedi said on Thursday.

"We have applied to the RBI for approval. We are waiting for it," he said.

He did not give details of the name and size of the company.

The bank is also looking at 30-40 percent loan growth in the current financial year by lending to low-risk large corporates, he said, adding the current loan book is 50 billion rupees.

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