Jana Small Finance Bank

Jana Small Finance Bank is a small finance bank that commenced operations on March 28, 2018. The Reserve Bank of India issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949.[1] Prior to becoming a bank, the company was India's largest microfinance institution, Janalakshmi Financial Services,[2] founded July 24, 2006.[3]

As a microfinance lender, the company survived large losses following the 2016 Indian banknote demonetisation, reporting total losses of ₹2,504 crore (US$356 million) at the time of its conversion to a small finance bank.[2] Jana reported in November 2019 that the September 2019 quarter was its first profitable quarter since demonetisation.[4]

Ajay Kanwal is the current CEO of the bank.[5]

Major investors in Jana include US-based private equity fund managers TPG Capital and HarbourVest Partners.[4]

See also

References
  1. Kattoor, Jose J. (March 28, 2018). "Jana Small Finance Bank Limited commences operations" (PDF). Reserve Bank of India. Retrieved July 7, 2019.
  2. Gopakumar, Gopika (July 18, 2018). "Jana Small Finance Bank launches commercial operations". livemint.com. Retrieved July 7, 2019.
  3. "Jana Small Finance Bank Ltd". Bloomberg. Retrieved 7 July 2019.
  4. Dhanjal, Swaraj Singh (8 November 2019). "TPG Capital leads ₹225 cr funding round in Jana Small Finance Bank". livemint.com. Retrieved 12 November 2019.
  5. "Jana Bank: Leadership and Managment".
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