Reserve Bank of India’s (RBI) Issue department, Mumbai Regional Office has imposed penalty of Rs 10,000 on AU Small Finance Bank on account of ‘Cash-out’ in one of the Bank's ATM.
Earlier, RBI had sanctioned the Scheme of Amalgamation of Fincare Small Finance Bank (Transferor Bank) with AU Small Finance Bank (Transferee Bank). The Scheme has been sanctioned in exercise of the powers contained in sub-section (4) of Section 44A of the Banking Regulation Act, 1949.
AU Small Finance Bank is a small finance bank (SFB) that has recently transitioned from a prominent, retail focused nonbanking finance company (NBFC), which primarily served low and middle-income individuals and businesses that have limited or no access to formal banking and finance channels.
