Current Affairs - Banking - Discussion

AU Small Finance Bank has made history by becoming the first Small Finance Bank in India to receive the Reserve Bank of India’s in-principle approval to transition into a Universal Bank. This marks a significant milestone in its journey from a vehicle financing business to a niche financial institution and now to a full-spectrum banking provider. The upgrade will allow AU to expand its services to include corporate lending, wealth management, forex operations, and broader digital banking solutions. The move reflects AU’s strong governance, financial performance, and compliance standards, setting a precedent for other well-performing SFBs in India.