Janalakshmi Financial Services appoints Ajay Kanwal as its Chief Executive Officer

Bengaluru, 24thJuly 2017 : Gearing up to the launch of their Small Finance Bank, Janalakshmi Financial Services (JFS), India’s largest microfinance company, announced the appointment of its new CEO Mr. Ajay Kanwal. Mr. Kanwal, a seasoned banker and veteran, has over 27 years of experience in both consumer and commercial banking sector and will take charge of office from August 1, 2017. Mr. V.S. Radhakrishnan, the current CEO will take over the role of Vice-Chairman and Mr R. Srinivasan, the current Vice-Chairman, having reached the age of superannuation, will retire from the role of Vice-Chairman and will continue his association with Janalakshmi.

Mr. Kanwal began his career with Citibank and then moved to Standard Chartered Bank, where he held various leadership positions throughout his tenure, including Regional CEO of ASEAN & South Asia, Regional CEO North East Asia, CEO of Taiwan, and Regional Head of Consumer Banking for Southeast Asia. During his tenure, he played a significant role in rolling out several strategic growth initiatives while building and managing teams across geographies. Mr Kanwal also had a short stint at TPG and MasterCard as their Senior Advisor, prior to joining Janalakshmi.

Speaking about the new appointment, Mr. Ramesh Ramanathan, Founder and Chairman of Janalakshmi Financial Services, said,“We are very excited to have Ajay onboard. Ajay is a senior banker with substantial experience in retail banking – especially digital and mass market banking. This will help tremendously as we transition to a Small Finance Bank, and bring the full suite of banking offerings to our retail and enterprise customers.” He added, “I would like to thank Srinivasan and Radhakrishnan, under whose leadership JFS grew from a regional MFI to a national organization.”

Newly appointed CEO, Mr. Ajay Kanwal, said, “My journey with Jana began as their advisor from TPG couple of months ago. I was attracted by the financial inclusion contribution and the upcoming small finance bank, which would further the influential role played by Jana in this space. I am excited coming back to India and given Jana’s brand promise of “likho apni kahani”, looking forward to participating in the next chapter of this promising kahani.”

Janalakshmi Financial Services has recently received its license from RBI to operate as a Small Finance Bank. The Small Finance Bank will commence operations in the second half of the current financial year. JFS has plans to extend its bank branches across 300 major locations in India.  

About Janalakshmi Financial Services Limited (JFS) 

JFS is the largest Micro Finance Institution (MFI) in India. JFS gave out its first loan in October 2000, and currently serves over 5 million families across 259 cities in India. It has over 16,000 employees, referred to as JanaNayaks. JFS has deep domain expertise in banking and financial services with over 500 years of consolidated banking sector expertise just among the senior management. It is an organization that is recognized globally as one of the world’s innovative financial institutions working on the problem of financial inclusion.

JFS is promoted by Jana Foundation, which is an urban inclusion think tank based in Bangalore with a vision to transform urban India where financial inclusion and enhanced quality of life are assured to all those who aspire to help themselves.

The Foundation undertakes various activities that deepen understanding of financial inclusion and its many challenges. It addresses policy issues through its financial advisory services; education, skilling, livelihood initiatives, community connect activities in order to help customers to improve the quality of their lives and help them meet customer needs comprehensively.

In 2017, JFS was featured in ‘Fortune – The Top 500’ largest corporations in India and was recently awarded India’s Distinctive Goodwill Brand for 2017.


Janalakshmi Financial Services awarded India’s Distinctive Goodwill Brands for 2017

 

Bangalore, 20th July 2017: Janalakshmi Financial Services (JFS), India’s largest Microfinance Company, is a proud recipient of ‘India’s Distinctive Goodwill Brands Award’ for the year 2017. The organisation, which recently received licence to operate as a Small Finance Bank has won the award in the Integrated Financial Services Category. Some of the past winners of this award include LIC, HDFC, Shriram Capital, Edelweiss, ICICI, SBI, Aspire Home Finance, Kotak and many other
leading financial institutions.

The award, organised by Herald Global – ERTC Media under the banner ‘Thought Leadership Symposium Champion of Change’, was received by Janalakshmi at Hotel Sahara Star, Mumbai. Mrs. Chaity Sen, Publishing Director, Herald Global – ERTC Media and Dalip Tahil, Veteran Indian Film Actor presented the award to
Janalakshmi Financial Services.

Goodwill Brands 2017 is a listing of the brands that have created a significant impact on their consumers in terms of loyalty, trust, reliability, and image at a faster pace over the last few years.

Commenting on the award received, Mr. Puneet Narang, CMO, Janalakshmi Financial Services, said, “This award is not only a great honour to be associated with, but also a testimony to the legacy of brand JFS that has been built over a decade of hard work and dedication by every JanaNayak, as we refer to our employees. It has also come at a time when we are transitioning into a Small Finance bank and are looking forward to taking this bequest to the next level by fulfilling our vision of making financial inclusion for every Indian a reality.”

JFS was shortlisted among 500 applicants across India after three phases of research. The first phase of research comprised of the secondary research by evaluating the industry reports, market surveys and brand reports and any other available source of the industry information. The second phase shortlisted contestants through an in-depth primary survey conducted among the target audience through parameters such as Trust, Image, Sustainability, Goodwill etc. The Final Phase involved the scrutiny by jury members and editorial team. Recipients of India’s Distinctive Goodwill Brands Awards were acknowledged in 25 categories for doing extremely well in their respective categories.

Recently, JFS also won an award in the category of ‘Best Financial Sector Transaction’ by ADB Private sector-CNBC awards.

About Janalakshmi Financial Services Janalakshmi Financial Services (JFS) recently received operating licence to set-up a small finance bank. JFS is the largest Micro Finance Institution (MFI) in India. JFS gave out its first loan in October 2000, and currently serves over 5 million families across 259 cities in India. It has over 16,000 employees, referred to as JanaNayaks. JFS has deep domain expertise in banking and financial services with over 500 years of consolidated banking sector expertise, just among the senior management. It is an organization that is recognized globally as one of the world’s innovative financial institutions working on the problem of financial inclusion.

JFS is promoted by Jana foundation, which is an urban inclusion think tank based in Bangalore with a vision to transform urban India where financial inclusion and enhanced quality of life are assured to all those who aspire to help themselves. 

The Foundation undertakes various activities that deepen understanding of financial inclusion and its many challenges. It addresses policy issues through its financial advisory services; education, skilling, livelihood initiatives, community connect activities in order to help customers to improve the quality of their lives and help them meet customer needs comprehensively. 

In March 2016, JFS was recognised and awarded as the ‘Best Financial Services firm in India’ by VC Circle. In 2017, JFS was also featured in ‘Fortune – The Top 500’ largest corporations in India. Recently, JFS was awarded for Best Financial Sector Transaction at the ADB Private Sector-CNBC awards. 

About Goodwill Brands Awards 

India’s distinctive goodwill brands implicates the most adorned and innovative, brands with great benevolence that exhibits trust and loyalty at a faster pace over the past few years. India’s Distinctive Goodwill Brands is a listing of the brands that have been able to create a huge impact on the minds of consumer in terms of loyalty, trust, reliability, and image. It is a listing of the brands that have succeeded to create an emotional bond with the customers and are rewarded with opportunity to deepen their brand message and their relationship with the target audience.

About ERTC Media 

We are one of India’s leading independent research & brand listing company. Our team of fieldwork experts pride themselves on making sure that your b2b or b2c brand findings projects are done with highest possible efficiency and to the highest standard. We use multiple resources to ensure that you find your specified target group for various methodologies. We generate a very credible research report to help clients achieve competitive brand, product and customer experience strategies. The team at ERTC have a wealth of knowledge and experience of the brand research & listing industry, which has been instrumental in achieving a credible listing of brands who range from large blue chip companies, mid-size companies to SMEs. We encompass qualitative and quantitative research methodology and have a team of qualified personnels who can source all types of respondents for a particular research, from general consumers to dealers and retailers.


THOUSANDS OF MOTHERS PLEDGE FOR THEIR CHILDREN’S EDUCATION AS PART OF JANALAKSHMI FINANCIAL SERVICES MOTHER’S DAY PROGRAM

  • JFS aims to bring down the number of school drop-outs in India
  • Several thousand women across 17 cities pledge to educate their children

 

Bengaluru , May 13, 2017: In India, about 8.31 million children drop out of school every year to support their families financially. Commemorating Mother’s Day, Janalakshmi Financial Services (JFS) has taken a step towards creating awareness among mothers from low-income group stressing the importance of formal education for their children. Thousands of mothers across 434 locations have come forward and pledged to educate their children. JFS firmly believes in helping every individual realize their dreams and aspirations and formal school education is key to achieving this. The event, conducted across 17 cities, celebrates the spirit of motherhood and entrepreneurship.  A ‘dreamwall’ in every location displays dreams of various mothers for their children. 

A selection of the Mother’s Day activities included: a JFS representative educating mothers on the significance of their children’s education, a panel discussion on how a mother is the President of the family, various activities to unwind and a tete-a-tete with children on why they feel their mothers are the best. A speech by Mr Rajan NS, Chief Audit Officer, Janalakshmi Financial Services, of rising from grassroots and how education led him/ her towards making a successful career, was aimed to inspire mothers and reiterate on the importance of education and the opportunities it could open up for their children. 

Wishing all mothers, Ramesh Ramanathan, Chairman & Founder, Janalakshmi Financial Services, said, “In India, six out of ten children drop out of school every year to support their family financially. Due to this, they end up working as labourers, doing menial jobs for the rest of their lives and hence are never able to break free from the vicious circle of poverty.” He added, “We understand the important role of a mother in a child’s upbringing. Thus, our endeavor is to create awareness among mothers on the need to put their children for formal schooling to be able to uplift their quality of life.” 

To emphasize on the need of mothers to stay healthy, a free health camp was organized across several locations. JFS will also be supporting children of participating mothers with stationaries and essential goods for their children’s school education. JFS’s celebration of Mother’s Day builds on the deep connect that the organization has in the communities they service.

About Janalakshmi Financial Services 

Janalakshmi Financial Services (JFS) recently received operating licence to set-up a small finance bank. JFS is the largest Micro Finance Institution (MFI) in India.  JFS gave out its first loan in October 2000, and currently serves over 5 million families across 259 cities in India. It has over 16,000 employees, referred to as JanaNayaks. JFS has deep domain expertise in banking and financial services with over 500 years of consolidated banking sector expertise just among the senior management. It is an organization that is recognized globally as one of the world’s innovative financial institutions working on the problem of financial inclusion. 

JFS is promoted by Jana Foundation, which is an urban inclusion think tank based in Bangalore with a vision to transform urban India where financial inclusion and enhanced quality of life are assured to all those who aspire to help themselves. 

The Foundation undertakes various activities that deepen understanding of financial inclusion and its many challenges. It addresses policy issues through its financial advisory services; education, skilling, livelihood initiatives, community connect activities in order to help customers to improve the quality of their lives and help them meet customer needs comprehensively. 

In March 2016, JFS was recognised and awarded as the ‘Best Financial Services firm in India’ by VC Circle. In 2017, JFS was also featured in ‘Fortune – The Top 500’ largest corporations in India. Recently, JFS was awarded for Best Financial Sector Transaction at the ADB Private Sector-CNBC awards.


Janalakshmi Financial Services receives ‘Operating licence’ for Small Finance Bank


Bengaluru, 29th April 2017: Janalakshmi Financial Services (JFS), India’s largest microfinance organization, today announced the receipt of final licence from Reserve Bank of India (RBI) to set up Small Finance Bank. The Small Finance Bank will commence operations in the second quarter of the current financial year. JFS plans to set up 300 bank branches during the year covering the major locations in India.

The licence to operate ‘Small Finance Bank’ will enable all existing customers (5 million+) of Janalakshmi Financial Services to access financial services beyond the scope of microfinance. This is aimed at addressing financial inclusion and to empower the unbanked segments of the society with several financial tools such as savings account, cashless transactions and so on. The bank is also building innovative financial products which every aspiring Indian wants to avail.

Commenting on this, V S Radhakrishnan, MD & CEO of Janalakshmi Financial Services Ltd, said, “We are excited about this and this will take us closer to our vision of financial inclusion in its true sense. We are fundamentally a unique organization with key differentiators such as primary focus on inclusion, significantly advanced technology platform and top-class management team.He added, “We are well capitalized with investments from world’s leading institutions which ensures seamless delivery towards our vision.

Janalakshmi Financial Services has touched the lives of 8 Million+ people over the past 9 years and plans to continue its endeavor towards financial inclusion for the coming years, in the form of a Small Finance Bank.

What does this transition mean to JFS’ existing customers?

  • Customers can now avail financial services beyond the scope of microfinance. They can open a savings account or a current account, will be able to borrow different types of loans and will be able to avail benefits from cash deposit schemes and so on.
  • Besides availing micro loans, they can also seek loans for their businesses or Small Medium Enterprise, towards farming and for unorganized sector entities.
  • Jana Small Finance Bank will continue to provide banking products to the unserved and under-served sections of the country at an affordable cost
  • All customers of Janalakshmi financial services will automatically become customers of Jana Small Finance Bank with no change to their loan status.
  • This is a large step towards addressing the unbanked across various pockets of the country and thereby bring them under the ambit of the banking system.

JFS is the largest Micro Finance Institution (MFI) in India. JFS gave out its first loan in October 2000, and currently serves over 5 million families across 259 cities in India. It has over 16,000 employees, referred to as JanaNayaks. JFS has deep domain expertise in banking and financial services with over 500 years of consolidated banking sector expertise just among the senior management. It is an organization that is recognized globally as one of the world’s innovative financial institutions working on the problem of financial inclusion.

JFS is promoted by Jana foundation, which is an urban inclusion think-tank based in Bengaluru with a vision to transform urban India where financial inclusion and enhanced quality of life are assured to all those who aspire to help themselves.

The Foundation undertakes various activities that deepen understanding of financial inclusion and its many challenges. It addresses policy issues through its financial advisory services; education, skilling, livelihood initiatives, community connect activities in order to help customers to improve the quality of their lives and help them meet customer needs comprehensively.

In March 2016, JFS was recognized and awarded as the ‘Best Financial Services firm in India’ by VC Circle. In 2017, JFS was also featured in ‘Fortune – The Top500’ largest corporations in India.


Jana Signs with BCCI as Official Sponsor of India Cricket

Janalakshmi Financial Services to award “Jana Bankable Player” award, a people’s choice award that will be decided through tweets & online votes

Bangalore, 19th September 2016:

The Board of Control for Cricket in India (BCCI) on Thursday tied up with Financial Services firm Janalakshmi Financial Services (Jana) as an associate sponsor.

Jana will be the official financial services partner of the Indian cricket team besides grounds right, where the financial services firm would have visibility on the field. The agreement also gives Jana benefits of prominence in stadium branding and on-ground advertising for 68 matches in three years across the three formats.

Mr. Ajay Shirke, Hony. Secretary said: “On behalf of the BCCI, I welcome Janalakshmi Financial Services on board as the associate sponsor. I am delighted to announce this three-year long association as it further strengthens our belief in India Cricket.”

As the cricket fever grips the country once again, Jana in partnership with BCCI is offering a unique chance to the countrymen to make their opinions heard.  During the upcoming season with New Zealand and England cricket series announced, a marquee people choice award -“Jana Bankable Player”, will be awarded to the most dependable player at the end of every match during the series.

Multiple engagement opportunities have been specially created for fans to actively participate and vote for the “Jana Bankable Player”. The audience can vote for “Jana Bankable Player” through twitter using #JanaBankable hashtag or simply voting on www.janabankableplayer.com. The award will be given to the most bankable player who shows consistency and performance through the match as decided by the audience votes and commentators analysis. The winner of the award per match will be receiving a cheque of Rs 1 Lakh for the upcoming New Zealand series starting on 22nd Sept. Additionally, the voting fans also stand a chance to win tickets and witness the next match live from the stadium.

“At Jana, we believe consistency deserves greater respect and recognition and it is one of the key philosophy that we follow in our businesses. The organisation strives to be as dependable to our customers as a player is to their team,” said V.S.Radhakrishnan , CEO & MD of Janalakshmi Financial Services, announcing the partnership.

“We are glad to welcome Janalakshmi Financial Services (JFS) on board as a partner for the upcoming Test and ODI Series.  At BCCI, we are looking forward to JFS honoring the “Jana Bankable Player” with an award through the series and we look forward to this partnership through the coming years,” said the spokesperson, BCCI.

About Janalakshmi Financial Services:

JFS is the largest and the fastest growing Micro Finance Institution (MFI) in India, that recently has been granted in-principle approval to convert itself into a Small Finance Bank. JFS gave out its first loan in October 2000, and currently serves over 5.35 million families across 197 cities in India. It has over 12,000 employees, referred to as JanaNayaks. JFS has deep domain expertise in banking and financial services, with over 500 years of banking sector expertise just among the senior management. It is an organization that is recognized globally as one of the world’s most trusted and innovative financial institutions working on the problem of financial inclusion. In March 2016, JFS received the VC Circle award for the best financial services firm in India that has received venture capital funding. JFS is also a part of the financial inclusion working group with the World Economic Forum.

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