AU Small Finance Bank Clarifies CFO Has Not Resigned; No Special Audit By RBI
AU Small Finance Bank Ltd. has issued a statement to address recent rumours regarding the resignation of its Chief Financial Officer (CFO) and the conduct of a special audit by the Reserve Bank of India (RBI). The bank denied these rumours, emphasising that they are baseless and intended to cause panic among shareholders and manipulate the stock price.
The bank also clarified to NDTV Profit earlier that the CFO has not resigned.
The bank confirmed that its CFO, Vimal Jain, who has been with AU SFB since January 2010, continues to serve in his position and has not tendered his resignation. This clarification comes in response to unverified and misleading rumours circulating in the market, which have led to sudden fluctuations in the bank's share price. The bank's share price declined 3% on Thursday.
Additionally, AU SFB addressed the speculation about a special audit by the RBI. The bank clarified that it has applied for a voluntary transition into a Universal Bank, a process that is currently under evaluation by the RBI. This evaluation is part of the RBI's standard operating procedures and does not constitute a special audit as alleged in the rumours.
AU Small Finance Bank, established in 1996, has grown to become one of India's leading small finance banks. It offers a range of financial services, including savings accounts, fixed deposits, loans, and insurance products. The bank focuses on serving the underserved and unbanked segments of the population, with a mission to promote financial inclusion.
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