Jana Small Finance Bank gets RBI nod to re-appoint Ajay Kanwal as MD & CEO

Jana Small Finance Bank has got approval from the Reserve Bank of India to re-appoint Ajay Kanwal as its managing director and chief executive officer for three years from March 21, 2024. His tenure will be till March 20, 2027.

Janalakshmi Financial Services became Jana Small Finance Bank in March 2018. Kanwal has more than 33 years of experience in financial services and has held various leadership positions in his banking career. He has launched several strategic growth initiatives while building and managing diverse teams “across geographies”, said a statement.

He was a senior adviser to private equity firm TPG Capital and global payments company Mastercard. Kanwal holds a bachelor’s degree in engineering in electronics and telecommunication from Marathwada University and a master’s degree in management studies from the University of Bombay.

On February 14, Bengaluru-based Jana Small Finance Bank was listed at a 4 per cent discount of its initial public offering price. The stock debuted at Rs 396 on the NSE and BSE as against an offer price of Rs 414.

Jana Small Finance Bank posted a 12.82 per cent year-on-year (Y-o-Y) growth in net profit during October -December quarter of FY24 to Rs 134.64 crore from Rs 119.34 crore a year ago. The net interest income rose by 24.4 per cent YoY to Rs 548.5 crore in Q3 FY24 as compared to Rs 440.8 crore in Q3 FY23.