Au Financiers launches small finance banking operations
India’s Au Financiers has launched its small finance banking operations in the country following the receipt of licence from the Reserve Bank.
Au Financiers was among the 10 applicants who secured in-principle nod from the Reserve Bank of India in September 2015 to launch small finance banks.
Other applicants that also started operations are Capital Small Finance Bank, Equitas Small Finance Bank, Utkarsh Micro Finance, Suryoday Microfinance, Ujjivan Small Finance Bank and ESAF Small Finance Bank.
Small finance banks are allowed to conduct basic banking operations such as accepting deposits and lending to unserved and underserved sections including small business units, small and marginal farmers, micro and small industries and unorganised sector entities.
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