Mumbai, Aug. 8 -- "With this notification, AU becomes the first Small Finance Bank in India to receive this in-principle approval to become a Universal Bank," the SFB said in a statement.

AU Bank had submitted the application for this transition on 03 September 2024, under the RBI's 'on tap' licensing guidelines (August 2016) and April 2024 framework for the voluntary conversion of Small Finance Banks to Universal Banks.

RBI approval for transition to a universal bank will help the bank's evolution into a complete bank, enabling it to offer a full spectrum of banking products and services that today's customer expects, spanning retail, business, and digital solutions. It will strengthen brand acceptance, broaden access to diversified de...