In India, poverty is a burning issue. Their illiteracy impedes them from availing of the facilities provided by popular finance sectors like banks, insurance companies, etc. Also, their earnings are so low that they fail to meet the basic criteria provided by finance companies; often, they do not have income proof to support their cause.
In order to help the poor and the marginalised in society, Au Small Finance Bank, a small finance bank, came up in Jaipur, Rajasthan, to deal with their financial necessities. Founded by Au Financiers in 1996, it was converted into a small finance bank on 19th April 2017.
What Is Hcm Au Bank?
Founded by Sanjay Agarwal, an exceptional Chartered Accountant (who also happens to be among the first generation of entrepreneurs) as a private company, Au Small Finance Bank got listed in an IPO on 29th June 2017. He now has a team of 23468 employees working with him. Reserve Bank of India has added it to its schedule of commercial banks, making it even more successful in its endeavour. This also improved the bank’s ability to provide loans.
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Au Small finance banks work to help people from lower socioeconomic groups manage their finances, advise them about the measures that they can take in order to lower their expenditures and still lead comfortable lives and help them save and invest money for long-term economic benefits. These banks also provide loans, money deposit facilities, and other services without the hassles of other finance channels. Since the processes are more user-friendly and made to cater to the needs of everyone, people find these banks to be more useful for money-related activities.
What Are The Benefits Of Hcm Au Bank?
Unlike most small finance banks, almost all loans are secured since it doesn’t have a past history in the background of microfinance. This provides lower interest rates compared to unsecured loans of other small finances. It has also opened other services like deposits, payment/transactions, distribution of products, and additional services, making it holistic in nature.
With its large distribution channels and immense success, Au small finance now has branches in fifteen states and two union territories of India. It’s one of the largest banking networks in Rajasthan itself.
How to Register For Hcm Au Bank?
The registration for Au bank is carried on in several processes:
- Go to AU 0101 Net Banking
- Click on the option Register
- Enter the Customer ID, which is provided in your welcome kit/ welcome letter
- Select to register using your Account Number or Debit Card or Credit Card
- Register using your Account number – to get view access only
- Register using a Debit card/Credit Card – to get full/transaction access
- Enter the Debit Card/Credit Card number
- Enter ATM PIN (in case of Debit Card)
- Enter Expiry Date + PAN/DOB (in case of Credit Card)
- Select account type
- Enter account number
- Enter OTP received on the registered mobile number
- Set Password
- Set security question
- Set username
- AU 0101 Net Banking registration is complete.
Also, the customer is free to visit the nearest Au bank or call them at the toll-free number 1800-1200-1200 if they require any assistance with the registration process.
What is the Login Process for Hcm Au Bank?
If the customer already has an existing account with Au bank, he or she will have to register using AU 0101 Net Banking portal via Debit Card or Account details in order to gain access. If the customer has been using Net banking earlier, the same ID and password can be used to log in to AU 0101.
What Is The Password Recovery Process Of Hcm Au Bank?
To recover the password, the customer has to first go to the website for Au Bank, then to the login and click on the forgotten password. A second tab will open where he or she has to provide the username, birth details, credit card number, and credit card pin and click on continue.
In the third process, a verification code will be generated and sent to the registered mobile number of the user. Once he or she submits the code, a menu for entering and re-entering the password will appear. Once that gets submitted, the user can now use the new password.
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With the rapid growth and development of Au’s small finances in recent decades, it’s most likely that the economic conditions of the marginalised will improve rapidly. They are opening up in various metropolitan cities, which look promising too.