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Business EconomyPosted at: Dec 27 2016 5:11PM


RBI’s final nod to Jaipur-based NBFC for SFB

New Delhi, Dec 27 (UNI) Jaipur-based Non-Banking Finance Company (NBFC) Au Financiers (India) Limited today reported that it has received final license from the Reserve Bank of India (RBI) to establish and operate Small Finance Bank (SFB) throughout the country.
The company is engaged in business of Commercial and Personal Vehicle loans, Micro, Small and Medium Enterprise (MSME) loans and SME loans serving primarily low and middle income under-served and unreached customer segment.
Speaking on the occasion, Sanjay Agarwal, Managing Director, Au Financiers (India) Limited said, “It’s a huge step for our company and we thank the RBI to grant us licence to launch Small Finance bank. The transition of Au Financiers from a NBFC into a Small Finance Bank is natural progression for us. It will enable us to serve entire bouquet of financial services to our under-served customer base thereby furthering financial inclusion and align the government’s various initiatives on this front including Jan-Dhan, less-cash & more electronic transactions.
The company has operations in 10 states with around 300 branches as an NBFC. AU was the only asset financing NBFC out of the ten applicants from across the country which has been awarded in-principle approval from RBI for SFB licence last year.
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