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Janalakshmi Financial Services to start small finance bank in Q2

The Bengaluru-based NBFC will open 300 branches during the year covering major locations in India

Small Finance Bank

Abhijit Lele  |  Mumbai 

Micro finance institution Janalakshmi Financial Services (JFS) will start operations of a small finance bank (SFB) in the second quarter of current financial year. It will open 300 bank branches during the year covering major locations in India.

The Reserve Bank of India (RBI) has granted the company a final licence to set up Small Finance Bank, JFS said in a statement on Saturday. RBI had given the company an in-principle approval in September 2015 to float an SFB within 18 months, subject to its meeting regulatory norms. Janalakshmi is the largest NBFC-MFI in India with a loan ...

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First Published: Sat, April 29 2017. 15:24 IST