AU Small Finance Bank shares zoom over 7% after RBI nod for universal bank transition
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Shares of AU Small Finance Bank (AUSFB) zoomed 7.5% to their intraday high of Rs 800 on the BSE on Friday, August 8, after the Reserve Bank of India (RBI) granted in-principle approval for its transition from a Small Finance Bank to a Universal Bank. The company posted a profit after tax (PAT) of Rs 539 crore, compared to Rs 265 crore in the same quarter last year. The PAT is attributable to the shareholders of the holding company. The approval, received on August 7, marks a significant regulatory milestone and paves the way for AU to broaden its banking scope and service offerings. With this move, AU becomes the first Small Finance Bank in India to receive such an approval, reflecting its strong track record, robust governance framework, and sustained commitment to financial inclusion. The transition aligns with AU’s stated goal of evolving into a full-service bank that caters to retail, business, and digital banking customers with a com...