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Gangtok, Thursday, July 04, 2019: Jana Small Finance Bank Ltd. today launched its banking services in Sikkim by opening its first branch in Gangtok. With this, India’s newest small finance bank has now expanded its bank branch network to 8 branches in the North East (Assam & Sikkim). The bank is now serving over 34,000 customers in the North East; across India, it is catering to more than 54 lakh customers, served by 16,000 employees spread across 251 branches and 262 asset centres.

In sync with its brand promise — Paise ki Kadar (value for money) — Jana Small Finance Bank is offering 8.6% interest on 2-year Fixed Deposits; for senior citizens, the rate is 9.2%. The bank's Group Loan customers have been opening zero-balance Savings Accounts.

Inaugurating the Gangtok branch, Chief Guest, Shri. Eugene E. Karthak, Former Executive Director, Reserve Bank of India— said, “I am excited to be here and witness Jana Bank moving forward in its journey of driving financial inclusion. The Gangtok branch launch is another milestone for the bank, taking it a step closer to its goal of serving financially under-served, especially in the North-East.”

Also present at the launch was Shri. Karma Loday Bhutia, Minister, Forest, Env. & Wildlife Mgmt./Mines, Minerals & Geology and Science & Tech. & Climate Change Depts., Government of Sikkim. He wished the bank success in its mission to serve the financially under-served.

Mr.Ravi Duvvuru, President & Chief Compliance Officer, Jana Small Finance Bank, said: “I am delighted to be here. With the launch of the Gangtok branch, we aim to expand our reach in the region. There are enormous opportunities to bridge the financial inclusion gap in this region and we are committed to do so. Our objective is to drive financial inclusion in rural and semi-urban areas by offering best-in-class asset and liability products, leveraging on our digital strength.”

Jana Small Finance Bank commenced operations in March 2018. By end of financial year 2019-20, over 600 branches will be operational in at least 20 states and Union Territories, following conversion of many of its micro finance storefronts into bank branches. At least 160 of its branches are presently catering to small and medium enterprises.

In a short span of 15 months since it has started operations, Jana Small Finance Bank has garnered Rs.5,650 crore deposits, demonstrating customers’ trust and confidence in the bank. As on June 30, 2019 its loan book stood at ~Rs.7,050 crores.

The bank will continue to extend other product offerings like business loans, agri loans, affordable housing loans and gold loans to cater to the diverse needs of customers.

About Jana Small Finance Bank

Jana Small Finance Bank, erstwhile Janalakshmi Financial Services (JFS), is headquartered in Bengaluru and has over a decade of existence.

It is one of the 10 financial institutions which had received in-principal approval from the RBI for a Small Finance Bank in 2015. Jana Small Finance Bank received final banking license in April 2017; it started banking operations on March 28, 2018.

Currently, the bank is serving 54 lakh customers across 20 states and Union Territories in India. Its vision is to become the leading inclusive digitized bank serving all customer segments and communities of an aspirational India.

For more details, please visit - https://www.janabank.com/

Awards and recognitions

• In 2018, Capital Finance International (CFI.co) adjudged the Jana Small Finance Bank as The Best Inclusive Financial Services – India 2018 in London
• In 2017, JFS was featured in ‘Fortune – The Top 500’ as the largest corporations in India and was awarded as India’s Distinctive Goodwill Brand for 2017. In the same year, CNBC awarded JFS for Best Financial Sector Transaction ADB Private Sector.
• In 2016, VC Circle awarded JFS with the ‘Best Financial Services firm in India’
• In 2015, Palladium inducted JFS into the 2015 Palladium Balanced Scorecard Hall of Fame. It is considered the preeminent award for strategy execution and the oldest of the Balanced Scorecard award programs.