Jana Small Finance Bank plans 600 branches by March next year

Mumbai: Small finance lender Jana Small Finance Bank on Tuesday opened its 500th branch in Amruthahalli, Bangalore and said it will convert its remaining asset centres into bank branches to have over 600 branches by March next year.

The lender caters to 40 lakh customers through its 500 bank branches and over 100 asset centres/ outlets.

"Even during COVID times, the passion of our bankers has allowed us to open new bank branches. All the new branches have a digitised environment and products, which help serve the underserved," the bank's managing director and CEO Ajay Kanwal said at the launch of the 500th branch.

The bank serves underbanked customers through various products, including zero balance savings accounts, fixed deposits with attractive interest rates, collateral-free loans and affordable housing loan schemes.

It offers loans to MSMEs, agriculture, individuals, affordable housing and two-wheeler buyers.

The bank also provides gold loans to customers.

Speaking at the event, Team Lease Services Ltd chairman and member of the Central Board of the RBI, Manish Sabharwal, said, "Credit expansion is an important ingredient of growth and prosperity. There are enormous opportunities to bridge the financial inclusion gap in the country and happy to note that Jana Small Finance Bank is committed to do so".

Reserve Bank of India's regional director (Karnataka) Jose Kattoor was also present at the launch.

Jana Small Finance Bank is one of the 10 financial institutions which had received in-principle approval from the RBI for a small finance bank in 2015. The bank received its final banking license in April 2017.