We have to play it right and convince people they can trust us: AU chief

The Reserve Bank of India (RBI) has approved AU Small Finance Bank to convert into a universal bank, and has asked the lender to transfer promoter stake into a non-operative financial holding company (NOFHC) before commencing operations, which is to be done within 18 months.

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The Jaipur-based lender's managing director and chief executive officer (MD & CEO), Sanjay Agarwal, and his family hold a 22 per cent stake in the bank. In an interaction with Subrata Panda and Manojit Saha in Mumbai, Agarwal said he did not intend to increase his promoter shareholding to 26 per cent from 23 per cent now, and did not wish to continue as the bank's MD & CEO beyond the 15-year regulatory limit, having already served eight years in the role. Edited excerpts:

What is the big benefit now that you have become a universal bank?