Jana Small Finance Bank starts operations Jana
Small Finance Bank, formerly Janalakshmi Financial Services, has begun its banking operations. It said in a statement, it will initially have19 branches across 18 states, but this number would go up to 200, including the 25% unbanked rural branches, by June 2018. The bank already has a digital platform for a majority of its offerings and will continue to keep its fundamental focus on financial inclusion as its core strategy. Ramesh Ramanathan, chairman, Jana Group, said financial inclusion has been the primary vision of the group and the commencement of banking operations duly supported by the digital capabilities would be scaled quickly, which would offer it powerful opportunities to bridge the overall financial inclusion gap. The bank intends to convert majority of its MFI branches into full-fledged bank branches and will have over 500 banking outlets by end of 2019. Ajay Kanwal, MD & CEO of the bank, said the bank has the talent, systems and products to create a strong and differentiated franchise to serve the underserved with world-class governance and execution.