Jana Small Finance Bank starts oper­a­tions Jana

Banking Frontiers - - Pb-sfb -

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.

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