AU Small Finance Financial institution on Wednesday introduced with profound sorrow the sudden passing of its Chief Monetary Officer, Vimal Jain, who died on September 10, 2025, following a cardiac arrest.
In an official assertion, the financial institution stated: “With deep grief and immense unhappiness, we inform the premature demise of Mr. Vimal Jain, Chief Monetary Officer of the Financial institution, on September 10, 2025.”
Jain had been related to AU Small Finance Financial institution since 2010, contributing over 15 years of devoted service. The financial institution described him as “a pillar of energy for the organisation and the Finance and Accounts operate, offering essential management all through his distinguished profession.”
Terming his demise “an irreparable loss,” the financial institution expressed heartfelt condolences to his household and colleagues.
The assertion additional famous that the financial institution has initiated steps to make sure interim succession and can maintain regulators, together with the RBI and SEBI, knowledgeable in keeping with relevant necessities.
Ujjivan Small Finance Financial institution’s common licence
Ujjivan Small Finance Financial institution is hopeful that the Reserve Financial institution of India (RBI) will take a choice on its software for a common banking licence by December, stated Managing Director and CEO Sanjeev Nautiyal.
The RBI had issued small finance financial institution licences to 10 candidates in 2016, together with Equitas Small Finance Financial institution, AU Small Finance Financial institution, and Ujjivan Small Finance Financial institution, to advertise monetary inclusion by necessary rural branches and small-ticket loans. In contrast to small finance banks, common banks can supply a wider vary of companies, together with massive company loans, funding banking, and insurance coverage.
Sanjeev Nautiyal advised Mint on Monday: “Our inner evaluation is that RBI might attain a choice by December. It might be a sure, or it might be a no… the timeline can also prolong past December, as it’s finally as much as the regulator.”
In August, AU Small Finance Financial institution grew to become the primary lender in a decade to obtain RBI’s in-principle approval to transition to a common financial institution.
In 2024, the RBI set eligibility standards for such transitions, requiring listed small finance banks to have a minimal web value of ₹1,000 crore, a worthwhile observe document over the previous two years, and not less than 5 years of operations. Ujjivan Small Finance Financial institution, based mostly in Bengaluru, utilized for the common licence in February and is presently awaiting the regulator’s choice.
