The Board of Administrators of AU Small Finance Financial institution on Thursday permitted a proposal to make an software to the Reserve Financial institution of India for transition from a Small Finance Financial institution (SFB) to a common financial institution.
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The choice is pursuant to RBI pointers for ‘on faucet’ licensing of common banks within the non-public sector dated August 01, 2016 and RBI round on voluntary transition of Small Finance Banks to common banks dated April 26, 2024.
The board has constituted a Committee of Administrators to vet the financial institution’s software for submission to the RBI.
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The Committee includes 4 members, with the financial institution’s part-time Chairman and Unbiased Director HR Khan as its Chairperson; Unbiased Administrators Pushpinder Singh and MS Sriram, and Managing Director & CEO Sanjay Agarwal as members.
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