Press Release
Jana Small Finance Bank inaugurates its 700th branch in Odisha
XX January, 2022, Bangalore: Jana Small Finance Bank today announced the launch of its 700th branch in Buromal in Balangir District, Odisha. The branch was inaugurated by Dr. Subhash C. Khuntia, Non – Executive Chairman, Jana Small Finance Bank and former Chairman, IRDAI. The branch will offer banking services across liabilities and assets such as Savings Account, Fixed Deposit, and Group Loan etc.
This new branch aims to deepen relationships and continue to provide the quality banking facilities to the rural customers of Buromal and will also serve the households of Belapada, Tikrapada, Bangamunda, Moribahal, Tureikela etc.
Being the chief guest for the inauguration, Dr. Subhash C. Khuntia, Non – Executive Chairman, Jana Small Finance Bank and former Chairman, IRDAI, said, “Credit expansion is an important ingredient of growth and prosperity. There are enormous opportunities to bridge the financial inclusion gap in the country and happy to note that Jana Small Finance Bank is committed to do so. I wish the branch all the very best in its endeavour of serving the residents of Buromal.”
On the occasion of the new branch launch, Mr Ajay Kanwal, MD and CEO of Jana Small Finance Bank, said, “With the launch of this 700th branch in Odisha, we have successfully grown our un-banked rural branches to 244 which is ~ 35% of our total branch network. The rural demand is growing and our banking products from housing to two wheelers have been very well received by our customers.”
Jana Small Finance Bank has a long standing association with Odisha, with 63 branches which includes 48 in the unbanked rural geographies across the state.
About Jana Small Finance Bank:
Jana Small Finance Bank Limited (Jana Small Finance Bank) is one of the leading Small Finance Banks of India in terms of assets under management and deposit size as at March 31, 2020, as per the report titled ‘Overview of Banking Sector in India’ dated March 12, 2021, issued by IRR Advisory (“IRR Report”). Jana Small Finance Bank has the second most geographically diversified portfolio with a pan-India presence among all Small Finance Banks in India as at March 31, 2020 (Source: IRR Report). [As at February 28, 2021, Jana Small Finance Bank had 611 Branches, including 166 Branches in Unbanked Rural Centres, and 134 ATMs located in 229 districts in 19 states and three union territories. Jana Small Finance Bank has served over 8.00 million customers since 2008, including approximately 3.05 million active customers.
Jana Small Finance Bank Limited (the “Bank” or “Jana SFB”) is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed a draft red herring prospectus (“DRHP”) with the Securities and Exchange Board of India. The DRHP shall be available on the website of SEBI at www.sebi.gov.in, websites of the Stock Exchanges i.e. BSE and NSE at www.bseindia.com and www.nseindia.com, respectively, and is available on the websites of the BRLMs i.e. Axis Capital Limited, ICICI Securities Limited and SBI Capital Markets Limited at www.axiscapital.co.in, www.icicisecurities.com and www.sbicaps.com, respectively. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see "Risk Factors" of the RHP, when available. Potential investors should not rely on the DRHP for any investment decision.
This announcement has been prepared for publication in India and may not be released in the United States. This announcement does not constitute an offer of securities for sale in any jurisdiction, including the United States, and any securities described in this announcement may not be offered or sold in the United States absent registration under the US Securities Act of 1933, as amended, or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the Bank and that will contain detailed information about the Bank and management, as well as financial statements. However, no public offering of securities is being made in the United States