Jana Small Finance Bank
Small finance bank in India From Wikipedia, the free encyclopedia
Jana Small Finance Bank is a small finance bank that commenced operations on March 28, 2018, headquartered in Bangalore, India.[2]
| |
| Company type | Public |
|---|---|
| Industry | Small finance bank |
| Founded | 2018 |
| Headquarters | , India |
Key people | Ajay Kanwal (CEO)[1] |
| Services | Banking, financial services |
| Website | www |
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
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