AU Small Finance Bank Eyes Universal Bank Licence

Sanjay Agarwal, Managing Director of AU Small Finance Bank, announced plans to apply for a universal bank licence from the Reserve Bank of India next month. The board constituted a committee led by chairman H R Khan to oversee the application process. They aim to file by the end of August.

Managing Director Sanjay Agarwal of AU Small Finance Bank revealed on Thursday that the bank will apply for a universal bank licence to the Reserve Bank of India (RBI) next month.

Agarwal stated, 'The board has decided to go for a universal licence and approved the constitution of a committee headed by chairman H R Khan.'

The committee, along with three other members, will supervise the application process. Consultants have been appointed to assist in filing the applications, with a target to file by the end of August.