Money & Banking

Jana SFB hopes to take total network to 600 by March next year

Our Bureau. Kolkata | Updated on October 20, 2020

Jana Small Finance Bank is hopeful of converting around 100 of its asset centres into bank branches, thereby taking the total network to 600 by March 2021. The SFB opened its 500th branch in Amruthahalli, Bengaluru, on Tuesday.

The SFB currently caters to over 40 lakh customers through its 500 branches and over 100 asset centres or outlets, said Ajay Kanwal, MD and CEO, Jana Small Finance Bank.

“Even during Covid times, the passion of our bankers has allowed us to open new bank branches. All new branches have a digitised environment and products, which help serve the underserved,” said Kanwal at a virtual conference today.

Jana, which commenced operations in March 2018, will have over 600 branches in at least 22 States and Union Territories, following conversion of many of its micro finance storefronts into bank branches.

Credit to GDP ratio

The credit penetration in India is still low and the credit to GDP ratio needs to be expanded so as to bring in growth, said Manish Sabharwal, Chairman of Team Lease Services Limited, and Member of the Central Board of the RBI, who was one of the chief guests at the event.

“A credit to GDP ratio of around 50 per cent is inadequate for a country like India. We need to expand the credit to GDP ratio to around 100 per cent, and that will not happen by merely giving credit to big companies. We need to extend credit support to small companies and MSMEs, and that is where Jana SFB can play a role,” he said.

Published on October 20, 2020

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