On 3 September , AU Small Finance Bank applied for transition from small finance bank to Universal bank.
The Reserve Bank of India (RBI) approve the transition AU Small Finance Bank to Universal bank on 7 august .This is a major step for bank for expanding influence and services, lender had said in an exchange filling on September 3,2024.
In July , Bank’s MD and CEO Sanjay Agarwal said that ” Lender will apply for universal banking licence in about a four weeks. We have received approval from the board and it was widely expected. So, after this, we have decided to apply in the next four weeks or by August-end “while taking to moneycontrol.
How Small Finance Banks Can Transition into Universal Banks:
They need a consistent 5-year performance, stock exchange listing, and a net worth of ₹1,000 crore or more.