Jana Small Finance Financial institution is hopeful of changing round 100 of its asset centres into financial institution branches, thereby taking the entire community to 600 by March 2021. The SFB opened its 500th department in Amruthahalli, Bengaluru, on Tuesday.
The SFB at present caters to over 40 lakh prospects by its 500 branches and over 100 asset centres or shops, mentioned Ajay Kanwal, MD and CEO, Jana Small Finance Financial institution.
“Even throughout Covid instances, the eagerness of our bankers has allowed us to open new financial institution branches. All new branches have a digitised surroundings and merchandise, which assist serve the underserved,” mentioned Kanwal at a digital convention immediately.
Jana, which commenced operations in March 2018, can have over 600 branches in at the least 22 States and Union Territories, following conversion of lots of its micro finance storefronts into financial institution branches.
Credit score to GDP ratio
The credit score penetration in India remains to be low and the credit score to GDP ratio must be expanded in order to herald development, mentioned Manish Sabharwal, Chairman of Staff Lease Providers Restricted, and Member of the Central Board of the RBI, who was one of many chief visitors on the occasion.
“A credit score to GDP ratio of round 50 per cent is insufficient for a rustic like India. We have to increase the credit score to GDP ratio to round 100 per cent, and that won’t occur by merely giving credit score to massive firms. We have to lengthen credit score assist to small firms and MSMEs, and that’s the place Jana SFB can play a job,” he mentioned.