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 of the Banking Regulation Act, 1949. Prior to becoming a bank, the company was India's largest microfinance institution, Janalakshmi Financial Services, founded July 24, 2006.
As a microfinance lender, the company survived large losses following the 2016 Indian banknote demonetisation, reporting total losses of ₹2,504 crore 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.
Currently Ajay Kanwal is the CEO of the bank replacing Ramesh Ramanathan.
Major investors in Jana include US-based private equity fund managers TPG Capital and HarbourVest Partners.
