Jana Small Finance Bank

Jana Small Finance Bank
Company typePublic
IndustrySmall finance bank
Founded2018
Headquarters
Bangalore, Karnataka
,
India
Key people
Ajay Kanwal (CEO)[1]
ServicesBanking, financial services
Websitewww.janabank.com

Jana Small Finance Bank is a small finance bank that commenced operations on March 28, 2018, headquartered in Bangalore, India.[2]

History

The Reserve Bank of India issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949.[3] Prior to becoming a bank, the company was India's largest microfinance institution, Janalakshmi Financial Services,[4] founded July 24, 2006.[5] [6] As a microfinance lender, the company survived large losses following the 2016 Indian banknote demonetisation, reporting total losses of ₹2,504 crore (US$338 million) at the time of its conversion to a small finance bank.[4] Jana reported in November 2019 that the September 2019 quarter was its first profitable quarter since demonetisation.[7]

DigiGen

DigiGen is a digital banking platform launched by Jana Small Finance Bank.[8]

Shareholding

Major investors in Jana include US-based private equity fund managers TPG Capital and HarbourVest Partners.[7]

See also

References

  1. ^ "Management Team - Jana Small Finance Bank".
  2. ^ "Jana Small Finance Bank". www.janabank.com. Retrieved 2021-03-15.
  3. ^ Kattoor, Jose J. (March 28, 2018). "Jana Small Finance Bank Limited commences operations" (PDF). Reserve Bank of India. Retrieved July 7, 2019.
  4. ^ a b Gopakumar, Gopika (July 18, 2018). "Jana Small Finance Bank launches commercial operations". livemint.com. Retrieved July 7, 2019.
  5. ^ "Jana Small Finance Bank Ltd". Bloomberg. Retrieved 7 July 2019.
  6. ^ Jordan, Dorris, M. "Finance". Retrieved 21 December 2021.{{cite news}}: CS1 maint: multiple names: authors list (link)
  7. ^ a b Dhanjal, Swaraj Singh (8 November 2019). "TPG Capital leads ₹225 cr funding round in Jana Small Finance Bank". livemint.com. Retrieved 12 November 2019.
  8. ^ "DIGIGEN by Jana Small Finance Bank".


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