Jana Small Finance Bank applies to RBI for universal banking licence

The bank has 802 branches across 23 states and 2 union territories

Jana Small Finance Bank (Jana SFB) has announced on Wednesday that it has applied to the Reserve Bank of India (RBI) for approval to transition into a Universal Bank.

The scheduled commercial bank is the fourth largest small finance bank in the country with a track record of over 18 years in lending and serving more than 12 million customers.

Ajay Kanwal, Managing Director & CEO of Jana Small Finance Bank, said, "Applying for a Universal Banking license is a natural progression for Jana Bank. Our mission has always been to serve the underserved and build a bank that's inclusive, agile, digital and forward-looking. Becoming a Universal Bank will enable us to offer a broader range of services and become the Anchor Bank to a Rising and Atmanirbhar India."

Since receiving its small finance bank license in 2017, Jana SFB has built a robust portfolio in deposits, loans, and financial services tailored to individuals, MSMEs, and institutions.

The bank has 802 branches across 23 states and 2 union territories, and 70 percent of its lending book is secured, mostly backed by mortgages.