New Delhi, Mar 29 (KNN) Bengaluru based Jana Small Finance Bank Limited has commenced operations as a small finance bank with effect from March 28, 2018.

The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of small finance bank in India.

Janalakshmi Financial Services (JFS) Private Limited, Bengaluru was one of the ten applicants which were issued in-principle approval for setting up a small finance bank.

RBI had given the company an in-principle approval in September 2015 to float an SFB within 18 months.

CRISIL, the rating agency, last year said JFS is the largest NBFC-MFI in India with a loan portfolio of Rs 12,253 crore and a diversified presence across 284 districts in 19 states as on January 31, 2017. (KNN Bureau)