RBI Permits AU Small Finance Bank To Deal With Foreign Exchange

The Reserve Bank of India (RBI) has granted AU Small Finance Bank permission to conduct business as an Authorised Dealer Category-I (AD-I) under section 10 of the FEMA, 1999, according to a filing with the Securities and Exchange Board of India (SEBI). In accordance with the relevant laws and regulations, the bank’s new status now allows it to engage in foreign exchange operations. It was noted that compliance with pertinent laws and regulations is a requirement for approval.

The managing director and CEO of AU Small Finance Bank, Sanjay Agarwal, has been reappointed for a three-year term, effective from April 19, 2021, to April 18, 2026, according to a statement from the bank. The Reserve Bank of India (RBI) has given its permission for Agarwal’s reappointment, according to a statement released by the bank that made this declaration. Uttam Tibrewal has been reappointed as a full-time director for a period of three years with the RBI’s approval, as well.

RBI Permits AU Small Finance Bank – FAQs

Q1: Is AU Small Finance Bank recognised by RBI?

Ans: An RBI-approved Small Finance Bank is AU Small Finance Bank. In accordance with Section 22 (1) of the Banking Regulation Act, 1949, the RBI granted the bank a licence to conduct business as a Small Finance Bank in India.

Q2: Is the AU Small Finance Bank safe?

Ans: All savings accounts at AU SFB are covered by DICGC insurance, therefore you may use the bank’s services with a deposit of up to Rs. 5 lakh and have it protected.

Q3: Who is the owner of AU Small Finance Bank?

Ans: Sanjay Agarwal transformed his company into AU Small Finance Bank in 2017 after 20 years of operating without any funding. Today, the AU Small Finance Bank, which has its headquarters in Jaipur, has more than 1,000 branches around the nation and more than 30 lakh clients.


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    Priti Palit, an accomplished edtech writer, boasts a wealth of experience in preparing candidates for multiple government exams. With a passion for education and a keen eye for detail, she has contributed significantly to the field of online learning. Priti's expertise and dedication continue to empower aspiring individuals in their pursuit of success in government examinations.

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