| Jana Small Finance Bank | |
| Founded: | 2018 |
| Type: | Public |
| Industry: | Small finance bank |
| Services: | Banking, financial services |
| Key People: | Ajay Kanwal (CEO)[1] |
| Location City: | Bangalore, Karnataka |
| Location Country: | India |
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$ million) at the time of its conversion to a small finance bank. 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]