RBI grants AU Small Finance Bank to deal with foreign exchange

AU Small Finance Bank on Wednesday said it has received permission from Reserve Bank of India to deal in foreign exchange.

Reserve Bank of India 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, AU Small Finance Bank said in a regulatory filing.

The permission is subject to compliance of applicable regulations, it said. Recently, RBI approved re-appointment of Sanjay Agarwal as managing director and CEO of AU Small Finance Bank for a period of three years.

The re-appointment is valid with effect from April 19 till April 18, 2026, AU Small Finance Bank said in a statement. Besides, it said the regulator has also cleared the re-appointment of Uttam Tibrewal as the whole-time director for a period of three years.