au small finance bank: RBI allows AU Small Finance Bank, Equitas Bank to deal with foreign exchange

AU Small Finance Financial institution on Wednesday mentioned it has obtained permission from Reserve Financial institution of India to deal in international alternate. Reserve Financial institution of India vide its letter dated April 19, 2023 has granted Licence to behave as Approved Vendor Class-I (AD-I) beneath part 10 of FEMA, 1999 to deal in international alternate, AU Small Finance Financial institution mentioned in a regulatory submitting.

The permission is topic to compliance of relevant laws, it mentioned.

In a separate submitting, Equitas Small Finance Financial institution mentioned it has additionally obtained Approved Vendor Class-I (AD-I) License from RBI.

Lately, RBI accredited re-appointment of Sanjay Agarwal as managing director and CEO of AU Small Finance Financial institution for a interval of three years.

The re-appointment is legitimate with impact from April 19 until April 18, 2026, AU Small Finance Financial institution mentioned in a press release.

Moreover, it mentioned the regulator has additionally cleared the re-appointment of Uttam Tibrewal because the whole-time director for a interval of three years.