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Jana Bank to open 200 outlets in three months

IANS  |  Bengaluru 

Commencing its operations on Thursday, said it would open 200 outlets in the country by June.

"We will initially open 19 branches in 18 states and 200 banking outlets by June with 25 per cent of them in unbanked rural areas across the country," said the in a statement here.

The company (Janalakshmi Ltd) turned plans to have 500 outlets by 2019.

With financial inclusion as its vision, the bank hopes to scale is operations soon and provide opportunities to bridge the gap.

"We have helped lakhs of needy people to evolve and grow financially for better future and will continue to do for inclusive growth," said group Chairman in the statement.

With a 45 lakh customer base, the bank will convert majority of its units into to serve its customers across the country.

The group company, which has a track record of mobilising equity from multiple investors, raised Rs 1,636 crore in fiscal 2017-18 and has a robust liquidity to transition into a full-fledged bank.

"Our vision is to be a leading serving all customer segments and communities of an aspirational India," said Ramanathan, 53, a former from New York, in the statement.

was among the 10 applicants the approved in 2015 to set up a small finance bank, which caters to small and marginal borrowers, who have no access to

"With 14,000 employees, the bank has talent, systems and products to create a differentiated franchise to serve the underserved with governance and execution," said in the statement.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 29 2018. 16:12 IST