AU Small Finance Bank gets permission from RBI to operate as Universal Bank
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The Reserve Bank of India (RBI) has given an ‘in-principle’ approval to AU Small Finance Bank (AUSFB) to transition from being a Small Finance Bank (SFB) to a Universal Bank. Now AU Small Finance Bank will function as Universal Bank.
AU Small Finance Bank Limited is an Indian scheduled commercial small finance bank, based in Jaipur. It was founded in 1996 as a vehicle finance company and was converted into a small finance bank in 2017.
| Company type | Public |
|---|---|
| Founded | 1996; 29 years ago |
| Founder | Sanjay Agarwal |
| Headquarters | Jaipur, Rajasthan, India (registered office) BKC, Mumbai, India (corporate office) |
Once a Bank gets license of Universal Bank, then it can do full-fledged banking. Right now in India, there are certain restrictions on Small Finance Banks.
AU Small Finance Bank’s promoters will transfer their shares to a non-operative holding company (NOHC).
The bank has also decided to shift its corporate headquarters from Jaipur to Mumbai.
