 | |
| Company type | Public |
|---|---|
| Industry | Small finance bank |
| Founded | 2018 |
| Headquarters | , India |
Key people | Ajay Kanwal (CEO) [1] |
| Services | Banking, financial services |
| Website | www |
Jana Small Finance Bank is a small finance bank that commenced operations on March 28, 2018, headquartered in Bangalore, India. [2]
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 is a digital banking platform launched by Jana Small Finance Bank. [8]
Major investors in Jana include US-based private equity fund managers TPG Capital and HarbourVest Partners. [7]
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