AU Small Finance Bank CFO Vimal Jain passes away after sudden cardiac arrest

AU Small Finance Bank on Wednesday announced with profound sorrow the sudden passing of its Chief Financial Officer, Vimal Jain, who died on September 10, 2025, following a cardiac arrest.

In an official statement, the bank said: “With deep grief and immense sadness, we inform the untimely demise of Mr. Vimal Jain, Chief Financial Officer of the Bank, on September 10, 2025.”

Jain had been associated with AU Small Finance Bank since 2010, contributing over 15 years of dedicated service. The bank described him as “a pillar of strength for the organisation and the Finance and Accounts function, providing crucial leadership throughout his distinguished career.”

Terming his demise “an irreparable loss,” the bank expressed heartfelt condolences to his family and colleagues.

The statement further noted that the bank has initiated steps to ensure interim succession and will keep regulators, including the RBI and SEBI, informed in line with applicable requirements.

Ujjivan Small Finance Bank's  universal licence

Ujjivan Small Finance Bank is hopeful that the Reserve Bank of India (RBI) will take a decision on its application for a universal banking licence by December, said Managing Director and CEO Sanjeev Nautiyal.

The RBI had issued small finance bank licences to 10 applicants in 2016, including Equitas Small Finance Bank, AU Small Finance Bank, and Ujjivan Small Finance Bank, to promote financial inclusion through mandatory rural branches and small-ticket loans. Unlike small finance banks, universal banks can offer a wider range of services, including large corporate loans, investment banking, and insurance.

Sanjeev Nautiyal told Mint on Monday: “Our internal assessment is that RBI may reach a decision by December. It could be a yes, or it could be a no… the timeline may also extend beyond December, as it is ultimately up to the regulator.”

In August, AU Small Finance Bank became the first lender in a decade to receive RBI’s in-principle approval to transition to a universal bank.

In 2024, the RBI set eligibility criteria for such transitions, requiring listed small finance banks to have a minimum net worth of ₹1,000 crore, a profitable track record over the past two years, and at least five years of operations. Ujjivan Small Finance Bank, based in Bengaluru, applied for the universal licence in February and is currently awaiting the regulator’s decision.