AU Small Bank eyes Universal banking status in 2-3 yrs, says MD-CEO

Lender has rolled out platform to provide customers with a full-suite of digital banking services, including face-to-face interaction with a banker over video call

2 min read Last Updated : Aug 12 2021 | 12:29 AM IST

Jaipur-based private lender AU Small Finance Bank is looking to morph into a universal banking entity in two or three years to enhance capacity for more business and offer additional services.

The bank has already finished four years as a small finance bank. It needs to be functional for five years to be eligible for becoming a universal banking entity. It will complete five years as an SFB next April, the lender's managing director and chief executive Sanjay Agarwal said.

Asked if the transition to a universal bank could happen in two-three years, Agarwal said "it should be". Its stock closed 1.2 per cent lower at Rs 1,288.2 per share on BSE.

R V Verma, its chairman, in a communication to shareholders as part of annual report for FY21, had said, “We are looking far beyond the current status of the bank in the SFB space.” It was propelling the Bank’s journey to the next important milestone in the bigger banking space with an aspiration to serve all sectors and segments of the economy for national development and growth, Verma said.

Meanwhile, the lender launched its brand campaign “BADLAAV Humse Hai” with Amir Khan and Kiara Advani as brand ambassadors as part of effort to enhance visibility for franchise. The system is coming out of challenging times and want to re-energise the environment around.

The bank has also rolled out digital banking platform, 'AU 0101', to provid customers with a full-suite of digital banking services, including face-to-face interaction with a banker over a video call. Alongside, the bank unveiled its range of credit cards to serve the entire spectrum of customers.

The platform is a sort of superapp with deposits, loans, payments and lifestyle management etc features. The app launch and brand campaign were not timed. They just came together, Agarwal said.