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Au Financiers (India) receives final approval to operate small finance bank

Au Financiers (India) Ltd. obtained a final license from the Reserve Bank of India to operate a small finance bank, Mint reported.

Among the 10 applicants to have been granted in-principle approval in September 2015, Au Financiers (India) is the sole nonbanking financial institution to receive such an approval.

This is the seventh such license given by the Indian central bank.

The company is also in the process of selling shares in early 2017 and has finalized four investments bankers to manage the proposed sale.

Earlier, the company cut its foreign shareholding to 49%, the maximum foreign shareholding allowed by the central bank in a small finance bank.