Jana Bank to open 200 outlets in three months

Commencing its operations on Thursday, Jana Small Finance Bank said it would open 200 outlets in the country by June.

"We will initially open 19 branches in 18 states and 200 banking outlets by June with 25 per cent of them in unbanked rural areas across the country," said the city-based private bank in a statement here.

The micro-finance company (Janalakshmi Financial Services Ltd) turned bank plans to have 500 outlets by 2019.

With financial inclusion as its vision, the bank hopes to scale is operations soon and provide opportunities to bridge the gap.

"We have helped lakhs of needy people to evolve and grow financially for better future and will continue to do for inclusive growth," said Jana group Chairman Ramesh Ramanathan in the statement.

With a 45 lakh customer base, the bank will convert majority of its micro-finance units into bank branches to serve its customers across the country.

The group company, which has a track record of mobilising equity from multiple investors, raised Rs 1,636 crore in fiscal 2017-18 and has a robust liquidity to transition into a full-fledged bank.

"Our vision is to be a leading digitised bank serving all customer segments and communities of an aspirational India," said Ramanathan, 53, a former Citibank executive from New York, in the statement.

Jana was among the 10 applicants the Reserve Bank of India approved in 2015 to set up a small finance bank, which caters to small and marginal borrowers, who have no access to formal banking.

"With 14,000 employees, the bank has talent, systems and products to create a differentiated franchise to serve the underserved with governance and execution," said Jana Bank Chief Executive Ajay Kanwal in the statement.