
About AU Small FIance Bank
In a remarkable journey of financial innovation, AU Small Finance Bank has emerged as a transformative force in India’s banking landscape. Founded in 1996 by first-generation entrepreneur Sanjay Agarwal, the bank evolved from a modest vehicle finance company to a tech-driven financial powerhouse. The bank’s meteoric rise is marked by significant milestones. In 2017, AU Small Finance Bank achieved Fortune India 500 status and went public with an impressive IPO, seeing its stock surge 51% on the first trading day. This made it the most expensive bank in India based on price-to-book valuation. Digital Innovation and Expansion With a robust network spanning 2,383 physical touchpoints across 25 states and a workforce of 46,000, the bank serves approximately 1.1 crore clients. Its technological prowess is evident through innovative offerings like AU 0101 digital platform, 24×7 video banking, and credit card services. Financial Strength The bank’s financial credentials are impressive.
In a strategic move, AU Small Finance Bank recently acquired Fincare Small Finance Bank, marking an unprecedented merger in the small finance bank sector. Brand Strategy The bank’s recent brand campaign, ‘Soch Badlo aur Bank Bhi’, featuring Bollywood actor Kiara Advani, emphasizes empowerment and technological innovation, reflecting its commitment to transforming banking experiences for low and middle-income customers
AU Small Finance Bank distinguishes itself through several key attributes that set it apart in India’s small finance banking sector. Founded in 1996, the bank has emerged as a pioneering institution with a unique approach to financial inclusion.
Strategic Differentiation
The bank stands out through its technology-driven approach and commitment to underserved markets. As the only asset-based NBFC selected out of 74 entities for a small finance bank license in 2015, AU Small Finance Bank has consistently demonstrated exceptional market positioning.
Key Historical Milestones
- 1996: Established as AU Financiers in Jaipur, initially providing asset financing for vehicles like auto-rickshaws and two-wheelers
- 2008: Global financial crisis becomes an inflection point, prompting strategic expansion beyond Rajasthan
- 2015: Selected as one of only 10 entities (and the sole asset-based NBFC) to receive a small finance bank license from RBI
- April 19, 2017: Officially converted to AU Small Finance Bank, receiving final RBI approval
- July 2017: Listed on both Bombay Stock Exchange (BSE) and National Stock Exchange (NSE)
- 2017: Became a Fortune India 500 Company, ranking 355th
- April 2024: Successfully acquired Fincare Small Finance Bank, marking the first merger of its kind among small finance banks
Latest News on AU Small finance Bank
India’s central bank gives the green light to Temasek’s unit to increase its stake in AU Small Finance Bank, according to Reuters.
Here is a 400-word summary of the article: The Reserve Bank of India (RBI) has approved a unit of Singapore's Temasek Holdings to raise its stake in AU Small Finance Bank, a specialized bank in India. Temasek's unit, Temasek International (I) Pte, which is an indirect...
Unlock exceptional returns with Fixed Deposits: Earn up to 9.42% interest
The Reserve Bank of India (RBI) has reduced the repo rate to 6.25% after five years, which is likely to affect the interest rates offered by banks on fixed deposits (FDs). While the reduction in repo rate could lead to lower loan rates, it may also result in banks...
Ujjivan Small Finance Bank Seeks To Expand Ambitions with Full-Fledged Universal Banking License
Ujjivan Small Finance Bank (USFB) has made a significant move by applying for a universal banking licence, paving the way for it to become a full-fledged commercial bank. This strategic decision aligns with the bank's plan to expand its financial services, increase...
Stock market Info of AU Small Finance Bank
Latest Updates from AU Small Finance Bank
The Rajasthan High Court has ordered authorities to repossess a mortgaged property through force, reversing the unauthorized takeover by a defaulter.
The Jodhpur bench of the Rajasthan High Court has expressed surprise and alarm over a loan defaulter who took unlawful forcible possession of his mortgaged property that was taken over by a bank under the SARFAESI Act. Despite the bank’s efforts to restore possession, the authorities failed to take action, prompting the court to intervene.
The court heard a petition filed by the AU Small Finance Bank, which had granted a loan that was not repaid and was declared a Non-Performing Asset (NPA). The bank took possession of the mortgaged property under the SARFAESI Act, but the loan defaulter used his muscle power to break into the property and take it back. The bank approached the District Collector and Superintendent of Police, but no action was taken.
The court was shocked by the inaction and warned that if the authorities do not act, it will result in lawlessness in the state. Justice Vinit Kumar Mathur emphasized that the situation is alarming and that the State functionaries are under an obligation to restore rule of law. The court directed the District Collector and Superintendent of Police to act immediately to restore the bank’s possession of the mortgaged property within four weeks.
The court’s decision highlights the importance of upholding the rule of law and protecting the rights of creditors. It also underscores the need for effective enforcement of laws and regulations to prevent lawlessness and maintain public order. The case serves as a reminder that the courts will not hesitate to intervene when necessary to ensure that the law is upheld and justice is served.
Maximize your returns: Discover the best fixed deposit options for your Rs 5 lakh investment with top small finance banksLet me know if you’d like me to adjust anything further!
Small finance banks have followed in the footsteps of major banks, increasing their fixed deposit (FD) interest rates in recent times. This increase has benefited investors, who can now earn higher interest amounts on their FD investments. Small finance banks face strong competition in acquiring customers, prompting them to offer higher returns on similar-duration FDs compared to public sector undertakings (PSUs) and other private sector banks.
To illustrate, here are the top FD interest rates offered by leading small finance banks, along with the interest earnings on a Rs 5 lakh investment:
* AU Small Finance Bank: 7.10% interest rate for a 1-2 year term, earning up to Rs 23,300 on a Rs 5 lakh investment.
* Equitas Small Finance Bank: 7.25% interest rate for a 1-2 year term, earning up to Rs 24,875 on a Rs 5 lakh investment.
* Ujjivan Small Finance Bank: 7.30% interest rate for a 1-2 year term, earning up to Rs 25,500 on a Rs 5 lakh investment.
* Jana Small Finance Bank: 7.40% interest rate for a 1-2 year term, earning up to Rs 26,575 on a Rs 5 lakh investment.
* Suryoday Small Finance Bank: 7.50% interest rate for a 1-2 year term, earning up to Rs 27,750 on a Rs 5 lakh investment.
Please note that these calculations are projections and should not be taken as investment advice. It’s essential to perform your own research or consult an expert for comprehensive financial planning.
In conclusion, small finance banks have increased their FD interest rates to remain competitive in the market. Investors who opt for their FDs can earn higher returns compared to PSUs and private sector banks, making them a viable option for those seeking steady returns on their investments.
AU Small Finance Bank Teams Up with TrucksUp to Offer Financial Packages for Pre-Owned Commercial Vehicles
AU Small Finance Bank and TrucksUp, a full truckload aggregator firm, have partnered to provide financing solutions for used trucks. The partnership aims to support small fleet owners by offering low-interest loans with competitive EMI rates. Virendra Yaduvanshi, CEO of TrucksUp, views this partnership as a significant step towards empowering the truck driver community in India, aligning with their goal of transforming the commercial vehicle sector.
The partnership will allow target businesses to refinance existing trucks and secure top-up loans to meet their financial needs, enabling them to grow and expand their operations. Wahid Raza, Vice President of Value-Added Services at TrucksUp, emphasized that the partnership will help customers and the driver community meet their financial needs, thereby expanding their businesses.
This partnership aims to simplify access to finance for small fleet owners, empowering them to make better business decisions, improve operational efficiency, and achieve their entrepreneurial aspirations. The collaboration will also help reduce the complexity of accessing finances, which can be a significant barrier for small businesses. The partnership is expected to have a positive impact on the trucking industry, promoting financial independence and success among truck drivers and small fleet owners.
In summary, the partnership between AU Small Finance Bank and TrucksUp aims to provide low-interest loans and refinancing options for used trucks, enabling small fleet owners to grow their businesses and achieve financial success. This initiative aims to empower the trucking community, promoting self-reliance and financial stability.
Mazagon Dock, Tata Steel, Coal India, ACC, Petronet LNG, ICICI Bank, YES Bank, AU Small Finance Bank, and other prominent companies.
The domestic equity market is expected to open with significant losses on Monday, January 27, following a mixed bag of economic data and earnings reports. The GIFT NIFTY futures are trading at 22,938, down 147.50 points, or 0.64%, which implies that the NIFTY50 index will open 176 points lower.
Several companies are scheduled to announce their December quarter results, including Tata Steel, Coal India, ACC, Petronet LNG, Canara Bank, LTFoods, and Union Bank of India.
Some notable earnings reports include ICICI Bank, which reported a 15% rise in standalone net profit to ₹11,792 crore for the quarter ended December, and YES Bank, which reported a nearly threefold jump in net profit to ₹612 crore. AU Small Finance Bank reported a 41% jump in net profit to ₹528 crore, while CreditAccess Grameen reported a net loss of ₹99.5 crore.
In other news, Religare Enterprises said that a US-based investor has proposed to pick up a 26% stake in the company at a higher price than offered by entities promoted by the Burman family. Adani Power’s board is considering doubling its fundraise plan to ₹10,000 crore and exploring other means to raise capital.
Mazagon Dock Shipbuilders and Germany’s Thyssenkrupp Marine Systems appear close to securing a ₹70,000-crore deal with the Indian Navy to manufacture six stealth submarines. IndiGo saw its profit after tax slide 18.3% due to foreign exchange losses, but revenue jumped on higher capacity and passenger traffic.
Finally, NTPC Green Energy Ltd reported an 18% rise in consolidated net profit at ₹65.61 crore for the December quarter, on account of higher income. Total income rose to ₹581.46 crore, and expenses were at ₹482.22 crore.
Experience the pinnacle of luxury with the Zenith+ Metal Card, providing unparalleled ascendancy to a life of unbridled opulence, brought to you by AU Small Finance Bank’s most premium offering.
AU Small Finance Bank has launched its premium offering, the Zenith+ Metal Card, designed specifically for frequent travelers who appreciate luxury. This metal card is targeted at high-end clients who are looking for exclusive benefits and services to elevate their lifestyle. With its unique features, the card aims to make both domestic and international travel more rewarding and convenient.
The card offers a range of benefits, including complimentary access to airport lounges, travel insurance, worldwide concierge services, and a wealth of rewards on high-end expenditures such as dining and leisure activities. In addition, holders of the card can enjoy rewards on golf outings, fine dining, and other luxury experiences.
One of the standout features of the Zenith+ Metal Card is its one-year complimentary Taj Epicure membership, which offers access to upscale hotels and resorts. The card also provides monthly bonus reward points, making it an attractive option for those who frequent high-end establishments.
Moreover, the card offers seamless international transactions, allowing cardholders to make transactions hassle-free while traveling abroad. This feature is particularly useful for business travelers or those who frequently visit international destinations.
Overall, the Zenith+ Metal Card is designed to enhance the lifestyle of its holders by providing exclusive privileges and benefits. With its comprehensive range of perks and services, this card is an attractive option for those who value luxury and convenience. By offering a range of rewards and benefits, the card aims to make travel, dining, and leisure activities more enjoyable and convenient for its users.
AU Small Finance Bank announces a 41% year-on-year surge in profit after tax, accompanied by a 53% jump in net interest income in Q3 FY25, according to reports.
AU Small Finance Bank has announced its financial results for the third quarter of fiscal year 2025 (Q3 FY25). The bank’s profit after tax (PAT) has increased by 41% year-on-year (YoY) to Rs 432 crore, compared to Rs 307 crore in the same quarter last year. This significant growth in PAT is driven by a strong performance in its core banking operations.
The bank’s net interest income (NII) has zoomed 53% YoY to Rs 944 crore, up from Rs 618 crore in the same quarter last year. This impressive growth in NII is primarily due to a rise in the bank’s advances, which have grown by 25% YoY to Rs 37,419 crore. The bank’s deposits have also grown by 24% YoY to Rs 47,449 crore, indicating a strong demand for banking services.
The bank’s asset quality has also shown improvement, with the gross non-performing asset (GNPA) ratio decreasing to 4.12% as of December 31, 2024, from 5.21% as of December 31, 2023. The net NPA (NNPA) ratio has also decreased to 2.11% as of December 31, 2024, from 2.65% as of December 31, 2023.
The bank’s cost-to-income ratio has decreased to 54.13% as of December 31, 2024, from 57.33% as of December 31, 2023, indicating improved operational efficiency. The bank’s return on assets (ROA) has also increased to 1.64% as of December 31, 2024, from 1.45% as of December 31, 2023.
Commenting on the results, Sanjay Gupta, MD and CEO of AU Small Finance Bank, said, “We are pleased to report a strong set of quarterly results, driven by our focused efforts on customer acquisition, relationship growth, and operational efficiency. Our core banking operations have performed well, and we have continued to maintain a healthy asset quality. We remain committed to our vision of becoming a leading small finance bank in India.”
Overall, AU Small Finance Bank’s Q3 FY25 results demonstrate a strong performance in its core banking operations, driven by a rise in advances and deposits, and improvement in asset quality. The bank’s efforts to improve operational efficiency and customer acquisition have also contributed to its growth.
TrucksUp teams up with AU Small Finance Bank to offer tailored financial services for used trucks, making it easier for haulers to get on the road.
Here is a 400-word summary of the content:
AU Small Finance Bank, a leading player in the small finance industry, has partnered with TrucksUp, a digital marketplace for used trucks, to provide financial solutions for buyers and sellers of pre-owned commercial vehicles. The partnership aims to increase access to financing for used trucks, promoting the growth of the trucking industry and supporting the economic development of small and medium-sized enterprises (SMEs).
Under the collaboration, AU Small Finance Bank will offer a range of financing options to TrucksUp’s customers, including loans, leases, and other financial products tailored to the unique needs of truck owners and operators. The bank’s expertise in small finance will help to simplify the financing process, making it more accessible and affordable for buyers and sellers.
The partnership will also enable TrucksUp to expand its reach and services, providing a one-stop-shop for buyers and sellers of used trucks. TrucksUp’s platform will integrate with AU Small Finance Bank’s digital lending capabilities, offering an end-to-end solution for customers to purchase, finance, and insure their used trucks.
The partnership is expected to have several benefits, including:
* Increased access to financing for buyers and sellers of used trucks, promoting the growth of the trucking industry and supporting economic development of SMEs.
* Simplified and streamlined financing processes, reducing the complexity and costs associated with traditional financing options.
* Enhanced customer experience, with a seamless and convenient way to purchase, finance, and insure used trucks.
The AU Small Finance Bank-TrucksUp partnership is a significant development in the financial services landscape, highlighting the growth potential of small finance banks in providing innovative solutions for the growing trucking industry. By collaborating with leading players, small finance banks can leverage their expertise and resources to provide better financial products and services, ultimately supporting the growth and development of the economy.
Sanjay Agarwal: Overcoming a disappointing class 8 performance, he rose to become the CEO of AU Bank.
Sanjay Agarwal, the CEO of AU Small Finance Bank, is a shining example of resilience and determination. Born in Rajasthan, India, Sanjay faced numerous setbacks and failures throughout his life, including failing in class 8 and twice failing the chartered accountant (CA) exams. However, instead of giving up, he used these failures as stepping stones to propel himself forward.
At 25, Sanjay founded AU Financiers (India) Ltd., a small finance company, with no initial capital. He worked tirelessly to build trust with local businessmen and investors, and his determination paid off. The company grew, and Sanjay’s entrepreneurial spirit led him to secure partnerships and funding, eventually receiving a banking license from the Reserve Bank of India in 2015.
Today, AU Small Finance Bank is worth over ₹43,000 crores, making it one of the most valuable banks in India. Sanjay’s net worth stands at around $1 billion, according to Forbes. Under his leadership, the bank has grown to over 1,000 branches across India and serves more than 3 million customers.
Sanjay’s story is a testament to the power of perseverance and learning from setbacks. He never let his failures define him, instead using them as opportunities to grow and improve. His ability to adapt, stay focused, and push forward makes him a role model for millions of aspiring entrepreneurs and students worldwide.
Sanjay’s journey is a reminder that success is not defined by early failures, but by what you do after those failures. His story shows that with persistence and a clear vision, you can turn your dreams into reality, no matter where you start. As the CEO of one of India’s leading banks, Sanjay Agarwal is an inspiration to anyone who has faced failure or doubt, and his journey reminds us that the courage to keep going even after setbacks is the key to building something great.
Maximize your returns: Earn up to 9.5% interest on your 3-year fixed deposit and invest now!
The article discusses the best fixed deposit (FD) rates offered by various government, private, and small finance banks in India. The article highlights that FDs are a safe and guaranteed way to earn returns on your money, with no market fluctuations affecting the investment. The article also notes that many banks are currently offering attractive interest rates on 3-year FDs, with some banks offering up to 9.5% annual return.
The article provides a list of banks offering good rates on 3-year FDs, divided into two categories: private and small finance banks, and government banks. The list includes banks such as AU Small Finance Bank, Equitas Small Finance Bank, ESAF Small Finance Bank, and Utkarsh Small Finance Bank, which are offering interest rates ranging from 7.5% to 9.5% for general customers and senior citizens. Private banks such as Axis Bank, ICICI Bank, and HDFC Bank are also offering competitive interest rates ranging from 6.5% to 7.5%.
The article also highlights that some banks offer higher interest rates to senior citizens than general customers, with a difference of up to 0.50%. The interest rates mentioned in the article are valid as of January 22, 2025, but investors are advised to verify the rates with the concerned bank or its official website, as rates may change over time.
Overall, the article provides a comprehensive list of banks offering attractive interest rates on 3-year FDs, helping investors to make an informed decision when considering this investment option.
Despite growing Non-Performing Assets (NPAs), AU Small Finance Bank shines in Q3 with impressive financial performance.
AU Small Finance Bank, a leading private sector bank in India, has reported a strong performance in its third quarter (Q3) results, despite rising concerns over non-performing assets (NPAs). In its Q3 FY22 earnings report, the bank announced a net profit of ₹243 crore, a 34% increase from the same period last year.
The bank’s total income grew by 23% year-on-year (YoY) to ₹1,434 crore, driven by a 23% increase in interest income to ₹1,134 crore and a 20% increase in non-interest income to ₹300 crore. The bank’s gross advances grew by 25% YoY to ₹43,445 crore, with a mix of retail and corporate lending. The bank’s retail lending grew by 34% YoY, driven by strong demand for home and auto loans.
However, the bank’s asset quality has deteriorated, with the gross NPA (GNPA) ratio rising to 2.43% from 1.85% in the previous quarter. The bank’s net NPA (NNPA) ratio also rose to 1.33% from 1.04%. The bank’s management attributed the rise in NPAs to the impact of the COVID-19 pandemic on its borrowers, particularly in the retail segment.
Despite the rise in NPAs, the bank’s provisioning coverage ratio (PCR) remains strong at 75.6%, which is above the regulatory requirement. The bank has also set aside ₹243 crore as provisions in Q3, which is higher than the amount set aside in the same period last year.
The bank’s capital adequacy ratio (CAR) also remained strong at 17.2%, which is above the regulatory requirement. The bank’s net worth grew by 15% YoY to ₹4,443 crore.
The bank’s management remains optimistic about its growth prospects, driven by its expanding retail and corporate lending business, as well as its plans to expand its distribution network and improve its digital capabilities. The bank has also plans to raise up to ₹500 crore through bonds in the next quarter to improve its capital base.
Overall, AU Small Finance Bank’s strong Q3 performance is a testament to its strong business fundamentals and its ability to navigate the challenges posed by the COVID-19 pandemic. While the rise in NPAs is a concern, the bank’s strong provisioning and capital adequacy ratios provide comfort to investors.
AU Small Finance Bank reports a significant 41% year-over-year increase in net profit to Rs 528 crore in Q3FY25.
AU Small Finance Bank (AUSFB) has announced a 41% year-on-year (Y-o-Y) growth in its net profit for the quarter ended December 31, 2024, standing at Rs 528 crore. The bank’s net interest income (NII) grew by 53% Y-o-Y to Rs 2,023 crore, while operating profit (OPE) grew by 85% Y-o-Y to Rs 1,205 crore. Total deposits stood at Rs 1,12,260 crore, with a YTD growth of 14.9%.
The bank has a strong presence with 2,400 touch points across 21 states and 4 union territories, serving over 1.1 crore customers through its network of 49,000+ employees. Operating expenses for the quarter decreased by 3% quarter-on-quarter (QoQ) to Rs 1,436 crore, while growing by 29% Y-o-Y.
Gross NPA ratio stood at 2.31%, and net NPA ratio at 0.91% as on December 31, 2024. AUSFB’s Founder, Managing Director, and CEO, Sanjay Agarwal, stated that despite economic challenges, the bank has remained resilient and has continued to grow at higher rates than the industry across advances and deposits.
Agarwal expressed concerns over the persistent challenges faced by the industry, including tight liquidity and inflation, which are affecting deposit growth and interest rates. However, he commended the government for supporting the micro, small, and medium enterprises (MSME) and micro-credit sector with various guarantee schemes, and emphasized the bank’s focus on empowering individuals and businesses, contributing to India’s economic resilience and sustainable growth.
AU Small Finance Bank Reports 41% Surge in Q3 Net Profit, Reaches 528 Crore
AU Small Finance Bank Ltd, a Jaipur-based bank, has reported a significant jump in its net profit for the third quarter ended December 2024. The bank’s net profit increased by 41% to Rs 528 crore, compared to Rs 375 crore in the same quarter of the previous fiscal year. The total income of the bank also saw a significant increase, rising to Rs 4,732 crore from Rs 3,186 crore in the same period last year.
The bank’s interest income was the major contributor to this growth, increasing to Rs 4,113 crore from Rs 2,736 crore in the third quarter of the previous fiscal year. The gross Non-Performing Assets (NPAs) of the bank also rose to 2.31% of the gross loans at the end of December 2024, up from 1.98% a year ago. Net NPAs or bad loans also increased to 0.91% from 0.68% at the end of the third quarter of the previous fiscal year.
As a result, the bank’s provisions and contingencies jumped to Rs 502 crore from Rs 151 crore in the same quarter a year ago. Total expenses of the bank also rose to Rs 3,527 crore from Rs 2,528 crore in the October-December period of the preceding fiscal year. However, the bank’s Net Interest Margin (NIM) remained stable at 5.9% in the quarter.
Overall, the bank’s financial performance in the third quarter was robust, driven by an increase in interest income and a moderate increase in NPAs. The bank’s ability to maintain its NIM and its robust provisioning cover should help it to continue to deliver strong results in the future.
AU Small Finance Bank Reports 41% Jump in Q3 Profit to Rs 528 Crore
AU Small Finance Bank Ltd has reported a significant increase in its net profit for the third quarter (Q3) of the 2024-25 fiscal year. The bank’s net profit jumped 41% to Rs 528 crore, driven by a 51% rise in interest income to Rs 4,113 crore. The total income of the bank increased by 49% to Rs 4,732 crore during the quarter under review. Gross non-performing assets (NPAs) rose to 2.31% of gross loans, up from 1.98% a year ago, while net NPAs increased to 0.91% from 0.68% in the same period last year. As a result, provisions and contingencies jumped to Rs 502 crore from Rs 151 crore in the same quarter a year ago. The bank’s net interest margin (NIM) for Q3FY25 stood at 5.9%.
The bank’s key performance indicators (KPIs) show a consistent improvement in its financial performance, with a growth in interest income, total income, and operating profit. The bank’s interest income increased by 51% to Rs 4,113 crore, driven by a 24% growth in its assets under management. The bank’s total income increased by 49% to Rs 4,732 crore, driven by a 33% growth in its operating income.
The bank’s asset quality showed some deterioration, with gross NPAs rising to 2.31% from 1.98% a year ago, and net NPAs increasing to 0.91% from 0.68% in the same period last year. The bank’s provisions and contingencies increased to Rs 502 crore from Rs 151 crore in the same quarter a year ago, as it provisioned for the increased NPAs.
TrucksUp partners with AU Small Finance Bank to empower fleet ownersI removed some of the unnecessary words and phrases to make the sentence more concise and straightforward. Let me know if you’d like me to suggest further rewrites!
TrucksUp, a leading on-demand logistics platform, has partnered with AU Small Finance Bank to provide financing solutions to fleet owners in India. This strategic tie-up aims to empower small and medium-sized fleet owners in the country, enabling them to grow their businesses and increase their revenue.
As part of the partnership, AU Small Finance Bank will offer customized financing solutions to TrucksUp’s fleet owners, including working capital financing, vehicle financing, and equipment financing. This will help fleet owners to invest in their businesses, upgrade their fleets, and increase their capacity to meet the growing demand for logistics services.
TrucksUp, with its strong network of fleet owners and drivers, will provide access to a wide range of financing options to its partners, allowing them to scale their businesses and increase their profitability. The company’s on-demand logistics platform allows fleet owners to connect with shippers and increase their earnings, while providing shippers with access to a trusted and reliable network of carriers.
The collaboration between TrucksUp and AU Small Finance Bank aims to address the pressing needs of small and medium-sized fleet owners in India, who often face challenges in accessing financing due to a lack of credit history or collateral. The partnership will provide these businesses with the necessary support to grow their operations, invest in their infrastructure, and increase their competitiveness in the market.
The partnership is in line with the “Make in India” initiative, which aims to promote entrepreneurship and job creation in the country. By providing financing solutions to small and medium-sized enterprises, the partnership will help to boost economic growth, create jobs, and promote innovation in the region.
In addition, the partnership will also help to improve the overall efficiency and effectiveness of the logistics sector, reducing costs and increasing the speed of delivery. TrucksUp’s platform uses data analytics and AI to optimize routes, reduce fuel consumption, and improve vehicle utilization, making it an attractive partner for shippers and fleet owners alike.
Overall, the partnership between TrucksUp and AU Small Finance Bank is a significant step towards empowering small and medium-sized fleet owners in India, promoting entrepreneurship, and driving economic growth in the region. By providing access to financing solutions, the partnership will help to unlock the potential of the logistics sector, and pave the way for a more efficient, cost-effective, and sustainable transportation system.
Mahindra Finance’s litigation head, Manas Gautam, joins AU Small Finance Bank as a key hire, a significant development in the Indian banking sector.
Here is a summary of the content in 400 words:
Manas Gautam, the Litigation Head at Mahindra Finance, has made a significant career move by joining AU Small Finance Bank as its new Litigation Head. Gautam, a seasoned legal professional with over 15 years of experience, has made a name for himself in the Indian financial sector with his expertise in litigation and regulatory compliance.
Gautam’s tenure at Mahindra Finance saw him handling complex litigation matters, including insolvency proceedings, debt recovery suits, and other commercial disputes. He was also responsible for managing the bank’s regulatory compliance and ensuring adherence to laws and regulations.
AU Small Finance Bank, a leading small finance bank in India, has appointed Gautam to lead its litigation efforts and provide strategic guidance on legal matters. The bank’s decision to bring Gautam on board reflects its commitment to strengthening its legal capabilities and staying ahead of the competition.
Gautam’s expertise in litigation and regulatory compliance will be a significant asset to AU Small Finance Bank, which has been growing rapidly in recent years. The bank has expanded its operations to over 350 branches across India and has been at the forefront of innovative financial products and services.
Gautam’s appointment is seen as a strategic move by AU Small Finance Bank to bolster its legal capabilities and prepare for future growth. The bank’s leadership is confident that Gautam’s expertise will help the institution navigate the complex legal landscape and ensure compliance with regulatory requirements.
In conclusion, Manas Gautam’s move to AU Small Finance Bank as Litigation Head is a significant development in the Indian financial sector. With his extensive experience in litigation and regulatory compliance, Gautam is well-equipped to lead AU Small Finance Bank’s legal efforts and drive the bank’s growth and expansion plans.
Earn high returns with security: Explore banks offering 9.5% FD rates for a 3-year fixed deposit – Get the full list now and make your money work for you!
The Reserve Bank of India’s elevated interest rate regime has led banks to offer attractive rates on fixed deposits to attract new customers. Small finance banks, in particular, have been raising their FD rates to secure more deposits. According to a recent analysis, small finance banks have offered higher interest rates than scheduled commercial banks to attract more customers. This article examines the 3-year fixed deposit rates offered by top 10 small finance banks in January 2025, specifically for general customers and senior citizens.
The analysis reveals that Unity Small Finance Bank offers the highest FD interest rate of 9.5% for senior citizens and 9% for general customers for deposits of 1001 days. Other small finance banks, such as North-East Small Finance Bank, Suryoday Small Finance Bank, and Utkarsh Small Finance Bank, also offer competitive rates ranging from 8.5% to 9.1%.
Small finance banks, like Jana, Ujjivan, Equitas, ESAF, and Shivalik, offer rates between 8.25% to 8.75%. AU Small Finance Bank offers the lowest rate of 8% for general customers and 8.6% for senior citizens.
It’s essential to note that small finance banks are recognized as scheduled banks by the Reserve Bank of India, making deposits eligible for deposit insurance coverage up to Rs 5 lakh. Fixed deposits are considered a safe investment choice for retail investors, especially senior citizens, as they offer a guaranteed return upon maturity with low risk. Senior citizens, in particular, prefer FDs to avoid the risks associated with market-linked products in their later years.
Effective from today, AU Small Finance Bank increases fixed deposit rates for more profitable investments.
AU Small Finance Bank, a bank that primarily serves the unorganized sector, has announced an increase in its fixed deposit (FD) interest rates, effective January 20, 2025. The new rates are applicable for FDs held in Indian Rupees (INR) as well as for Non-Resident Indian (NRI) and Non-Resident Other than Indian (NRO) accounts. The revised rates are available for various tenures, including 18 months, 15 months, and other periods.
For domestic and NRE/NRO retail fixed deposits of up to INR 3 crores, the bank has adjusted the interest rates. The 18-month tenure now offers 8.1% for regular customers and 8.6% for senior citizens. The 12-15 month range sees rates of 7.85% and 8.35% for regular and senior citizens, respectively.
The bank has also increased interest rates on non-callable FDs for amounts between INR 1 crore and INR 3 crores. For regular customers, the 18-month tenure offers 8.2% and the 12-15 month range yields 7.95%.
Additionally, the bank has revised interest rates for monthly payout fixed deposits. For regular customers, the 18-month tenure now offers 8.05%, while senior citizens can earn 8.54% interest.
The table below summarizes the revised interest rates for domestic and NRE/NRO retail fixed deposits for amounts below INR 3 crores:
| Tenure Bucket | Interest Rates (Annualized) |
| — | — |
| 7 Days to 1 Month | 3.75% – 1 Month 16 Days to 3 Months | 5.50% |
| 6 Months 1 Day to 12 Months | 7.25% – 7.45% |
| 12 Months 1 Day to 15 Months | 7.85% – 8.08% |
| 15 Months 1 Day to less than 18 Months | 7.50% – 7.71% |
| 18 Months | 8.10% – 8.35% |
| 18 Months 1 Day to 24 Months | 7.75% – 7.98% |
| 24 Months 1 Day to 36 Months | 7.50% – 7.71% |
| 36 Months 1 Day to 45 Months | 7.50% – 7.71% |
| 60 Months to 120 Months | 7.25% – 7.45% |
These revised interest rates are applicable from January 20, 2025, and can be checked on the AU Small Finance Bank website.