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Jana Small Finance Bank (Jana SFB) on Monday said it has formally submitted an application to the Reserve Bank of India (RBI) seeking approval to transition into a universal bank.
The strategic move marks a significant milestone in Jana Bank's growth journey and reflects its long-term commitment to financial inclusion, innovation, and sustainable banking, the bank said in a statement.
Over the past several years, Jana SFB has successfully built a strong retail and MSME franchise, expanded its digital and physical footprint across the country, and consistently delivered on key financial and governance metrics, it said.
Since receiving its SFB licence in 2017, Jana has built a robust portfolio in deposits, loans, and financial services tailored to individuals, MSMEs, and institutions, it said.
With a growing deposit base, national presence, digital services and a strong asset quality track record, the bank believes it is well-positioned to take the next step in its evolution, it added.
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