AU Small Finance Bank Set to Make Banking History with Universal Transition
The Reserve Bank of India granted in-principle approval to AU Small Finance Bank to transition into a universal bank. AU is the first small finance bank in India to receive this approval, marking its evolution into a full-spectrum banking service provider. The move highlights AU's strong business model and commitment to financial inclusion.
- Country:
- India
The Reserve Bank of India has granted 'in-principle' approval for AU Small Finance Bank to transition into a universal bank, a pioneering move in the Indian banking sector.
AU Small Finance Bank began its operations as a small finance bank in April 2017 after obtaining a license in 2015. It is now the first small finance bank in the country to receive approval to become a universal bank, under the RBI's 'on tap' licensing guidelines.
The bank's Managing Director and CEO, Sanjay Agarwal, described the approval as a historic achievement, citing it as a testament to AU's robust growth strategy, ethical governance, and commitment to comprehensive financial services.
(With inputs from agencies.)
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