The Reserve Bank of India (RBI) has granted ‘in-principle’ (prudential) approval to AU Small Finance Bank on August 7 to convert from a small finance bank to a universal bank. However, this is not the final license. In-principle approval means that the RBI has cleared AU Small Finance Bank to apply for the final license to operate as a universal bank. This move paves the way for AU Small Finance Bank to expand its services and offerings as a full-fledged universal bank.
AU Small Finance Bank Receives RBI Approval to Become Universal Bank, Moves Towards a New Direction
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