Jana Small Finance Bank Commences Operations

Plans to setup over 500 banking outlets by 2019

Focuses on new banking outlets in unbanked rural areas and existing base of over 4.5 million customers

 by Shrutee K/DNS

Bangalore, 29 March 2018: Jana Small Finance Bank (formerly Janalakshmi Financial Services, India’s leading micro-finance company), announced commencement of its banking operations.  To cover its extensive customer base, Jana Bank will initially open 19 branches across 18 states and expand to 200 banking outlets including the 25% unbanked rural branches by June 2018.

As Jana Bank which is digitally enabled across majority of its offerings with expanded customer base, will continue to keep its fundamental focus on financial inclusion as its core strategy. Adding to it, Mr. Ramesh Ramanathan, Chairman, Jana Group, said, “Financial inclusion has been the primary vision of Jana Group. We see the commencement of banking operations duly supported by the digital capabilities to scale quickly and presents powerful opportunities to bridge the overall financial inclusion gap. Standing up to our brand promise of ‘Likho Apni Kahaani’ we have helped and will continue to help millions of Indians evolve, grow financially and have a better financial future.”

Jana Bank will also convert majority of its MFI branches into full-fledged bank branches and will have over 500 banking outlets by end of 2019 as it continues to serve its customers across India.

Commenting on this landmark occasion, Mr. Ajay Kanwal, MD & CEO, Jana Small Finance Bank said, “On behalf of over 14000 Jana employee family, I would like to thank our customers, investors and regulators for their support. We have the talent, systems and products to create a strong and differentiated franchise to serve the underserved with world-class governance and execution.”

About Jana Small Finance Bank

Jana Small Finance Bank’s vision is to be the leading digitized bank serving all customer segments and communities of an aspirational India. The bank has well-capitalized balance sheet and a proven track record to raise equity from investors. The company has successfully raised Rs. 1,636 Cr. in FY18 and have a robust liquidity position as it transitions to a bank. In 2017, Jana was also featured in ‘Fortune - The Top 500’ largest corporations in India and was recently awarded India’s Distinctive Goodwill Brand for 2017.