Microfinance giant Janalakshmi Financial Services has received the final approval from Reserve Bank of India (RBI) to set up their small finance bank.
The company has informed that it would commence operations in the second quarter of the current fiscal. It plans to set up 300 branches this year, covering the major locations in India, reported The Economic Times.
“We are excited about this and this will take us closer to our vision of financial inclusion in its true sense,” said VS Radhakrishnan, managing director of Janalakshmi.
The licence to operate as a small finance bank will enable it to help its existing over 50 Lakh customers to access banking services.
Its gross loan portfolio at the end of December last year was Rs 12,416 crore, well ahead of the next largest Micro Financial Institution (MFI) Bharat Financial Inclusion’s Rs 8,531 crore.
“We are well capitalised with investments from world’s leading institutions which ensures seamless delivery towards our vision,” Radhakrishnan added.
