Reported by: banking|Updated: December 31, 2020
Jana Small Finance Bank has opened 18 new branches in Maharashtra entirely dedicated to financial inclusion and to serve the underbanked customers. The branches were opened digitally. With the conversion of its asset centers to bank branches, the bank’s presence in Maharashtra will reach 70 and 601 in all of India. Maharashtra is the second highest of the 22 states where the bank has a presence. The bank offers unsecured loans to women under the group loan model as well as individual loans for small businesses. The average loan size for the group loan model is Rs.34,900 and the individual loan for small businesses Rs.60,000. The bank also offers agriculture loans, MSME loans, gold loans and housing loans. Ajay Kanwal, MD & CEO of the bank, said all the new branches across Maharashtra have digitized environments with best-in-class offerings. The branches were inaugurated by M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India.