Jana Small Finance Bank eyes growth in Tamilnadu

Chennai: In a bid to expand its presence across Tamilnadu, Jana Small Finance Bank (formerly Janalakshmi Financial Services) is on a mission to open new branches in rural areas where no banking facilities are available. Speaking to News Today, zonal head Tamilnadu, Pradeep Gurumallappa said, ‘We are focused on rural market by offering agri loan products.’

Explaining in detail about the schemes the bank offers, Pradeep said, ‘Customers can open a savings bank account with zero balance loan that can be secured between Rs 1 lakh to Rs 2 lakh. To target customers in rural areas, loans are offered starting at Rs 30,000. Gold loan starts at Rs 10,000 and up to Rs 5 lakh. Anybody can open a savings balance with a zero balance. These facilities are being offered to support the underprivileged.’ He added, ‘Customers get free debit card with their savings account. We also offer affordable housing loans for lower income groups between Rs 5 and Rs 45 lakh.

Market share
Speaking about the current market presence of the bank, Pradeep said, ‘Currently we have 30 branches in Tamilnadu. By this month, we plan to open 50 branches in Tamilnadu. By 2021, we plan to have 80 branches.’ Currently, they operate at 22 states in 337 branches with a base of over 40 lakh customers. In Tamilnadu, they have a customer base of 6 lakh with asset portfolio at Rs 2,200 crore and deposit of Rs 1,100 crores.

Future plans
Pradeep informed that Jana Small Finance Bank is also focused on opening new branches in Tier-II and Tier-III cities which is also the focus point for expansion. The bank is also on a mission to educate new customers and help them open an account. Initiatives such as educating customers to secure and safeguard ATM Pin, PAN card, among others are done. They are in the process of converting all their Non-Banking Financial Company (NBFC) branches into banking services to benefit customers.

Samuel P