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Jana Small Finance Bank

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$ 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. Jose J. Kattoor. Jana Small Finance Bank Limited commences operations Reserve Bank of India, March 28, 2018, retrieved July 7, 2019^
  4. Gopika Gopakumar. Jana Small Finance Bank launches commercial operations livemint.com, July 18, 2018, retrieved July 7, 2019^
  5. Jana Small Finance Bank Ltd Bloomberg, retrieved 7 July 2019^
  6. Dorris, M Jordan. Finance retrieved 21 December 2021^
  7. Swaraj Singh Dhanjal. TPG Capital leads ₹225 cr funding round in Jana Small Finance Bank livemint.com, 8 November 2019, retrieved 12 November 2019^
  8. DIGIGEN by Jana Small Finance Bank^