NEW DELHI: Non-banking finance company Au Financiers (India) today said it has received final approval of the Reserve Bank to start operations as small finance bank.

“The company has now received final licence from Reserve Bank to establish and operate Small Finance Bank in India,” the Jaipur-based NBFC said in a statement.

The company was among the 10 entities that received in-principle approval of RBI last year to set up small finance banks. The company has operations in 10 states with 300 branches and finances commercial and personal vehicle loans, as well as caters to micro, small and medium enterprises.

“It is a huge step for…