Saturday, 4 November 2017

AU Small Finance Gets Scheduled Commercial Bank Status

AU Small Finance Bank has received Reserved Bank of India (RBI) approval to operate as Scheduled Commercial Bank. This bank's name has now been included in the Second Schedule of Reserve Bank of India Act, 1934.

Now AU Small Finance Bank will be able to do borrowing and lending with RBI under Liquidity Adjustment Facility (LAF) and Marginal Standing Facility (MSF). It will also enable AU Small Finance Bank to issue Certificate of Deposits (CDs) on competitive interest rates in the market to get liquidity.

Important Takeaways from Above News for IBPS PO Mains Exam-
  • Sanjay Agarwal, MD & CEO, AU Small Finance Bank.
  • AU Small Finance Bank started its banking operation from April 19, 2017.
Source- The Times of India

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