Lucknow, Monday, September 24, 2018: Jana Small Finance Bank today launched a new branch in Vibhuti Khand, Gomti Nagar. With the Lucknow launch, Jana has commenced its commercial operations in Uttar Pradesh. Besides this branch, as a small finance bank, Jana will have its footprints in three other districts consisting – Allahabad, Kanpur and Meerut. Jana's new launch is in line with the Government of India and Reserve Bank of India’s ‘Financial Inclusion’ agenda, wherein the bank has enabled more than 45 lakh existing loan customers of Jana Small Finance Bank to come into the banking ecosystem by the end of 2018.

True to its slogan - ‘Paise ki Kadar’ i.e. value for money, the bank is focused on providing better returns on its customer’s hard-earned money and hence is set to offer an inaugural rate of 8.5 percent on Fixed Deposits more than 2 years and upto 3 years. For senior citizens, the rate is up to 9.1 percent for the same tenure. Also, to further value of its Group Loan Customers’ hard-earned money, the bank will offer zero-balance Basic Savings Bank Deposit Account. Among other features, the customers will be exempted from penalty on pre-mature closure.

The honourable chief guest of the event, Shri. Keshav Prasad Maurya, Deputy Chief Minister of Uttar Pradesh, inaugurated the branch. He said, “It gives me immense pleasure to launch the branch of Jana Small Finance Bank in the State. Financial Inclusion is our key agenda and we are glad that Jana Bank is contributing to this initiative significantly.” He applauded the bank’s initiative wherein the customers will be provided with doorstep account opening.

Mr. Ajay Kanwal, MD & CEO, Jana Small Finance Bank said, “We are committed to enrich the banking experiences of all our customers, both individuals and businesses.” He added, “We are glad that through our services, we are able to support the aspirational Indians to grow, especially in the rural and unbanked sector. We are also delighted that we will give opportunities for banking careers in approximately 500+ districts that we plan to serve across India.” In Uttar Pradesh, through its banking touch points, at various levels, the bank has employed more than 1500 employees.

Mr. Karunesh Nigam, Zonal Head, Uttar Pradesh and Uttarakhand said, “As a micro finance institution, we have already expanded a deeper network in the state of Uttar Pradesh. With commencement of banking operations, more than five-lakh of our state-based customers will come in the banking fold.” He further informed that by end of 2019, the bank is planning to expand its branch network and expand across the state.

For more than a decade, the Jana team has been striving to provide access to formal financial system. Across India, the Bank has ensured that it provide all-inclusive financial services in rural and remote areas. Recently, Capital Finance International (CFI.co), London, acknowledged this contribution of the Jana team and adjudged it as The Best Inclusive Financial Service – India 2018.

In July 2018, the bank commenced its banking operations with Capital Adequacy Ratio (CAR) of about 35 percent and loan book of INR 76 billion as on March 31, 2018. For covering its extensive customer base, the bank has launched 151 bank branches and 31 branches in unbanked rural areas. By end of 2019, Jana Bank’s 500 branches will be operational in 19 states, post conversion of majority of its micro finance storefronts into bank branches. 150 of Jana Bank branches will also cater to small and medium enterprises. For bolstering its current work force of 15,000, it is planning to hire 1000 employees by end of the current year.

At the onset, for catering to the diverse needs of customers, the bank will continue with micro finance lending and in unison, it will extend business loans, agri loans, affordable housing loans and gold loans.

About Jana Small Finance Bank

Jana Small Finance Bank, erstwhile Janalakshmi Financial Services, is headquartered in Bengaluru. It is one of the 10 financial institutions, which had received in-principle approval from RBI for setting up a Small Finance Bank in 2015.

Established in Bengaluru in 2008, it was the largest Micro Finance Institution (MFI) in India, and was recognised globally as one of the world’s innovative financial institutions working on the problem of financial inclusion.

Jana Small Finance Bank received final banking license in April 2017 and started banking operations on March 28, 2018. Under the leadership of its MD & CEO, Ajay Kanwal, Jana Small Finance Bank’s vision is to become the leading inclusive digitised bank serving all customer segments and communities of an aspirational India.

Currently, post transition phase, the bank is enabling its existing 45 lakh customers across 19 states in India to access the banking services. It has Capital Adequacy Ratio (CAR) of about 35 percent and a loan book of INR 76 billion as on March 31, 2018. By 2020, the bank aspires to add four million customers.

The bank has deep domain expertise in banking and financial services with the senior management team having 25+ years of average experience in banking sector. Its current employee strength is of 15,000.

By end of 2019, Jana Small Finance Bank’s 500 branches will be operational in 19 states, post conversion of majority of its micro finance storefronts into bank branches.

Bengaluru-headquartered Jana Small Finance Bank is regulated by the Reserve Bank of India (RBI).

For more details, please visit - https://www.janabank.com/

Awards and recognitions
  • In 2015, Palladium inducted Janalakshmi Financial services into the 2015 Palladium Balanced Scorecard Hall of Fame
  • In 2016, VC Circle awarded JFS with the ‘Best Financial Services firm in India’
  • In 2017, JFS was featured in ‘Fortune – The Top 500’ as the largest corporations in India and was awarded as India’s Distinctive Goodwill Brand for 2017. In the same year, CNBC awarded JFS for Best Financial Sector Transaction ADB Private Sector
  • In 2018, Capital Finance International (CFI.co) adjudged the Jana Small Finance Bank as the The Best Inclusive Financial Services – India 2018 in London

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