Small Finance Banks is a specific segment of banking created by RBI under the guidance of Government of India with an objective of furthering financial inclusion by primarily undertaking basic banking activities to un-served and underserved sections including small business units, small and marginal farmers, micro and small industries and unorganized entities. Like other commercial banks, these banks can undertake all basic banking activities including lending and taking deposits.
After the announcement during Union Budget for the year 2014-15, RBI issued the guidelines of Small Finance Bank in November 2014. 72 entities from across segments applied for the license while only 10 of these were provided the license on 24th November 2014. Au Financiers was the only asset based NBFC to get this coveted license.
AU started in the year 1996, as erstwhile Au Financiers (India) Limited. For the last two decades, AU Bank has been relentlessly working in the underbanked and unbanked areas and helped more than 5 lacs of customers and disbursed more than Rs. 20000 crores pan India. Now AU Bank has a network of over 300+ branches across 10 states in India. AU Small Finance Bank recently also got listed on National Stock Exchange and Bombay Stock Exchange.
AU Bank offers a complete gamut of asset & liability products viz. Savings Account, Current Account, Locker, ATM, Fixed Deposit, Recurring Deposit and all kinds of assets backed loan products such as Vehicle Finance, MSME loans and SME loans.
To meaningfully contribute to the purpose of financial inclusion and simultaneously make banking easy and accessible for every Indian, AU SMALL FINANCE BANK proposes to reinvent the banking through Aadhar linked biometric account opening, minimal paper work / forms, concept of making every customer as AUSFB customer and not a branch customer and extended banking hours & tailor-made solutions.