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Jana Small Finance Bank receives Scheduled Bank status

Jana Small Finance Bank receives Scheduled Bank status

On 8 August 2019, Jana Small Finance Bank Ltd announced that it has got the status of a Scheduled Bank from Reserve Bank of India (RBI).

The Bengaluru-headquartered bank, established as a financial services company in 2009, said it presently operates 260 branches and 338 asset centres serving over 5.5 million customers in different states.

Scheduled Bank

Scheduled Banks in India refer to those banks which have been included in the Second Schedule of Reserve Bank of India Act, 1934. Banks not under this Schedule are called Non-Scheduled Banks. The Scheduled banks comprise Scheduled Commercial Banks and Scheduled Co-operative banks.

Every Scheduled bank enjoys two types of principal facilities: it becomes eligible for debts/loans at the bank rate from the RBI; and, it automatically acquires the membership of clearing house.

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