AU Small Finance Bank’s promoters will move their shares to a non-operating holding company (NOHC). This is one of the rules set by the Reserve Bank of India (RBI) for the bank to become a full-fledged universal bank.
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The bank has also decided to shift its main office from Jaipur to Mumbai. This move was approved in principle by the RBI.
Sanjay Agarwal, the founder, Managing Director, and CEO of the bank, said that having a non-operating holding company is good for him. It will help the bank try new financial services in the future.
He also mentioned that even if there are some tax problems while transferring shares, they should be manageable.
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