RBI allows AU Small Finance Bank to work with foreign currencies

AU Small Finance Bank disclosed in a regulatory filing that the Reserve Bank, in its letter dated April 19, 2023, granted a license to operate as a Category I (AD-I) Authorized Dealer under 1999 FEMA Section 10 for foreign exchange transactions.

The Company will be able to carry out transactions with foreign currencies subject to compliance with applicable rules.

Separately, Equitas Small Finance Bank also received a category I (AD-I) authorized dealer license from the central bank.

Last week, the central bank approved the reappointment of Sanjay Agarwal as managing director and chief executive officer and Uttam Tibrewal as permanent director of AU Small Finance Bank (SFB).

“We wish to inform you that the Reserve Bank of India, in its letter dated April 12, 2023, approved the following: a. Re-appointment of Mr. Sanjay Agarwal as Managing Director and CEO for a period of 3 (three) years from April 19, 2023 to April 18, 2026; and b. Reappointment of Mr. Uttam Tibrewal (DIN: 01024940) as a director on a permanent basis for a period of three (3) years from April 19, 2023 to April 18, 2026,” the company said in a statement to the stock exchange.

Updated: April 20, 2023 03:53 AM IST