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Jana Small Finance Bank commences ops, aims 500 outlets by 2019

Jana Small Finance Bank, formerly known as Janalakshmi Financial Services, said it will initially open 19 branches in 18 states

Press Trust of India  |  New Delhi 

Jana Small Bank, which commenced its operations today, plans to set up over 500 outlets by 2019 and expand its reach to unbanked rural areas.

Jana Small Bank, formerly known as Janalakshmi Financial Services, said it will initially open 19 branches in 18 states.

By June this year, the expects branch expansion to reach 200 outlets inclusive of 25 per cent unbanked rural branches by June 2018.

The focus will continue to be on financial inclusion, as the core strategy of the bank, with digitally-enabled service offerings, said the Bengaluru headquartered SFB.

"has been the primary vision of We see the commencement of banking operations duly supported by the digital capabilities to scale quickly and present powerful opportunities to bridge the overall gap," said Ramesh Ramanathan, Co-Founder,

Jana will also convert majority of its MFI branches into full-fledged branches and will have over 500 banking outlets by end of 2019, he said.

Ajay Kanwal, MD & of Jana Small Bank, said the bank will create a strong and differentiated franchise to serve the underserved with world-class governance and execution.

In September 2015, the had granted in-principle approval to 10 applicants for (SFB) licenses including Au Financiers, Disha Microfin, Equitas Holdings, ESAF Microfinance, Janalakshmi and Ujjivan

Utraksh Micro Finance, Suryoday Micro Finance, RGVN (North East) and are the remaining firms.

SFBs are allowed to undertake such as acceptance of deposits, lending to unserved and underserved, including small business units, small and marginal farmers, micro and small industries and the unorganised sector entities.

The idea of small comes from a government proposal, announced in Budget 2014-15, to begin differentiated banking services with the intent to meet the credit and remittance needs of small businesses, unorganised sector, low income households, farmers and migrant work force.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Thu, March 29 2018. 14:40 IST