BENGALURU, DEC 8, 2022
AU Small Finance Bank recently launched its 1000th banking touchpoint located at Indira Nagar in 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; BNS Reddy, President of Indiranagar Club along with Avinash Sharan, National Business Manager, Branch Banking, AU Small Finance Bank and 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. Karnataka has 5th highest GDP in the country driven by its robust IT service industry, and it contributes to about 10 per cent 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 the third largest deposit market worth Rs 12 lakh crore and fourth largest credit market worth Rs 8 lakh crore. Bengaluru alone contributes about Rs. 9 lakh crore of deposits of the state and remains a key city in AU’s expansion plan in South India.
Speaking on the development, AU Small Finance Bank Executive Director Uttam Tibrewal 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 crore, deposit base of Rs 58,300 crore and Gross Advances of Rs 52,400 crore 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 services at their convenience. Now, we endeavor to serve the customers in southern states with our passion and 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 and customer friendly interest rate on Savings Account & deposits.”
Speaking on AU Small Finance Bank’s expansion plan for South India, National Business Manager-Branch Banking Avinash Sharan 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 Rs 700 crore. Bengaluru 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 the large IT industry, Aerospace hub and biotech hubs, would help us strengthen our business in the state while winning customers’ confidence here.”
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.