With a special focus on financial inclusion, Jana Small Finance Bank, formerly known as Janalakshmi Financial Services, India’s leading micro-finance company, today announced commencement of its banking operations. To cover its 4.5 million customer base, Jana Bank will initially open 19 branches across 18 states and expand to 200 banking outlets including the 25 percent unbanked rural branches by June 2018.
The Bank will also convert majority of its MFI (micro-finance) branches into full-fledged bank branches and will have over 500 banking outlets by end of 2019, as it continues to serve its customers across India.
Jana Bank, which is digitally enabled across majority of its offerings with expanded customer base, will continue to keep its fundamental focus on financial inclusion as its core strategy. Adding to it, Ramesh Ramanathan, Chairman, Jana Group, said, “Financial inclusion has been the primary vision of Jana Group. We see the commencement of banking operations duly supported by the digital capabilities to scale quickly and presents powerful opportunities to bridge the overall financial inclusion gap. Standing up to our brand promise of ‘Likho Apni Kahaani’, we have helped and will continue to help millions of Indians evolve, grow financially and have a better financial future.”
Ajay Kanwal, MD & CEO, Jana Small Finance Bank, said, “On behalf of over 14,000 Jana employee families, I would like to thank our customers, investors and regulators for their support. We have the talent, systems and products to create a strong and differentiated franchise to serve the underserved with world-class governance and execution.”