Starts with 19 branches across 18 states; plans to expand to over 500 outlets by the end of 2019
Jana Small Finance Bank (formerly Janalakshmi Financial Services) announced the launch of its banking operations on March 29. The bank initially plans to open 19 branches in 18 states, and expand to 200 banking outlets – including 25 per cent unbanked rural branches – by June 2018.
The bank claimed it will continue to keep its fundamental focus on financial inclusion as its core strategy. “Financial inclusion has been the primary vision of the Jana Group. We see the commencement of banking operations duly supported by digital capabilities to scale quickly, and it presents powerful opportunities to bridge the overall financial inclusion gap,” said Ramesh Ramanathan, Chairman, Jana Group.
“Standing up to our brand promise, we have helped and will continue to help millions of Indians evolve, grow financially, and have a better financial future,” he added.
Jana Bank will convert the majority of its microfinance institution (MFI) branches into full-fledged bank branches. It plans to have over 500 banking outlets across the country by the end of 2019.
On the occasion of the announcement, Ajay Kanwal, MD & CEO of Jana Small Finance Bank, thanked customers and said that the bank has the talent, systems, and products to create a strong and differentiated franchise for serving the underserved with world-class governance.