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India's Jana Small Finance Bank commences ops


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India's Jana Small Finance Bank commences ops

India's Jana Small Finance Bank Ltd. has started operations, and plans to enter the affordable housing and consumer durable loans segments in addition to microfinance, The Economic Times reported March 29, citing the lender's CEO Ajay Kanwal.

The bank will initially open 19 branches before expanding this to 200 by June, he said. It also plans to convert most of its microfinance institution branches into full-fledged bank branches by the end of 2019.

Further, the lender will hire 500 to 700 people to add to its current staff of 1,500.

The company obtained a license to operate from the Reserve Bank of India in May 2017.