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Business Economy


Jana Small Finance Bank to bring 45 lakh customers into banking system

Bengaluru, Jul 18 (UNI) Private sector Jana Small Finance Bank today announced the commercial launch of its banking operations in line with Union Government's financial inclusion agenda.
The bank’s transition from a micro finance company to a bank is set to enable more than 45 lakh existing loan customers of Jana Small Finance Bank to come into banking ecosystem by the end of 2018.
The bank is truly focused on providing better returns on its customer’s hard-earned money and hence is set to offer an inaugural rate of 8.5 per cent on Fixed Deposits for 366 days. For senior citizens, the rate is up to 9.1 percent for the same tenor. Also, the bank will offer zero-balance - Basic Savings Bank Deposit Account.
Mr Ramesh Ramanathan, Non-Executive Chairman, Jana Small Finance Bank said, “The full-scale commercial launch of our banking operations enables us to fulfil our promise of being a full-service financial institution to millions of our customers. Our combination of scale combined with robust technology, allows us to be a nationwide local bank to our customers, deeply embedded in the communities we serve. Financial inclusion continues to be a major challenge in India, not just for the poor but the aspirational middle class as well as for the millions of micro and small enterprises.”
Jana Small Finance Bank, are committed to playing our part in this nation-building endeavour, and fulfilling our stated vision to be the leading digitized bank of an aspirational India serving all customers and communities, he said.
The bank has started its banking operations with Capital Adequacy Ratio (CAR) of about 35 percent and loan book of Rs 7600 crore as on March 31, 2018. For covering its extensive customer base, the bank has launched 157 bank branches, which includes 12 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 our branches will also cater to small and medium enterprises. For bolstering its current manpower of 15,000, it is planning to hire 1000 employees by end of current year.
The bank will continue with micro finance lending and in unison it will extend business loans, agri loans, affordable housing loans and gold loans.
UNI RS MSP SKB1810
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