Tag: au small finance bank

AU Small Finance Bank appoints Sharad Goklani as CTO, BFSI News, ET BFSI

Banking & Finance

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AU Small Finance Bank has appointed Sharad Goklani as President & CTO. He will be based out of Jaipur and will report to the company’s CIO, Ankur Tripathi.

In his new role, Goklani would be responsible for ensuring technology deployment and adoption across the bank.

“Moreover, given the diverse personas of our customer base, as a CTO of a tech-first Bank, Mr. Goklani would be responsible for creating technology interfaces, which are adaptable are flexible enabling tailor-made services for our unique set of customers,” the company told ETCIO.

Founded in Jaipur in 1996 as Au Financiers, a non-deposit taking NBFC, the company transformed into AU Small Finance Bank in 2017.

As a retail-focused bank constantly innovating to make banking simple for its customers, AU Bank is now moving towards being a digitally-led Bank with a pan India presence.

Previously, Goklani was EVP & CTO at Equitas Small Finance Bank. He has close to 25 years of professional experience and has worked with companies like Bharti Airtel and NIIT Limited in the past.

Purani has done his MCA from the University of Rajasthan.



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AU Small Finance Bank Q3 net profit up ₹479 crore

Banking & Finance

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AU Small Finance Bank’s net profit for the third quarter of the fiscal jumped up to ₹479.02 crore as against ₹190.19 crore a year ago.

For the quarter ended December 31, 2020, its net interest income surged by 25 per cent to ₹633 crore versus ₹507 crore a year ago.

Other income rose by 14 per cent to ₹184 crore in the quarter under review.

The bank’s provisions rose to ₹283.62 crore in the third quarter this fiscal from ₹40.1 crore a year ago.

Gross non-performing assets stood at one per cent of gross advances as on December 31, 2020 compared to 1.9 per cent as on December 31, 2019. Net NPAs stood at 0.2 per cent at the end of the third quarter this fiscal compared to one per cent a year ago.

“In the third quarter of the fiscal, AU Small Finance Bank restructured ₹ 251Cr (0.8 per cent of gross advances), mainly in the bus, taxi (within wheels) and schools, apparels. Overall restructured advances should stabilize at about 1.5 per cent of gross advances including a fresh restructuring that the bank may undertake in the fourth quarter this fiscal,” it said in a statement on Thursday.

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AU Bank and ICICI Pru Life Insurance announce partnership

Banking & Finance

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Our Bureau AU Small Finance Bank (AU Bank) has entered into a strategic partnership with ICICI Prudential Life Insurance to offer need and goal-based life insurance solutions to the small finance bank’s customers.

Through this corporate agency arrangement, over 18 lakh customers of AU Bank across over 700 banking touchpoints in 13 States and 2 Union Territories, will have an easy access to the entire suite of protection and long-term savings products of ICICI Prudential Life.

Financial security

These products will enable customers to provide financial security to themselves and their families and help them achieve their financial goals. Uttam Tibrewal, Executive Director, AU Small Finance Bank, said in a statement, “Expanding our bouquet of financial services and customer value proposition, we wanted to associate with an additional life insurance partner to add value to our existing range of products. We welcome ICICI Prudential Life Insurance as our valued insurance partner who we believe has the ability and experience to understand customers’ needs and offer them customized need-based solutions and provide seamless services. I am sure, the customer-friendly products of ICICI Prudential Life Insurance, combined with our extensive presence and robust technological capabilities, will be the right mix to increase insurance penetration. I look forward to the difference that we will make to people’s lives.”

Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, said, “The integration of our digital platforms will ensure a smooth, quick, and virtually paperless on-boarding experience to customers. We believe that this mutually beneficial partnership will enable AU Small Finance Bank to offer a well-rounded bouquet of financial savings and risk mitigation solutions to their customers. At the same time, it will enable us to further strengthen our multi-channel distribution network in the semi-urban and rural geographies of the country. Small finance banks play a pivotal role in enhancing financial inclusion and penetration of life insurance.”

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