The Reserve Bank of India's rate-setting committee unanimously decided to keep the key repo rate steady at 5.5%. The central bank also maintained a neutral policy stance.

AU Small Finance Bank will be in focus as it receives RBI's in-principle approval to transition from a Small Finance Bank to a Universal Bank, marking a historic milestone in its journey since 2017.

India's AU Small Finance Bank , on Thursday, got the banking regulator's 'in-principle' approval to transition into a universal bank, making it the first full-fledged banking licence issued in nearly a decade.

AU Small Finance Bank has received the Reserve Bank of India's in-principle nod to operate as a universal lender. The regulator announced this in a press release on its website on Thursday. The approval was granted under RBI's process for small finance banks to graduate to universal bank status.

The Reserve Bank of India (RBI) on August 7 gave 'in-principle' approval to AU Small Finance Banks to convert from a small finance bank to a universal bank. On September 3, 2024, AU Small Finance Bank has applied to the RBI for voluntary conversion from a small finance bank to a universal bank.

RBI has granted AU Small Finance Bank in-principle approval to transition into a universal bank, marking the first such approval in a decade. Founded as an NBFC in 1996, AU became the largest SFB and the first to seek universal status under RBI's new framework.