Mumbai, Aug. 9 -- Having received the Reserve Bank of India's (RBI) in-principle approval to transition to a universal bank,AU Small Finance Bank Ltd's founder and managing director Sanjay Agarwal said the lender's next focus will be creating a holding company and rebranding.

"My shareholding has to be shifted to the NoFHC structure, where we need to figure out the process and the modalities," Agarwal said. "We just got it (the approval) last night, so it takes some time, but it should not be so complex in my opinion. Also, we need to change our name from AU Small Finance Bank Limited to AU Bank Limited."

A non-operating financial holding company (NoFHC), a precondition for becoming a full-service bank, is a regulatory requirement that ...