Au Financiers India Ltd, a non-banking finance company, has converted itself into a small finance bank by the name AU Small Finance Bank.
AU obtained a fresh certificate of incorporation from the Corporate Affairs Ministry on April 13 and the Reserve Bank of India on April 19 notified the commencement of operations for this small finance bank.
AU started as an NBFC and was engaged in the business of commercial and personal vehicle loans, micro, small and medium enterprises (MSME) loans, and SME loans serving primarily the low and middle-income, under-served and unreached customer segment.
As an NBFC, AU had a network of 300 branches spread across 10 states — Rajasthan, Maharashtra, Gujarat, Madhya Pradesh, Punjab, Delhi, Haryana, Himachal Pradesh, Chattisgarh and Goa.
[“Source-thehindubusinessline”]
