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Business EconomyPosted at: Sep 24 2018 6:07PM


Jana Small Finance Bank launches its commercial operations in UP

Lucknow, Sep 24(UNI) Jana Small Finance Bank(JSFB) on Monday formally launched its commercial operations in Uttar Pradesh. The bank has 8 branches and 43 micro-finance branches in the state.
Uttar Pradesh deputy chief minister Keshav Prasad Maurya launched the JSFB's eighth branch in Lucknow and its commercial operation here.
" I am happy to inaugurate the branch of the Jana Small Finance Bank. Financial inclusion is our key agenda and we are glad that the bank is contributing to this initiative significantly," Mr Maurya said, while applauded the bank's initiative wherein the customers will be provided with doorstep account opening.
With a slogan of ' Paise ki Kadar' (Value for money), the bank is focused on providing better returns to its customers with introducing 8.5 per cent on fixed deposits of more than 2 years and upto 3 years. Besides the senior citizens would get the highest of 9.1 per cent interest.
JSFB Managing Director and CEO Ajay Kanwal said here on the launching that in UP they have already 5 lakh customers." We will increase our branched swiftly as all the 43 micro finance branches would be converted to full fledged bank branches in the coming years," he said.
Mr Kanwal further said that UP has the share of around 10 per cent of around Rs 800 crores in advances in the country while the deposits are just 5 per cent of the total country's deposit of Rs 1700 crores.
The Bangalore based company, earlier known as Jana Laxmi, has 182 branches in the country with 440 MFI branches.
UNI MB JW1805
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