Taking a strategic move, AU Small Finance Bank, today appointed Prof. M S Sriram, an inclusive finance expert, and Mr. Pushpinder Singh, a banking technology expert, as Independent Directors. These appointments earmark AU Bank 's transition to next phase of growth to become a technology led, inclusive and customer-centric retail Bank.
Prof. Sriram's vast experience in financial inclusion, microfinance and understanding of rural economy, shall strengthen Bank's ability to enhance credit flow at the bottom of the pyramid and further deepen the impact of its financial inclusion initiatives.
In the rapidly changing digital banking infrastructure and emergence of newer technologies and Payment Systems, addition of Mr. Pushpinder Singh will greatly aid Bank's aspiration of becoming customer-centric technology driven Bank.
Commenting on the appointments, Mr. Sanjay Agarwal, MD & CEO, AU Small Finance Bank, said, "Good and strong governance has always been AU's hallmark. I feel that with the addition of two new domain specialist as Independent Directors, our governance architecture will be strengthened further. It will greatly aid the bank in its missions of technology led inclusive banking. I extend them a warm welcome at the bank."
Professor M S Sriram
Professor M S Sriram is currently Visiting Faculty at IIM Bangalore. He is also a Distinguished Fellow at the Institute for Development of Research in Banking Technology, Hyderabad - an institute set up by the Reserve Bank of India. Prior to this he was the ICICI Bank Lalita D Gupte Chair Professor in Microfinance at the Indian Institute of Management, Ahmedabad. He is a graduate from Institute of Rural Management Anand and completed his doctoral studies at the Indian Institute of Management, Bangalore.
Professor Sriram has served as an expert on several expert committees: Task Force on revival of Rural Cooperative Credit Institutions [Vaidyanathan Committee]; Expert Committee on Kerala Cooperative Bank (as Chair); The Financial Inclusion Advisory Committee of RBI. He is currently on the Boards of Indian Dairy Machinery Company, NDDB Dairy Services, People Research on India's Consumer Economy, National Institute of Bank Management, Centre for Budget and Policy Studies and a Trustee of Ranga Shankara (Bangalore) Dastkar Andhra and Pratham Books.
He is the author of multiple books largely on financial inclusion and agricultural credit. He has written the annual "Inclusive Finance India Report" for the years 2015, 2016 and 2017. His book "Talking Financial Inclusion in Liberalised India: Conversations with Governors of RBI" is based on detailed conversations with RBI Governors to understand the evolution of policies on Financial Inclusion was launched in 2018.
Mr. Pushpinder Singh
Mr. Pushpinder Singh is a Banking Technology expert with over 33 years of rich experience at Bank of India with focus on technological advancement and IT implementation in Banking sector since 1986. He brings operational experience in all areas of Banking, i.e. Information Technology, Payment Systems, Banking Services & Automation, Risk Management and Retail Banking. He has unique skill to translate the technology knowledge into real-time application for the Banks.
Throughout his illustrious career in Banking Technology, he directed complex projects from concept to fully operational status. He is a Member of the reconstituted IT Advisory committee of the Board of STCIPD. at Bank of India, he held various senior/top management positions along with being the Chief Information Officer. He was External Member of the IT Strategy Committee of the Board of SIDBI. He also worked with National Payment Corporation of India (NPCI) as advisor for FI and new Business. At NPCI, he worked as product and business development lead for AePS product using Aadhaar authentication for payments using Micro ATMs also.
Shares of AU Small Finance Bank Ltd was last trading in BSE at Rs.651.1 as compared to the previous close of Rs. 648.95. The total number of shares traded during the day was 8399 in over 861 trades.
The stock hit an intraday high of Rs. 666.6 and intraday low of 642. The net turnover during the day was Rs. 5471321.