{"id":3162,"date":"2023-04-21T16:24:00","date_gmt":"2023-04-21T10:54:00","guid":{"rendered":"https:\/\/edunovations.com\/currentaffairs\/?p=3162"},"modified":"2023-05-03T15:33:51","modified_gmt":"2023-05-03T10:03:51","slug":"au-small-finance-bank-2","status":"publish","type":"post","link":"https:\/\/edunovations.com\/currentaffairs\/banking\/au-small-finance-bank-2\/","title":{"rendered":"RBI Allows AU Small Finance Bank to Deal with Foreign Exchange"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_83 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/au-small-finance-bank-2\/#RBI_Allows_AU_Small_Finance_Bank_to_Deal_with_Foreign_Exchange\" >RBI Allows AU Small Finance Bank to Deal with Foreign Exchange<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/au-small-finance-bank-2\/#Why_this_News_is_important\" >Why this News is important:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/au-small-finance-bank-2\/#Historical_Context\" >Historical Context:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/au-small-finance-bank-2\/#Key_Takeaways_from_%E2%80%9CRBI_Allows_AU_Small_Finance_Bank_to_Deal_with_Foreign_Exchange%E2%80%9D\" >Key Takeaways from &#8220;RBI Allows AU Small Finance Bank to Deal with Foreign Exchange&#8221;:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/au-small-finance-bank-2\/#Conclusion\" >Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/au-small-finance-bank-2\/#Important_FAQs_for_Students_from_this_News\" >Important FAQs for Students from this News<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/au-small-finance-bank-2\/#Q_Which_bank_has_recently_been_allowed_by_RBI_to_deal_with_foreign_exchange\" >Q: Which bank has recently been allowed by RBI to deal with foreign exchange?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/au-small-finance-bank-2\/#Q_What_is_the_significance_of_the_permission_granted_by_RBI_to_AU_Small_Finance_Bank\" >Q: What is the significance of the permission granted by RBI to AU Small Finance Bank?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/au-small-finance-bank-2\/#Q_What_are_the_benefits_of_foreign_exchange_services_for_banks_and_their_customers\" >Q: What are the benefits of foreign exchange services for banks and their customers?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/au-small-finance-bank-2\/#Some_Important_Current_Affairs_Links\" >Some Important Current Affairs Links<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"RBI_Allows_AU_Small_Finance_Bank_to_Deal_with_Foreign_Exchange\"><\/span>RBI Allows AU Small Finance Bank to Deal with Foreign Exchange<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Reserve Bank of India (RBI) has recently allowed AU Small Finance Bank to deal in foreign exchange (FX) services. The bank can now offer services such as outward remittances in foreign currency and issuance of foreign currency travel cards, among others. AU Small Finance Bank has become the sixth small finance bank to get permission for foreign exchange transactions.<\/p>\n\n\n\n<p>With this permission, the bank aims to provide a range of foreign exchange services to its customers, such as forex travel cards, foreign currency cash, and outward remittances in foreign currency. The bank is also planning to offer inward remittances and foreign currency deposits in the near future.<\/p>\n\n\n\n<p>The bank&#8217;s MD and CEO, Sanjay Agarwal, said that this permission will help the bank to expand its product offerings and deepen its relationship with its customers. He also said that this permission will help the bank to serve its customers better and meet their foreign exchange requirements.<\/p>\n\n\n\n<p>AU Small Finance Bank was founded in 1996 as Au Financiers, and it became a small finance bank in 2017. It has a pan-India presence with over 700 branches in more than 10 states.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\" id=\"AU-Small-Finance-Bank\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/05\/AU-Small-Finance-Bank22-1024x576.jpg\" alt=\"AU Small Finance Bank\" class=\"wp-image-3245\" title=\"AU Small Finance Bank\" srcset=\"https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/05\/AU-Small-Finance-Bank22-1024x576.jpg 1024w, https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/05\/AU-Small-Finance-Bank22-300x169.jpg 300w, https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/05\/AU-Small-Finance-Bank22-768x432.jpg 768w, https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/05\/AU-Small-Finance-Bank22.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">AU Small Finance Bank<\/figcaption><\/figure>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_this_News_is_important\"><\/span>Why this News is important:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Foreign exchange services are becoming increasingly important in the modern world, especially for businesses and individuals who have to make international transactions. As such, it is essential for banks to be able to offer these services to their customers. The recent permission granted by RBI to AU Small Finance Bank to offer foreign exchange services is a significant development in this regard.<\/p>\n\n\n\n<p>This permission is important for students preparing for various government exams, including banking and civil service exams, as it highlights the importance of foreign exchange services and their role in modern-day banking.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Historical_Context\"><\/span>Historical Context:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In 2015, the RBI granted in-principle approval to 10 entities to set up small finance banks in the country. The aim was to provide financial inclusion and improve access to banking services in under-served and unbanked areas of the country. AU Financiers was one of the 10 entities that received approval, and it became a small finance bank in 2017.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Takeaways_from_%E2%80%9CRBI_Allows_AU_Small_Finance_Bank_to_Deal_with_Foreign_Exchange%E2%80%9D\"><\/span>Key Takeaways from &#8220;RBI Allows AU Small Finance Bank to Deal with Foreign Exchange&#8221;:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th>Serial No.<\/th><th>Key Takeaways<\/th><\/tr><\/thead><tbody><tr><td>1.<\/td><td>AU Small Finance Bank has been granted permission by RBI to offer foreign exchange services.<\/td><\/tr><tr><td>2.<\/td><td>The bank can now offer outward remittances in foreign currency and issuance of foreign currency travel cards, among other services.<\/td><\/tr><tr><td>3.<\/td><td>AU Small Finance Bank is the sixth small finance bank to get permission for foreign exchange transactions.<\/td><\/tr><tr><td>4.<\/td><td>The bank aims to provide a range of foreign exchange services to its customers, such as forex travel cards, foreign currency cash, and outward remittances in foreign currency.<\/td><\/tr><tr><td>5.<\/td><td>This permission will help the bank to expand its product offerings and deepen its relationship with its customers.<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\">AU Small Finance Bank<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In conclusion, the recent permission granted by RBI to AU Small Finance Bank to deal with foreign exchange is a significant development in the banking sector. This permission will allow the bank to offer a range of foreign exchange services to its customers, thereby expanding its product offerings and strengthening its relationship with its customers.<\/p>\n\n\n\n<p>The permission is also important for students preparing for government exams, as it highlights the importance of foreign exchange services and their role in modern-day banking. It is crucial for aspirants to stay updated with current affairs related to the banking and finance sectors, as questions related to these topics are often asked in various government exams.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Important_FAQs_for_Students_from_this_News\"><\/span>Important FAQs for Students from this News<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q_Which_bank_has_recently_been_allowed_by_RBI_to_deal_with_foreign_exchange\"><\/span>Q: Which bank has recently been allowed by RBI to deal with foreign exchange? <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A: AU Small Finance Bank.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q_What_is_the_significance_of_the_permission_granted_by_RBI_to_AU_Small_Finance_Bank\"><\/span>Q: What is the significance of the permission granted by RBI to AU Small Finance Bank? <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A: The permission will allow the bank to offer a range of foreign exchange services to its customers, thereby expanding its product offerings and strengthening its relationship with its customers.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q_What_are_the_benefits_of_foreign_exchange_services_for_banks_and_their_customers\"><\/span>Q: What are the benefits of foreign exchange services for banks and their customers? <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A: Foreign exchange services help banks to expand their product offerings, attract more customers, and generate additional revenue. For customers, foreign exchange services provide a convenient way to exchange currencies and make international transactions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Some_Important_Current_Affairs_Links\"><\/span>Some Important Current Affairs Links<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-outline is-style-outline--1\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/currentaffairs\/category\/national\/\" target=\"_blank\" rel=\"noreferrer noopener\">State Current Affairs<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline is-style-outline--2\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/currentaffairs\/category\/sports\/\" target=\"_blank\" rel=\"noreferrer noopener\">Sports Current Affairs<\/a><\/div>\n\n\n\n<div 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The bank can now offer services such as outward remittances in foreign currency and issuance of foreign currency travel cards, among others. AU Small&#8230;<\/p>\n","protected":false},"author":3,"featured_media":3246,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14,10],"tags":[1557,1074,466,2308,193,339],"class_list":["post-3162","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-national","tag-au-small-finance-bank","tag-banking-sector","tag-financial-inclusion","tag-foreign-exchange-services","tag-government-exams","tag-rbi"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/posts\/3162","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/comments?post=3162"}],"version-history":[{"count":0,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/posts\/3162\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/media\/3246"}],"wp:attachment":[{"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/media?parent=3162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/categories?post=3162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/tags?post=3162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}