Our story begins in the slums of Bangalore
Janalakshmi has its roots in an incubated initiative called Sanghamitra Urban Programme (SUP), housed in an outstanding microfinance institution called Sanghamitra Rural Financial Services (SRFS), set up by one of India’s most respected rural NGOs called Myrada (Mysore Resettlement and Development Agency).
Our first group loan, in October 2000, marks what is possibly the earliest instance of urban microfinance in India.
In 16 months we had loaned one crore rupees. All the while our small core team was trying to understand the aspirations and challenges of the urban poor, and also the role financial services could play in enabling them to script their success.
What we learnt in those early years continues to shape Janalakshmi today as we move into this phase of our growth. The large urban underserved want more than loans. Like all of us they, too, want a place to keep their hard-earned savings, they want health and life insurance, pensions and retirement plans, financial support to expand micro enterprises, loans to put children through English-medium schools. In short: a full-service financial institution to fuel their dreams.
By continuing to strengthen the key pillars of the organisation, and by partnering with leading global institutions, Janalakshmi is closer to being exactly such an institution for the growing and aspirational urban underserved.
We tell them: Likho apni kahaani.
THE JANALAKSHMI OPERATING MODEL
Suno Meri Kahaani
After I lost my father at the age of seven my mother faced a lot of hardship. We moved from Raichur to Bangalore. One day, through a colleague, I heard of a job opportunity at Janalakshmi and decided to take up the post of Collection Executive. Janalakshmi strengthened me financially. We built a new house in Bangalore. I am able to support my friends and brothers financially, and make my mother happy. I worked hard for this, but it could have never been possible without Janalakshmi.
Sr. Executive (Products & Services)
SEVEN REASONS WHY CUSTOMERS TRUST US
Not many of our customers are well educated, and most have just started climbing the socio-economic ladder. As a company it makes us feel especially
protective of their interests and responsible for their well-being.
In May 2015 Janalakshmi was officially recognised for this customer-centricity when we received the Smart Campaign Client Protection
Certification from Micro-Credit Ratings International Limited (M-CRIL).
The Smart Campaign is a global initiative to incorporate strong client-protection practices into the microfinance industry in India and other
countries. M-CRIL is a licensed certifier of the Smart Campaign’s Client Protection Program in India.
The certification underlines the fact that we follow globally acceptable principles and ethical practices and meet the required 30 standards in
customer protection and care. It is an acknowledgment that our systems and processes, products and work culture are all in alignment with
customer needs and demonstrate our respect and commitment to these millions of underserved individuals.
The Certification tells our customers what they already know and experience:
Janalakshmi meets the certification standards of care in implementing all of the Client Protection Principles (CPP) through its operations, product offerings and treatment of clients, demonstrating its commitment to keeping clients at the heart of its work, and contributing to a more responsible and stable microfinance sector.
Alexandra Rizzi, Director, Smart Campaign
The Certification is a recognition of the institution´s alignment of management systems, policies and processes with Client Protection Principles and of the strong commitment from management to promote growth and institutional development within a client protection framework.
Shraddha Jha, Senior Analyst, M-CRIL
We are simultaneously a for- profit and a non-profit company
How to harness the power of the market to provide value for the poor, while at the same time protect ourselves from some of the market’s more corrosive effects?
This potential dilemma was taken care of at the very start by creating a unique two-tier structure: A non-profit Section 8 company, Jana Foundation, which holds the promoter’s shares; and a for-profit Janalakshmi Financial Services, which raises capital from investors and is run as a financial services institution for the underserved.
Chairman Ramesh Ramanathan explains how it came about. ‘Having spent a large portion of my career in the global banking industry, I was acutely aware of the need to raise capital to fuel growth. I knew such capital would only come if investors were confident of the company’s profitability and continuing growth prospects, along with well-established controls and highest standards of ethics and corporate governance. Such a company would also be able to attract and retain the necessary human resources, and deliver consistently on innovations and value to customers. Hence there was a strong argument to establish the company as a for-profit NBFC. However, the for-profit structure also came with the limitation that it was fed by the essential motive of profits, which could sometimes work at cross-purposes to the idea of helping the poor. This was not an issue of individual morality, but rather of designing an institution with the correct checks and balances.’
Thus was created a happy balance between head and heart.
Jana Urban Foundation is a non-profit section 8 company for Janalakshmi Financial Services Pvt. Limited (JFS), Jana Capital Limited (JCL), Janaadhar (India) Pvt. Limited (JIPL) and Jana Urban Services for Transformation Pvt. Ltd (JUST). The Foundation undertakes various activities that deepen our own understanding of financial inclusion and its many challenges. It addresses policy issues and – through its financial advisory services; education, skills and livelihood initiatives; and community connect activities – helps customers to improve the quality of their lives.
Jana Foundation aims at ensuring holistic urban change by: developing actionable customer insights, incubating viable and scalable social business models, undertaking research and championing policy initiatives.
The Foundation has also crafted JFS’ Corporate Social Responsibility (CSR) Policy and curates the annual CSR giving program, including monitoring, evaluation and reporting of activities of the beneficiary agencies funded by JFS’ CSR monies. It must be highlighted that Jana Foundation is neither a beneficiary under JFS’ CSR program, nor does it charge a fee for administering the program.
Janalakshmi plans to achieve its goal through a two tier institutional set up: Janalakshmi Social Services a section 25 company which initially held the entire capital of an operating subsidiary and Janalakshmi Financial Services (P) Limited (JFS). JS will operate at the social end of the financial services spectrum, providing capacity building investments to the poor. JFS on the other hand, is built on the unique concept of harnessing the strength of a market-oriented business strategy catering to the customer segment that has traditionally been outside the mainstream financial services sector.
Janalakshmi has always attracted investors as we have demonstrated excellence in corporate governance. We also ensure that all shareholders receive regular communications such as quarterly newsletters and company updates.
To maintain healthy investor relationships, the Janalakshmi team follows a few core principles:
Stay visible & build relationships
Answer concerns of investors
Focus on the long-term story & balance sheet strength
Board of Directors
The Board of Directors at Janalakshmi performs its duties full time and holds formal and executive sessions regularly. The Directors supervise Janalakshmi’s financial statements, approve its administrative budget, and review and approve all policy documents and all loan, equity and technical assistance operations.
The Founder and Chairman of Janalakshmi, Ramesh Ramanathan has a proven track record in
The Founder and Chairman of Janalakshmi, Ramesh Ramanathan has a proven track record in addressing many of the issues faced by urban India. Ramesh has to his credit strong international banking experience, creating innovative institutional products, working with cutting edge technology and risk management systems. He possesses an Honors degree in Physics from BITS Pilani, and an MBA from Yale University’s School of Management. He has co-authored the book “Urban Poverty Alleviation in India,” and is a champion for the advocacy of poverty-related and public governance issues.
V S Radhakrishnan
Radha, as he is fondly called, is a veteran banker with an illustrious career in the banking sector.
V S Radhakrishnan
Radha, as he is fondly called, is a veteran banker with an illustrious career in the banking sector.
He was with HSBC for over 25 years where he held various senior positions before moving to ING Vysya Bank for 3 years. He has been with Janalakshmi since August 2007.
Radha has an MBA from Indian Institute of Management, Ahmedabad and also holds a CAIIB qualification from Indian Institute of Banking & Finance.
Director & CEO
Ajay Kanwal is a senior consumer and commercial banker with 27 years’ experience across Asia.
Ajay Kanwal is a senior consumer and commercial banker with 27 years’ experience across Asia. He has held various leadership positions throughout his banking career and has a proven track record of planning and executing strategy to deliver P&L in a multicultural and volatile emerging market environment.
Ajay has played a significant role in launching several strategic growth initiatives while building and managing diverse teams across geographies.
S Viswanatha Prasad
Viswanatha Prasad has over 10 years of operating and senior management experience in microfinance
S. Viswanatha Prasad
Viswanatha Prasad has over 10 years of operating and senior management experience in microfinance, preceded by a decade in mainstream finance. He is the co-founder of Bellwether Microfinance Fund and promoter of its fund manager, Caspian Advisors. Viswanatha was earlier associated with India’s first regulated MFI, Bhartiya Samruddhi Finance Ltd (BASIX Group), where he served as COO and then CEO and was instrumental in the company’s rapid growth.
Uday M Chitale joined the Board of India Infradebt Limited on February 23, 2015. Uday is a member of Audit
Uday M Chitale joined the Board of India Infradebt Limited on February 23, 2015. Uday is a member of Audit Committee, Board Governance, Remuneration and Nomination Committee, Board Credit & Risk Committee and Corporate Social Responsibility Committee. Presently he is the Senior Partner of M.P. Chitale & Co., a leading Mumbai based CA firm with international affiliations. Uday’s professional experience encompasses Corporate Financial Management, Accounting and Auditing with sector specialisation in Banking and Finance and SME enterprises. He is also professionally involved in Business Negotiations and Commercial Dispute Resolution (Mediation/Conciliation & Arbitration) and is an Accredited Mediator of CEDR (UK). He is passionate about propagating the practice of ADR in India through Indian Council for Dispute Resolution which he co-founded.
Uday has served on expert committees set up by governmental and professional bodies such as Institute of Chartered Accountants of India, Securities & Exchange Board of India, Reserve Bank of India, Insurance Regulatory and Development Authority of India and Indian Banks’ Association.
In the past, he has held Board positions in ICICI Bank, Finolex Industries, NCDEX, GMR Infrastructure, and others and currently serves on the Boards of several prominent companies of the ICICI group, Axis Mutual Fund Trustee Limited, JSW Steel Limited, GMR Vemagiri Power Generation Limited, Indian Council for Dispute Resolution and DFK Consulting Services ( India ) Pvt. Ltd.
Narayan Ramachandran is the former Country head-India, Morgan Stanley. Narayan has also served as the Head
Narayan Ramachandran is the former Country head-India, Morgan Stanley. Narayan has also served as the Head and Co-Lead Portfolio Manager of Morgan Stanley’s Global Emerging Markets and Global Asset Allocation teams, managing over $25 billion in assets. Before joining Morgan Stanley, he was the Managing Director at Rogers Casey (now CRA Rogers Casey). In addition, he was Director of Research at Rogers Casey and President of its investment advisory subsidiary. He received a B.Tech in chemical engineering from IIT, Bombay and an MBA from the University of Michigan. Narayan holds the Chartered Financial Analyst designation.
T S Sivashankar
T. S. Sivashankar is a banker with two decades of experience in Citibank across treasury operations,
T S Sivashankar
T. S. Sivashankar is a banker with two decades of experience in Citibank across treasury operations, debt capital markets, corporate finance and private equity. He serves as the CVCI nominee on the Boards of Sharekhan (an unlisted retail brokerage company) and SPML Infrastructure (listed EPC Company). Sivashankar is a graduate in Electronics Engineering from IIT Madras and holds a PGDBM from IIM Lucknow.
Vikram Gandhi is on the Board of Grameen Foundation. He is a founding member of Harvard University’s
Vikram Gandhi is on the Board of Grameen Foundation. He is a founding member of Harvard University’s South Asia Initiative and founder of Asha Impact, which supports charities focusing on women’s and children’s issues worldwide. As part of VSG Capital Advisors, Vikram has volunteered to assist in the $1 billion India Inclusive Innovation Fund for sustainable enterprises that create innovative products and services for the 500 million at the bottom of the pyramid. He previously worked for Credit Suisse and Morgan Stanley. He holds an MBA from Harvard Business School and a B.Com from the University of Mumbai. He is also a qualified Chartered Accountant.
Anil Rai Gupta
Anil Rai Gupta is CMD of Havells India Ltd, which he joined in 1992. Over the years he has helped transform
Anil Rai Gupta
Anil Rai Gupta is CMD of Havells India Ltd, which he joined in 1992. Over the years he has helped transform the brand Havells and been instrumental in developing the business through alliances and acquisitions. Anil graduated in Economics from Sri Ram College of Commerce, Delhi University and has an MBA from Wake Forest University, North Carolina, USA.
Ling Wei Ong
Ling Wei Ong is an Executive Director of Morgan Stanley. He joined the firm in 2005 and monitors the group’s
Ling Wei Ong
Ling Wei Ong is an Executive Director of Morgan Stanley. He joined the firm in 2005 and monitors the group’s investments including structuring and valuation, finance and compliance. Prior to joining Morgan Stanley, Ling was with Deloitte & Touch in Singapore for over seven years.
Nirav Mehta is an Executive Director of Morgan Stanley, and is the co-head of the group’s
Nirav Mehta is an Executive Director of Morgan Stanley, and is the co-head of the group’s Private Equity operations in India. Nirav joined Morgan Stanley in 2009 and focuses on investments across multiple sectors. Prior to joining Morgan Stanley, Nirav worked with ICICI Venture, as part of the private equity investment team focusing on growth and buyout transactions. Nirav has received his bachelor’s degree in Commerce from St. Xavier’s College Kolkata, and holds an MBA from the Indian Institute of Management Bangalore.
Akhil Shriprakash Awasthi
Akhil Shriprakash Awasthi serves on the Boards and Audit committees of Star Health Insurance and Home
Akhil Shriprakash Awasthi
Akhil Shriprakash Awasthi serves on the Boards and Audit committees of Star Health Insurance and Home First Finance Company. Since joining Tata Capital in 2009, Akhil has raised US$ 240 million from international as well as Indian LPs with a final close in November 2011. He sits on the Investment Committee of Tata Capital Growth Fund. He has experience across the financial services sector – private equity, asset management and corporate banking. He is a one of the founding members and former partner of Barings India Private Equity team and was involved in all stages of the private equity lifecycle – creating an investment proposition, fund raising, investment and successful divestment. He was also a founding member of India’s first private sector mutual fund ITI Pioneer AMC (now Franklin Templeton). Prior to entering the investment business, he began his corporate career with ANZ Bank in 1990.
Akhil earned a BE with distinction from Jiwaji University and an MBA with a first class from University of Delhi. He completed the prestigious Advanced Management Program at Harvard Business School in 2009. He has served on the Executive Committee of IVCA, is a member of EMPEA and is a frequent speaker at global forums focused on PE Industry and also on evangelising the merits of PE funding in Tier II and Tier III cities in India.
Vijayalatha Reddy joined the IFS in 1975. She was India’s Ambassador to Portugal in 2006 and to Thailand
Vijayalatha Reddy joined the IFS in 1975. She was India’s Ambassador to Portugal in 2006 and to Thailand in 2004. She has been Counsel General in Durban and Deputy Chief of Mission in Vienna. In addition, she has been Deputy Director General of the Indian Council for Cultural Relations and Secretary (East), MEA in New Delhi. Vijayalatha has also served as Deputy National Security Advisor and Secretary, National Security Council Secretariat. Currently she serves on the Global Commission on Internet Governance, and is a Distinguished Fellow at the East West Institute, New York.
Puneet Bhatia is MD and Country Head of TPG Capital India. Prior to this he was Chief Executive of the Private
Puneet Bhatia is MD and Country Head of TPG Capital India. Prior to this he was Chief Executive of the Private Equity Group of GE Capital India. In addition he has been part of the Project and Corporate Finance group of ICICI Bank Ltd and a Senior Analyst with Crosby Securities. He serves on the Board of several companies. Puneet is a B.Com from Shri Ram College of Commerce, Delhi, and an MBA from IIM, Calcutta.
V Narayanamurthy is presently General Manager at IDBI Bank. In a career spanning over 26 years, he has handled
V Narayanamurthy is presently General Manager at IDBI Bank. In a career spanning over 26 years, he has handled a range of functions including corporate banking, project appraisal, corporate planning and policy, corporate communications, organisation systems and procedures, strategic investments and corporate social responsibility. Narayanamurthy holds a master’s degree in Business Economics from the University of Delhi and in Financial Management from Mumbai University. He is also a Certified Associate of the Indian Institute of Banking and Finance.
Mr. R. Ramaseshan
Mr. R. Ramaseshan has wide experience in the Government as an officer of the IAS and in the private
Mr. R. Ramaseshan has wide experience in the Government as an officer of the IAS and in the private sector as the MD & CEO of a commodity exchange. His predominant experience is in public finance and tax reforms and equity and commodity markets. Passionate about creating a national market for agricultural produce to help farmers, he currently works with over six states to reform their agricultural market system. He holds a degree in engineering and a Master’s degree in Business Administration with specialisation in Finance. He is a fellow member of the Institute of Cost and Management Accountants of India.
Janalakshmi develops and delivers quality programs and services to attract, develop, motivate and retain a skilled, diverse workforce. We do this with an emphasis on sustaining our most valuable asset, our employees.
C P Rangarajan
CEO - Retail Financial Services
Rangarajan is a veteran Banker with a rich and successful legacy and experience of nearly four decades in Banking.
Rangarajan C P
Rangarajan is a veteran Banker with a rich and successful legacy and experience of nearly four decades in Banking. His career started in State Bank of India where he handled a variety of Banking and Senior management functions and had significant achievements to his credit during his 26 years of service. He joined Axis in 1997 and held very strategic senior positions in business development and successfully drove the growth plans and was a member of the Core Management Team of Axis Bank. Rangarajan has a Post Graduate in Economics and holds a CAIIB qualification.
Dy CEO – RFS
Rahul Mallick is a Retail Banking professional with over 25 years of global experience in the Banking & Financial Services
Rahul Mallick is a Retail Banking professional with over 25 years of global experience in the Banking & Financial Services industry. He started his career in financial services with Bank of America followed by Apple Finance. He then worked with GMAC in India and Australia and was the Managing Director of their Car Finance joint venture company in India. He later joined ICICI Bank where he headed diverse businesses as a senior member of the Retail Bank, including the Mortgage business as Managing Director of ICICI Housing Finance Ltd. Rahul has earned an MBA in Marketing from Symbiosis Institute of Business Management, Pune.
N S Rajan
CEO – EFS
Rajan is a veteran in the field of microfinance and banking, including Lease/ Hire Purchase & Public Deposits of NBFC,
N S Rajan
Rajan is a veteran in the field of microfinance and banking, including Lease/ Hire Purchase & Public Deposits of NBFC, having been closely involved in the sector in rural and urban areas through various government sponsored Urban Poor schemes such as PMRY, SEEUY, SEPUP, IRDP, BHAGYJYOTI etc. Rajan served as Assistant General Manager in Centurion Bank for about 7 years and earlier in Canara Bank for about 24 years, including 5 years in the Bank’s NBFC subsidiary.
Rajan, has a CAIIB from Indian Institute of Bankers, Mumbai, Bachelor in Law from Bangalore University and an MBA from IGNOU.
Bidhan Chaudhuri is a seasoned banker with over 25 years of international and domestic experience in banking and business process
Bidhan Chaudhuri is a seasoned banker with over 25 years of international and domestic experience in banking and business process management. Having been part of the leadership team of organizations like HSBC, IBM, Genpact and Emirates NBD, his expertise centers around delivering significant business and financial impact by transforming business processes and operations.
Santanu Mukherjee is a banking and payments industry professional with over 25 years expertise
Santanu Mukherjee is a banking and payments industry professional with over 25 years expertise in Asia Pacific Central Europe Middle East and Africa (APCEMEA) markets. He has worked in diverse business and functional roles, covering General Management, Retail Banking, Emerging payments and technologies, Strategic & Solutions Sales, Product and Risk Management.
Santanu started his career in the financial services industry with ANZ Grindlays / Standard Chartered Bank. Moved on to join Visa in 2001 as the Country Manager & Managing Director for India and South Asia. In 2009, Santanu moved to Singapore to take on an expanded regional role in Emerging Products and Innovations Group with responsibility for mobile, e-Commerce, proximity and personal payments solutions. He joined JFS in September 2013 as Senior Vice President.
Sumit has over 20 years’ experience in HR, spanning country, regional and global mandates.
Sumit has over 20 years’ experience in HR, spanning country, regional and global mandates. Prior to Janalakshmi, he has worked for HSBC and DBS in India and several countries in Asia and Europe. At JFS, Sumit has been instrumental in setting up strong human capital practices and works on drawing up the people agenda for the organisation.