Building a successful banking venture is not as an easy task for finance entrepreneurs especially in India where the banking sector is dominated by large banks owned by giant corporations and the state. However Sanjay Agarwal the man who recently got the nod from RBI for Indias newest universal bank not only built a small yet successful small finance venture but transformed it into the countrys biggest Small Finance Bank (SFB). Who is Sanjay Agarwal? Born in Rajasthan Sanjay Agarwal earned a Bachelors Degree in Commerce from Government College Ajmer and later aced the CA exam from the from the Institute of Chartered Accountants of India to become a Chartered Accountant. Agarwals academic excellence was  recognized by the institute who awarded him a gold medal for his topping the CA exam in 1995. After acing the CA exam Sanjay Agarwal instead of joining some major finance firm decided to launch his own finance venture which would cater to the financial needs of people living in Rajasthans rural and semi-urban areas where banking facilities were unavailable at the time. How AU Small Finance Bank was born? In 1996 a year after he cleared the CA exam Sanjay Agarwal launched Au Financiers small finance venture aimed at catering to unbanked rural and semi-urban population in Rajasthan. Over the years Au Financiers which began as a humble vehicle finance firm grew into the AU mall Finance Bank (SFB) the largest small finance bank in India. Sanjay Agarwal currently serves as the Managing Director and CEO of the AU Small Finance Bank and was honored with the 2018 Ernst & Young Entrepreneur of the Year Award for his contribution in the banking and finance sector. Indias newest commercial bank Under Sanjay Agarwals leadership AU Small Finance Bank has now transitioned into a full-service commercial bank after receiving in-principle approval from the Reserve Bank of India on August 7 2025-- the first in almost a decade-- to become a Universal Bank. Bandhan Bank was the last financial institution to receive this approval from RBI in 2015. AU SFBs transition into a full-fledged universal bank is a nod to the years of dedicated growth and trust the institution has built under the leadership of Sanjay Agarwal. Sanjay Agarwal net worth According to Forbes Sanjay Agarwal has a net worth of $1.3 billion (about Rs 11500 crore) making him one of the wealthiest individuals in India.