Question
Which bank recently became the first in 11 years to
receive an ‘in-principle’ universal bank licence from the RBI?Solution
The Reserve Bank of India (RBI) granted an ‘in-principle’ approval to AU Small Finance Bank Ltd. (AUSFB) for transitioning from a small finance bank to a universal bank. This is notable because it is the first universal bank licence granted by the RBI in 11 years, with the last such licences issued in 2014 to Bandhan Bank and IDFC Bank (now IDFC First Bank). The new licence allows AUSFB to expand operations beyond the scope of small finance banks, offering a wider range of financial services and products across India.
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