Jana Small Finance Bank becomes a banker to Co-operative banks.
Jana Small Finance Bank, a Bengaluru-based small finance bank, signed an MOU with HCBL Co-operative Bank, Lucknow and Mysore Merchants Co-operative Bank, Mysore to provide digital infrastructure and payments services to the respective banks under the bank sponsorship programme of RBI. This alliance will help customers of the co-operative banks enjoy digital transactions powered by Jana SFB.
HCBL co-operative bank in association with Jana Small Finance Bank, can now extend ATM, POS and e-commerce services to its customers. Also this is for the first time that Jana Small Finance Bank has tied-up with a co-operative bank to provide IMPS services thus imparting seamless payment options to its customers.
Under the arrangement with Mysore Merchants Co-operative Bank, Jana SFB branded debit cards will be issued to their customers. Additionally, services like ATM, POS and e-commerce services are also extended to them.
These associations will boost digital transactions enabling more rural customers to come under the gamut of financial inclusion in true sense. Jana Small Finance Bank’s digital capability will now be available to all its partner banks.
Speaking on the association, Ajay Kanwal, MD and CEO of Jana Small Finance Bank said, “It’s wonderful joining hands with HCBL Co-operative Bank and Mysore Merchants Co-operative Bank. Our endeavour is to build an ecosystem by providing smarter and simpler banking solutions for the underserved so that the benefits of digital banking can reach the masses. This partnership is yet another effort to grow our sponsor bank network to make banking products easily accessible to all. ”
Commenting on the partnership, A.K Srivastava, CEO, HCBL co-operative bank, said, “We are delighted to be associated with Jana Small Finance Bank to provide ‘Rupay Debit Card’ facility to our customers. We are also working towards plans to introduce IMPS and e-commerce transactions that can truly help cater to our customers’ needs. These services will bring in the convenience and hassle free money transfers for all our customers working in various segments.”
About Jana Small Finance Bank
Jana Small Finance Bank Limited (Jana Small Finance Bank) is one of the leading Small Finance Banks of India in terms of assets under management and deposit size as at March 31, 2020, as per the report titled ‘Overview of Banking Sector in India’ dated March 12, 2021, issued by IRR Advisory (“IRR Report”). Jana Small Finance Bank has the second most geographically diversified portfolio with a pan-India presence among all Small Finance Banks in India as at March 31, 2020 (Source: IRR Report). As at February 28, 2021, Jana Small Finance Bank had 611 Branches, including 166 Branches in Unbanked Rural Centres, and 134 ATMs located in 229 districts in 20 states and three union territories. Jana Small Finance Bank has served over 8.00 million customers since 2008, including approximately 3.05 million active customers.
Jana Small Finance Bank Limited (the “Bank”) is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed a draft red herring prospectus (“DRHP”) with the Securities and Exchange Board of India. The DRHP shall be available on the website of SEBI at www.sebi.gov.in, websites of the Stock Exchanges i.e. BSE and NSE at www.bseindia.com and www.nseindia.com, respectively, and is available on the websites of the BRLMs i.e. Axis Capital Limited, ICICI Securities Limited and SBI Capital Markets Limited at www.axiscapital.co.in, www.icicisecurities.com and www.sbicaps.com, respectively. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see "Risk Factors" of the RHP, when available. Potential investors should not rely on the DRHP for any investment decision.
This announcement has been prepared for publication in India and may not be released in the United States. This announcement does not constitute an offer of securities for sale in any jurisdiction, including the United States, and any securities described in this announcement may not be offered or sold in the United States absent registration under the US Securities Act of 1933, as amended, or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the Bank and that will contain detailed information about the Bank and management, as well as financial statements. However, no public offering of securities is being made in the United States