Mumbai : AU Small Finance Bank, India’s largest Small Finance Bank and one of the fastest-growing retail banks in India, today launched its 1000th banking touchpoint located at Indira Nagar, Bengaluru. This is a significant benchmark in AU SFB’s pan-India presence journey, and it further strengthens the Bank’s presence in India’s Silicon Valley with eight banking touchpoints in the city. The branch was inaugurated by Dr Nandakumar Jairam, Ex-Chairman, CEO and Group Medical Director, Columbia Asia Hospital; Mr. B.N.S Reddy (EX IPS), Rtd. Inspector General of Police and Present President of Indiranagar Club along with Mr. Avinash Sharan, National Business Manager, Branch Banking, AU Small Finance Bank and Mr. Lloyd Joseph. Lobo, Circle Manager (South), AU Small Finance Bank.
As a Bank focused on building a robust retail franchise, AU Bank has been focusing on strengthening its presence in the south, with Karnataka being the gateway. The state of Karnataka has 5th highest GDP in the country driven by its robust IT service industry, and it contributes to about 10% of the formal jobs in India. The strong economy of the state makes it a significant market for the Banking segment, offering high potential of deposits and credits. The state offers third largest deposit market worth Rs 12 Lakh crores and fourth largest credit market worth Rs 8 Lakh crores. Bangalore alone contribute to about Rs. 9 Lakh crores of deposits of the state and remains a key city in AU’s expansion plan in South India.
Speaking on the development, Mr. Uttam Tibrewal, Executive Director, AU Small Finance Bank, said, “Today, as we reach the 1000 touchpoint landmark, it is immensely humbling to look back at this journey of five and a half years that started with 300+ touchpoints. In this duration, we have built a balance sheet size of Rs 77,800 Cr+, deposit base of ₹ 58,300 Cr+ and Gross Advances of ₹52,400 Cr+ with steadily improving granularity. It is heartening to see the impact that we have been able to make through this journey. The core focus has been on building a comprehensive suite of products, services & digital solutions with high customer engagement. Banking is about distribution and reach to the customers. For the ease of access, we built digital distribution of the bank through our AU0101 app that practically brings the bank on customers’ handsets. Through video banking, our customers can access more than 400 service at their convenience. Now, we endeavor to serve the customers in southern states with our passion & love to build long term relationships. We would want the customers of this region to benefit from our flagship features like monthly interest payout on Savings Account, extended banking hours and no deposit or withdrawal slip. They can also avail the competitive & customer friendly interest rate on Savings Account & deposits.”
Speaking on AU Small Finance Bank’s expansion plan for South India, Mr. Avinash Sharan, National Business Manager, Branch Banking, AU Small Finance Bank, said, “We forayed in South India two years back with three branches. Over the last 11 months, we have ambitiously expanded our presence to 18 touchpoints in South while building a deposit book of ~700 crores. Bangalore is the Silicon Valley of India, which has built many unicorns over the years. This is testament to the conducive business environment of the state. Our banking services for the salaried, self-employed, and small business segment which thrive on large IT industry, Aerospace hub and biotech hubs, would help us strengthen our business in the state while winning customers’ confidence here.”
Dr Nandakumar Jairam, Ex-Chairman, CEO and Group Medical Director, Columbia Asia Hospital, said, “I am extremely delighted to inaugurate the 1000th Banking Touchpoint of AU Bank in our city. AU Small Finance Bank has an unwavering focus on financial inclusion and extensive experience of relentlessly working to serve the customersI am sure the residents of our city and the entire south India stand to gain a great deal with AU Bank’s expansion here.”
Mr. B.N.S Reddy (Ex. IPS), Rtd. Inspector General of Police and Present President of Indiranagar Club said “People in Bangalore are possibly the most tech savvy crowd of India. Therefore, the services of a tech led bank like AU Small Finance Bank makes a lot of sense for the customers of Bangalore. I was pleased to note that they have built a digital stack of super app AU0101 & video banking that stands enhances customer convenience to a great deal.”
AU Bank has undertaken many industry-first digital banking efforts to improve banking access. The bank is delivering all deposit account varieties digitally on a tablet, including Current Account and Fixed Deposit, and giving an end-to-end digital trip for clients seeking loans on two-wheelers. AU Bank is also the first and only small financing bank to come out with its own credit cards.