Page 21 - Banking Finance July 2017

PRESS RELEASE
PRESS RELEASE
AU Small Finance Bank Limited Offers operations in over 269

branches across 10 states and one union territory in

India as of May 31, 2017

AU Small Finance Bank Limited, India's only Small Finance upon us that no Indian should be deprived of banking and
Bank that emerged from an asset financing NBFC, is now every customer should feel supreme and be offered truly
offering seamless banking at over 269 branches across 10 simplified products & solutions. Working towards this, we
states and one union territory in Indiaas of May 31st 2017 have started offering seamless banking services inover 269
covering Rajasthan, Delhi, Gujarat, Maharashtra, Goa, branches across 10 States and one union territory in Indiaas
Uttar Pradesh, Madhya Pradesh, Chhattisgarh, Himachal of May 31st 2017.All our products and services are exclu-
Pradesh, Chandigarh, Haryana and Punjab. sively curated to give our customers optimum benefit cus-
tomized to maximize the ease of banking, ensuring a bank-
To cover a whole spectrum of finance, AU Small Finance
BankLimited is providing banking products ranging from ing experience. We look forward to further expanding our
Savings Accounts to Current Accounts and term Deposits to banking presence to serve the underbanked and unbanked
Recurring Deposits. All the services are exclusively curated customers across India"
to give customers optimum benefit customized to maximize With the focus aligned with national agenda of financial
the ease of banking. inclusion &digital banking, AU offers Aadhar enable paperless
AU Small Finance Bank Limited today inaugurated its BKC account opening and transactions with minimal forms. Cus-
branch in Mumbai, Maharashtra. The 3000 sq. ft. plush tomers can receive all the services with equal ease at all
branches. With visual language and local imagery, each of
branch located at ground floor of Kanakia Zillion, BKC was
inaugurated by Dr. Shri Harsh Kumar Bhanwala, Chairman the branches brings alive the connect with that locality.
NABARDin the presence of Shri Ajay Kumar Kapur, Deputy With special focus on building the Make in India dream, the
Managing Director, SIDBI & Shri Manoj Mittal, Deputy bank offers banking services to Greenfield& passionate en-
Managing Director, SIDBI along with Mr Sanjay Agarwal, trepreneurs across segments. AU will minimize paperwork
MD & CEO AU Small finance bank. for its loan customers.

Mr. Sanjay Agarwal, MD & CEO, AU Small Finance AU Small Finance BankLimitedwas granted in-principle ap-
BankLimitedsaid, "It is indeed a proud moment for us today proval from Reserve Bank of India for small finance bank
as we launch our first branch in Mumbai. We are immensely license on 7th October 2015. It had received a final license
thankful to RBI as we have now progressed into our second from Reserve Bank of India on 20th December 2016 to set
innings as AU Small Finance Bank and embarked a mission up a small finance bank.

United Bank of India slashes interest rate on Housing Loan

United Bank of India has reduced its interest rate on Housing loan from 8.75% p.a. to 8.55% p.a. The reduced rate of
interest on housing loan will be applicable irrespective of quantum of loan. The reduc-
tion in interest rate will reduce the EMI substantially. United Bank of India is extending
housing loan under Credit Linked Subsidy Scheme (CLSS) of Govt. of India. CLSS is a com-
ponent under Prime Minister Awas Yojana (PMAJ) where interest subsidy on housing
loan upto 6.5% p.a. is available to eligible family. The effective rate of interest under
CLSS will be 2.05% p.a. for Economically Weaker Section and Low Income Group (family
income upto Rs. 6 Lac per annum). The effective rate of interest under CLSS for MIG-
I (income upto Rs. 12 Lac per annum) will be 4.55% p.a. and for MIG-II (income upto
Rs. 18 Lac per annum) 5.55% p.a. The Bank has also waived the Processing Fee for the
borrowers availing Housing loan from the Bank.

BANKING FINANCE | JULY | 2017 | 21

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