RBI's green flag to AU Small Finance Bank, will now deal with foreign exchange

New Delhi: The Reserve Bank of India now allows the AU small finance bank, India's commercial bank to deal with foreign exchange, in its vide letter dated April 19th, 2023 it said, the Reserve Bank of India has granted Licence to act as Authorized Dealer Category-I (AD-I) under section 10 of FEMA, 1999 to deal in foreign exchange subject to compliance of applicable regulations in this regard.

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AU small finance bank is the Largest Small Finance Bank of the country. The bank has operations in 15 states and two union territory, with Rajasthan, Gujarat, Maharashtra and Madhya Pradesh being key states. It is one of the largest banks by number of locations in its home state of Rajasthan.

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