The Board of Directors of AU Small Finance Bank on Thursday approved a proposal to make an application to the Reserve Bank of India for transition from a Small Finance Bank (SFB) to a universal bank.
The decision is pursuant to RBI guidelines for ‘on tap’ licensing of universal banks in the private sector dated August 01, 2016 and RBI circular on voluntary transition of Small Finance Banks to universal banks dated April 26, 2024.
The board has constituted a Committee of Directors to vet the bank’s application for submission to the RBI.
The Committee comprises four members, with the bank’s part-time Chairman and Independent Director HR Khan as its Chairperson; Independent Directors Pushpinder Singh and MS Sriram, and Managing Director & CEO Sanjay Agarwal as members.