AU Small Finance Bank files for final universal bank licence

Kolkata: has made the final application for universal banking license in March after the relaxed the requirement to set up a for the transition, executive director Vivek Tripathi said.

“Our bank is fully prepared for the transition in terms of its technology and products suite,” Tripathi told ET in a post earnings interaction.

The bank received the in-principle universal banking license in august last year. It has to make the conversation within 18 months from the date of receiving the first approval. That time, RBI had stipulated AU Bank promoters to transfer shares into a non-operating holding company.

The central bank removed this condition in March following a bank request.

“This condition will again be applicable only if the bank plans to float a mutual fund or insurance subsidiary,” said Tripathi.

Meanwhile, the bank is taking steps towards succession planning and strengthening leadership. Tripathi was elevated as an ED on April 24 from chief credit officer for three years. The bank appointed as chief financial officer on April 27.

The central bank approved managing director ‘s continuation for a further three year period from April 19. Deputy chief executive officer will continue leading the bank’s retail business verticals and increase his focus on on-ground engagement to drive growth, strengthen customer relationships and expand the bank’s presence across newer geographies.