HT BureauGUWAHATI, Dec 8: AU Small Finance Bank 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; BNS Reddy (EX IPS), retired inspector general of police and present 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. 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 a high potential for deposits and credits. The state offers the third largest deposit market worth Rs 12 lakh crore and the fourth largest credit market worth Rs 8 lakh crore. Bangalore alone contributes to 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, Uttam Tibrewal, executive director, of 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 over 300 touchpoints. In this duration, we have built a balance sheet size of Rs 77800 crore, deposit base of Rs 58300 crore, and Gross Advances of Rs 52400 crore with steadily improving granularity.”
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Speaking on AU Small Finance Bank’s expansion plan for South India, 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 the 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 a testament to the conducive business environment of the state. Our banking services for the salaried, self-employed, and small business segments which thrive in large IT industries, aerospace hubs, and biotech hubs, would help us strengthen our business in the state while winning customers’ confidence here.”
