Jana Small Finance Bank, erstwhile MFI - Janalakshmi Financial Services, officially launched its commercial banking operations on Wednesday.

The bank, which received the small finance bank licence in March this year, took time to upgrade its systems for a formal commercial launch. The bank, after the roll out, will be utilising its 157 branches spread over 19 States, in addition to 402 micro-finance branches.

“The transition from a micro-finance company to a bank is set to enable more than 45 lakh existing loan customers under MFI to come into the banking ecosystem by the end of 2018,” said Ajay Kanwal, MD and CEO, Jana Small Finance Bank.

“This sector is large, challenging and has great opportunities for a bank dedicated on this mission. We are also delighted that we will give opportunities for banking careers in about 500-plus districts that we plan to serve across India,” he added.

Ramesh Ramanathan, Non-Executive Chairman, Jana Small Finance Bank, said: “The full-scale commercial launch of our banking operations enables us to fulfil our promise of being a full-service financial institution to our customers. Our combination of scale combined with robust technology, allows us to be a nationwide local bank to our customers, deeply embedded in the communities we serve.”

“Financial inclusion continues to be a major challenge in India, not only for the poor but also the aspirational middle-class as well as for the millions of micro and small enterprises,” he added.

Speaking after inaugurating the bank, R Gandhi, Former Deputy Governor of the Reserve Bank of India, said: “Happy to note the progress it has made from an MFI to a bank. I wish the bank all the best and success in its mission to boost financial inclusion in India.”

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