The story of billionaire banker from humble beginnings | Fusion - WeRIndia

The story of billionaire banker from humble beginnings

The story of billionaire banker from humble beginnings

Sanjay Agarwal is a self-made business magnate, who transformed his small finance company into a full-fledged bank in just 20 years. He is One of India’s new generation of billionaires.

Sanjay now among the richest people from Rajasthan, serves as both the CEO and Managing Director of AU Small Finance Bank.

Sanjay Agarwal’s journey began shortly after college when he entered the business world.

He built a reliable company that evolved into a listed financial institution with a market value of ₹49,698 crore.

His rise is even more remarkable considering his early struggles; as a child, Sanjay failed to pass class 8 and abandoned his dream of playing cricket to pursue a career in finance.

His father, an engineer with the Rajasthan State Electricity Board, encouraged him to switch from studying in Hindi to English after his academic setback.

After graduating from Government College in Ajmer, Sanjay pursued chartered accounting.

He joined a firm of CPAs and faced significant challenges, including failing the CA exam twice and experiencing a mental breakdown.

Despite these hurdles, he eventually passed the exam. Although he was offered a position in Mumbai, he chose to stay in Jaipur and start his own business.

At 25, with no capital, Sanjay persuaded local business people to invest in his finance company. He initially lent money for car loans, earning a nominal fee.

Over time, he diversified his interests, acquiring companies like a granite mill and a truck firm. However, around 2000, he decided to focus solely on finance. Significant milestones included a partnership with HDFC in 2002 and a capital round from Motilal Oswal in 2009.

In 2017, Sanjay successfully transformed his company into AU Small Finance Bank, starting from scratch two decades earlier.

Based in Jaipur, AU Small Finance Bank now serves over 30 lakh customers through more than 1,000 locations nationwide. By 2023, Sanjay Agarwal’s net worth was estimated to be over ₹10,026 crores.

Sanjay Agarwal’s story is one of resilience and determination, illustrating how dedication and strategic decisions can lead to extraordinary success.

Image Credit: AU Small Finance Bank, CC BY-SA 4.0, via Wikimedia Commons

Source: AU Bank Annual Report FY23

Image Reference:,_MD_%26_CEO,_AU_Small_Finance_Bank.jpg

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