Jana Small Finance Bank starts Operations – April 2018

Jana Small Finance Bank starts operations: Plans to swoop affordable housing loans

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RBI approved the license of Jana Small Finance Bank that started its operations after one year on 28th March, 2018. Earlier known as Janalakshmi Financial Services, the bank looks forward to gain a strong footing in the affordable housing loan market. While concentrating on microfinance, the bank also plans to become a prominent player in the consumer durable loans segment.

Ajay Kanwal, CEO, Jana Small Finance Bank, said that the aim is to stay committed to financial inclusion while providing affordable housing loans and gold loans to customers. He also added that early next year, the bank plans to take charge of two-wheeler and consumer durable loans.

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Initially, the bank plans to open 19 branches in 18 states, however, the number will reach 200 by June 2018. This would specifically include the 25% unbanked rural branches. The Chairman of Jana Group, Ramesh Ramanathan, said that the group’s main focus is to achieve and maintain financial inclusion. The digital support in banking operations would help them scale a large number of customers quickly.

Mr. Ajay Kanwal also said that the bank possesses the ability, systems and tools to form a specialized dealership which can help serve the underserved segment with commendable administration. At present, the bank employs around 15,000 people and has planned to recruit 500-700 more employees. It also looks forward to turning its MFIs into complete bank branches by 2019.

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