85 breached
The Indian rupee has breached the significant psychological barrier of 85 against the US dollar, marking an all-time low amid a confluence of domestic and global pressures.
Jaipur-based Au Small Finance Bank will provide its services at all locations where it was present as an NBFC.
The RBI issued a licence to Au Small Finance Bank to carry on the business of small finance bank in India and it started its operations on April 20.
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The company served across ten states as a non-banking finance company (NBFC)-Au Financiers — before foraying into small finance bank space.
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As an NBFC, the company had network of 300 branches spread across Rajasthan, Maharashtra, Gujarat, Madhya Pradesh, Punjab, Delhi, Haryana, Himachal Pradesh, Chhattisgarh and Goa.
"We intend to start Bank branches in all such locations in next couple of months," Au SFB said in a statement today.
Sanjay Agarwal, Managing Director, Au Small Finance Bank, said: "Financial inclusion is one of the important aims of the current government and small finance banks with their reach in deeper geographies and middle and lower end of pyramid can help achieve this objective very well."
Though India has regional rural banks, cooperative banks and other small entities, besides a giant network of public and private sector banks there is still a huge void in the banking sector, Au said.
"This gap can be bridged by small finance banks," it added.
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