Jana Small Finance Bank
Jana Small Finance Bank is a small finance bank that commenced operations on March 28, 2018, headquartered in Bangalore, India.
History
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.