AU Small Finance Bank has formally applied to the Reserve Bank of India (RBI) for a voluntary transition to a Universal Bank. This makes it the first Small Finance Bank (SFB) to apply for a universal banking license under the RBI's 2016 "on-tap" licensing guidelines.
📚 Test Your Knowledge:
Which Small Finance Bank became the first to apply for a Universal Banking License under RBI guidelines?
Correct Answer: AU Small Finance Bank