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Jana Small Finance Bank receives Scheduled Bank status from RBI

MUMBAI, Aug 08, 2019 (GNI): Jana Small Finance Bank Ltd, which commenced banking operations in March 2018, has got the status of a Scheduled Bank. The Government notified this on July 27, 2019, putting Jana Small Finance Bank on the list of the banks included in the 2nd schedule of RBI Act 1934.

Jana Small Finance bank presently operates in 260 bank branches and 338 asset centers which is serving over 5.5 million customers across the country. Established as a financial service company in 2009, the bank now has presence in 20 states and one union territory.

Commenting on the development, Mr. Ajay Kanwal, MD & CEO of Jana Small Finance Bank said, “Our aim has always been to provide financial inclusion to the underserved sections of the society, including small business units, small and marginal farmers, micro and small industries. Becoming a Scheduled Bank is an important milestone for us and this will reinforce our relentless efforts to serve our customers while receiving the faith and trust the customers have reposed to the bank”

By the end of FY20, the bank plans to convert 98 asset centers and 103 Unbanked Rural centers (URC’s) into full-fledged bank branches. Alongside, the bank continues to extend their product offerings like business loans, agri loans, affordable housing loans and gold loans, among others; that caters to the diverse needs of customers.

About Jana Small Finance Bank, erstwhile Janalakshmi Financial Services (JFS), is headquartered in Bengaluru and has over a decade of existence.

It is one of the 10 financial institutions which had received in-principal approval from the RBI for a Small Finance Bank in 2015. Jana Small Finance Bank received final banking license in April 2017; it started banking operations on March 28, 2018.

Currently, the bank is serving 5.5 million customers across 20 states and Union Territories in India. Its vision is to become the leading inclusive digitized bank serving all customer segments and communities of an aspirational India.

For more details, visit, https://www.janabank.com

Awards and recognition:   In 2018, Capital Finance International (CFI.co) adjudged the Jana Small Finance Bank as The Best Inclusive Financial Services – India 2018 in London
In 2017, JFS was featured in ‘Fortune – The Top 500’ as the largest corporations in India and was awarded as India’s Distinctive Goodwill Brand for 2017. In the same year, CNBC awarded JFS for Best Financial Sector Transaction ADB Private Sector.
In 2016, VC Circle awarded JFS with the ‘Best Financial Services firm in India’.ends
 

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