AU Small Finance Bank (AU SFB) has strongly refuted unverified and misleading rumors circulating in the market, which it claims are intended to manipulate stock prices and create panic among investors.

The bank clarified that its Chief Financial Officer (CFO), Mr. Vimal Jain, has not resigned, contrary to false reports. It also confirmed that its application for transition into a Universal Bank is under due process with the Reserve Bank of India (RBI) and that no special audit is being conducted by the regulator, as rumored.

AU SFB highlighted that such rumor-mongering is not new, citing past instances since its inclusion in the F&O trading segment in 2021, where misinformation regarding governance and regulatory scrutiny was spread to cause volatility in stock prices.

Asserting its strong governance framework, with 7 out of 10 independent directors, the bank reaffirmed its commitment to financial inclusion and national growth. It has also vowed to approach regulatory and investigative authorities to take strict action against those responsible for spreading false narratives.

While AU SFB stated that it is not concerned about short-term stock price fluctuations, it warned that such malicious rumors could erode public trust in the banking sector and impact financial stability.

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