District Daily News

AU Small Finance Bank expands in Andhra Pradesh, launches second branch in Vishakhapatnam

Vishakhapatnam, 23rd January 2024: AU Small Finance Bank (AU SFB), India’s largest SFB and a pioneer in innovative banking solutions, today announced the opening of its second branch at MVP Colony, Vishakhapatnam in Andhra Pradesh. This launch signifies AU SFB’s targeted offerings for the city and its commitment to delivering accessible and technology-driven financial services across South India.

Renowned as the “Jewel of the East Coast” and a significant industrial hub, Vishakhapatnam is a key addition to AU Small Finance Bank’s expanding network. The city, with its diverse industrial base encompassing sectors such as shipping and steel as well as Headquarter of Eastern Naval Command, aligns seamlessly with AU SFB’s mission to serve all segments of customers leading to inclusive growth.

Notably, AU SFB was the first bank to initiate monthly interest payouts to customers. It also offers competitive interest rates and extended banking hours to add to customers’ convenience. Taking its commitment to tech-led banking to new heights, AU launched its digital banking app AU0101 and introduced a groundbreaking 24×7 video banking service. This one-of-a-kind facility addresses over 400 service requests on video calls, providing unparalleled convenience for customers to handle their banking needs from the comfort of their homes.

Speaking on the Bank’s focus on serving Vishakhapatnam, Mr. Uttam Tibrewal, Executive Director, AU Small Finance Bank, commented, “Our 2nd branch in Vishakhapatnam signifies a strategic move to bring our innovative and customer-centric banking solutions closer to the residents and businesses of this vibrant city. We are not just opening branches; we are opening gateways to seamless, tech-driven banking experiences. Currently, we offer a diverse range of products, including, micro business loans, vehicle loans, business banking, agri-banking, FDs/Green FDs, credit cards, construction funding to real estate developers, etc., through our branches. The response that we have received, ever since we forayed in South India has been truly overwhelming. This encourages us to continuously expand our footprint in Southern states over the next few years.”

About AU Small Finance Bank
AU Small Finance Bank Limited (AU SFB) is a scheduled commercial bank and a Fortune India 500 Company. Starting its journey from the hinterlands of Rajasthan, today AU SFB is the largest Small Finance Bank with a deep understanding of the rural and semi-urban markets that has enabled it build robust business model facilitating inclusive growth.

With 28 years legacy of being a retail focused and customer-centric institution, AU SFB started its banking operations in April 2017 and as on 30th Sep 2023, it has established operations across 1,042 banking touchpoints while serving 44.3 Lac+ customers in 21 States & 3 Union Territories with an employee base of 28,523 employees.

As on 30th Sep 2023, the Bank has a net worth of ₹ 11,763 Crore, deposit base of ₹ 75,743 Crore, Gross Advance of ₹ 65,029 Crore and a Balance sheet size of ₹ 95,977 Crore. AU SFB enjoys the trust of marquee investors and is listed at both the leading stock exchanges viz. NSE and BSE. It has consistently maintained high external credit Rating from all major rating agencies like CRISIL, CARE Ratings and India Ratings.
Website: www.aubank.in | Twitter: @aubankindia | Facebook: AU Small Finance Bank | LinkedIn: AU Bank