TheNFAPost Podcast

Chennai, NFAPost: Jana Small Finance Bank has joined hands with Ashoknagar Co-operative Bank Limited under the Bank Sponsorship Program. Jana Bank becomes the first Small Finance Bank to go live under this Program.

RBI has permitted co-operative banks which are CBS enabled, to issue ATM cards/ATM-cum-debit cards in tie-up with a sponsor bank. Ashoknagar Co-operative Bank Limited in association with Jana Small Finance Bank can now extend ATM, POS & ECommerce Services to its customers.

This association marks the fulfilment of Jana Bank’s endeavour to promote full suite of services to co-operative banks. The bank’s digital capability will now be available to all its partner banks.

Speaking on the development, Jana Small Finance Bank MD & CEO Ajay Kanwal said, “It is
wonderful joining hands with Ashoknagar Co-operative Bank Limited. We believe serving the Co-operative sector is in line with core belief of serving the underserved.”

Ashoknagar Cooperative Bank Ltd President K M Nagraj said, “Ashokanagar Co-operative Bank recently announced the launch of ‘Rupay Debit Card’ facility to our customers with the sponsorship of Jana Small Finance Bank, based out of Bengaluru. The bank has already provided RTGS/NEFT, Bharat Bill pay facilities to our customers. To encourage
cashless transactions, the bank is actively working out plans to introduce IMPS, UPI with Jana small finance Bank for the benefit of our customers.”

Jana Small Finance Bank will provide a host of services to the partnering Co-operative bank which will lead to creation of a micro payment infrastructure reaching out to the deeper country side. This will lead to financial inclusion of the rural population in true sense. These services include providing ATM network, IMPS branch, UPI payment through PSP apps, NEFT/RTGS, NACH and Virtual accounts.

Jana Small Finance Bank is a scheduled commercial bank catering to more than 40 lakh customers served by over 15,000 employees over 475 bank branches and over 125 Asset centres in 22 states and union territories. The bank has been serving the underbanked customers through various products including zero balance savings accounts, fixed deposits with attractive interest rates, collateral free loans and affordable housing loan schemes.

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