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AU Small finance bank planning to operationalise AD-I License
July 26, 2023
AU Small Finance Bank is planning to operationalise its authorised dealer-I (AD-I) license in January-March, said managing director and chief executive Sanjay Agarwal.
“We are working day in and day out to operationalise the AD-1 license in the third and fourth quarter. Through this license, we will have a very different segment like export-import, remittances, and guarantees. We will be a part of that business,” he said. “The final launch will be in January but we will try to do a pilot launch in the third quarter,”
he added.
In April, the Reserve Bank of India (RBI) allowed the Jaipur-based bank to act as an authorised dealer-I category, thereby allowing it to deal in foreign exchange. The license would add to the bank’s existing business operations, which include vehicle loans, secured business loans, home loans, and commercial banking loans.
As of now, vehicle loans, secured business loans, and commercial banking loans comprise 84% of overall advances. The bank has surpassed 600,000 live credit cards as of June, with monthly spends now touching ₹1,250 crore.
“I am very happy with the way we have built our credit card portfolio till now. We have made a lot of innovations like LIT and Swipe Up. You will see two-to-three new variants from us in the coming days,” Agarwal said.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://tscfm.org/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/