BackRBI allows AU Small Finance Bank to deal with foreign exchange
AU Small FInance Bank Limited Wednesday said it has received permission from the Reserve Bank of India (RBI) to act as an authorised dealer to deal in foreign exchange
PremiumAU Small FInance Bank Limited (SFB) Wednesday said it has received permission from the Reserve Bank of India (RBI) to act as an authorised dealer to deal in foreign exchange.
AU Small Finance Bank in a regulatory filing said the Reserve Bank vide its letter dated April 19, 2023 has granted Licence to act as Authorized Dealer Category-I (AD-I) under section 10 of FEMA, 1999 to deal in foreign exchange.
The company will be able to deal in foreign exchange subject to compliance with applicable regulations.
Separately, Equitas Small Finance Bank also received Authorized Dealer Category-I (AD-I) License from the central bank.
Last week, the central bank had approved the reappointment of Sanjay Agarwal as Managing Director & CEO and Uttam Tibrewal as Whole Time Director of AU Small Finance Bank (SFB).
“We wish to inform you that the Reserve Bank of India vide its letter dated 12th April, 2023, has approved the following: a. Re-appointment of Mr. Sanjay Agarwal as Managing Director & CEO for a period of 3 (three) years w.e.f. 19th April, 2023 till 18th April, 2026; and b. Re-appointment of Mr. Uttam Tibrewal (DIN: 01024940) as Whole Time Director for a period of 3 (three) years w.e.f. 19th April, 2023 till 18th April, 2026," the company said in a stock exchange filing.
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