The Reserve Bank of India (RBI) has granted in-principle approval to AU Small Finance Bank Limited (AUSFB), allowing it to transition into a universal bank, a first for any small finance bank in the country.
AUSFB operates over 2,505 touchpoints across 21 states and four Union Territories, catering to 1.16 crore customers with a workforce of more than 53,000 employees.
In an official statement, Sanjay Agarwal, Founder and CEO, AU SFB called the approval a historic moment for the institution. “We have made history by receiving in-principle approval from the Reserve Bank of India to transition into a Universal Bank. This milestone is more than a regulatory achievement; it is a reaffirmation of our purpose, our perseverance, and our passion.
“This in-principle approval acknowledges not just our ability to grow, but to grow responsibly,” he said.
The upgrade to a universal bank license will allow AUSFB to expand its product portfolio, enhance lending capabilities, and diversify into new financial services, marking a significant step in its growth journey.
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