Au Small Finance Bank Limited commences operations

Jaipur, Apr 20 (KNN) City based Non-Banking Finance Company (NBFC) Au Small Finance Bank Limited has commenced operations as a small finance bank.

The small started its operation with effect from April 19, 2017. The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of small finance bank in India.

Au Financiers (India) Limited, Jaipur was one of the ten applicants which were issued in-principle approval for setting up a small finance bank.

Among those, Capital Small Finance Bank, Equitas Small Finance Bank, Utkarsh Micro Finance, Suryoday Microfinance, Ujjivan Small Finance Bank and ESAF Small Finance Bank have already commenced their operations.

Small finance banks provide basic banking services like accepting deposits and lending to unserved and underserved including small business units, small and marginal farmers, micro and small industries and unorganised sector entities.