Au Financiers India, a non-banking finance company, has converted itself into a small finance bank by the name AU Small Finance Bank.
AU obtained a fresh certificate of incorporation from the Corporate Affairs Ministry on April 13 and the Reserve Bank of India on April 19 notified the commencement of operations of this small finance bank.
AU started out as an NBFC and was engaged in the business of extending commercial/personal vehicle loans, micro, small and medium enterprise (MSME) loans and SME loans, serving primarily the low-, middle-income, and under-served customer segments.
As an NBFC, AU had a network of 300 branches spread across 10 States — Rajasthan, Maharashtra, Gujarat, Madhya Pradesh, Punjab, Delhi, Haryana, Himachal Pradesh, Chhattisgarh and Goa.