AU Small Finance Bank, India’s premier SFB, is proud to introduce “Swadesh Banking,” a pioneering initiative poised to transform banking in rural India. Swadesh Banking vertical has been strategically designed to leverage AU Small Finance Bank (AU SFB) legacy of financial inclusion, deep understanding of the rural and semi-urban markets combined with its 360-degree comprehensive solutions for the farmers, self-employed personnel, and micro enterprises inIndia’s Bharat.
With an unwavering commitment to promoting financial and digital inclusion, AU SFB is dedicated to empowering underserved communities and fostering economic growth in rural and unserved areas. Hence, with the introduction of ‘Swadesh Banking,’ AU SFB will streamline its rural branches, banking outlets, banking correspondents, Financial & Digital Inclusion unit, and Small & Marginal Farmer (SMF) lending units under one umbrella and leadership for the benefit of the Bank’s customers.
Swadesh Banking will bring enhanced focus and will lead to customized banking products, services, and operations to meet the distinctive needs and challenges of rural communities and businesses. This will encompass extending digital solutions to local merchants and shop-owners commonly referred to as micro enterprises, advancing financial literacy and digital inclusion, specialized products for local industries, and nurturing local economic growth.
Advancing the vision of Digital Bharat, AU SFB has made substantial investments in user-friendly digital platforms, with a specific emphasis on enhancing accessibility in rural areas. Its mobile banking app, internet portals, and innovative video banking services have not only enhanced the convenience and accessibility of banking operations and transactions but have also maintained a personal touch. In the past year alone, AU SFB facilitated the opening of over 66,000 accounts through video banking in rural and semi-urban markets, with count of more than 92,000 video banking calls made to cater to its valued customers.
As of now, AU Small Finance Bank has emerged as a transformative force that has fostered social change at the grassroots level. The bank has achieved remarkable milestones, with 94% of priority sector lending, 62% of loans with ticket sizes up to Rs 25 lakhs, and 31% of touchpoints in unbanked rural areas, surpassing regulatory requirements. AU Small Finance Bank is not only fulfilling regulatory mandates but also leading the way in real financial inclusion in rural and semi-urban India.
Master Ji Sultan Singh Palsania, a driving force behind AU’s expansion in Rajasthan, has assumed the role of National Head of Swadesh Banking. In this capacity, he is entrusted with the task of making a significant impact in rural and semi-urban areas through the bank’s comprehensive range of financial services.
Furthermore, the consolidation of Swadesh Banking, Government Business, Wholesale Deposits, and Cooperative Banking is aimed at fostering greater synergy within the bank, all under the leadership of Mr. Shoorveer Singh Shekhawat. In this revamped structure, Mr. Shekhawat, will continue reporting to Mr. Uttam Tibrewal, the Executive Director of the Bank.
Speaking on the development Mr. Sanjay Agarwal, Founder and MD & CEO of AU Small Finance Bank, remarked, “Drawing upon our 28 years of experience in deciphering rural economies, we have showcased a profound grasp of rural insights through our diverse initiatives, community interactions, and workshops, thereby delivering through the cycles and establishing a financial inclusion model which is scalable and sustainable. We have meticulously crafted Swadesh Banking to bring enhanced focus on the rural customer by harnessing our own extensive and collaborating with the larger ecosystem to propel local businesses into triumphant narratives, ultimately elevating the socio-economic landscape of
our nation.”
He further added that, “With Swadesh Banking, our vision is clear i.e., to empower every corner of rural India with tailored financial solutions that ignite progress and prosperity. This initiative is more than just banking; it’s a commitment to amplify opportunities, cultivate self-reliance, and pave the way for a brighter future in every village and town.”