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Au Small Finance Bank commences operations

Press Trust of India  |  New Delhi 

Jaipur-based Au Small today started its operations as a small

"Au Small Limited has commenced operations as a small finance bank with effect from April 19, 2017," the Reserve Bank said in a release today.

The RBI said it has issued a licence to the bank under the Regulation Act, 1949 to carry on the business of small finance bank in

Au Financiers (India) Limited was one of the ten applicants that were issued in-principle approval on September 16, 2015, for setting up small finance banks.

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 services like accepting and lending to unserved and underserved including small business units, small and marginal farmers, micro and small industries and unorganised sector entities.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, April 19 2017. 19:57 IST