The Reserve Bank of India granted a license to AU Small Finance Bank to deal in foreign currencies, on Wednesday.
The Reserve Bank of India, in a letter dated April 19, 2023, granted AU Small Finance Bank a licence to act as an Authorized Dealer Category-I (AD-I) under Section 10 of the FEMA, 1999, to trade in foreign exchange, according to a regulatory filing.
It stated that the approval is conditional on compliance with applicable regulations.
The RBI recently accepted Sanjay Agarwal’s reappointment as managing director and CEO of AU Small Finance Bank for a three-year term.
The re-appointment is effective from April 19 through April 18, 2026, according to a statement from AU Small Finance Bank.
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It further stated that the regulator has approved Uttam Tibrewal’s reappointment as full-time director for another three years.
