AU Small Finance Bank has applied to the Reserve Bank of India (RBI) for a voluntary transition from a Small Finance Bank to a Universal Bank.
This move, announced on September 3, 2024, could significantly expand the bank's reach and services. The bank's board had already approved the plan on July 25, and the application process followed as expected. AU Small Finance Bank's MD and CEO, Sanjay Agarwal, had previously indicated that the application would be submitted by August-end.