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 story

Timeline

THE JANALAKSHMI OPERATING MODEL

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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.

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Bheemaraya M.K.
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:

  • We offer them a range of products for different stages in their life and consult them regularly to understand changing needs and wants;
  • We ensure they never borrow more than their ability to repay;
  • All costs, terms and conditions are communicated clearly so that they can make informed decisions;
  • Our interest rates are fair and competitive and any price advantage is passed on to them;
  • We have strict policies which ensure they are always treated with respect;
  • Their personal information is kept confidential;
  • They can contact us anytime through a multi-layered grievance redress mechanism, including a toll-free helpline.

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

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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 FOUNDATION

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.

Subsidiaries

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.

Investors

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:

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Stay visible & build relationships

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Answer concerns of investors

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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.

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Ramesh Ramanathan

Chairman

The Founder and Chairman of Janalakshmi, Ramesh Ramanathan has a proven track record in

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R Srinivasan

Executive Vice Chairman

R Srinivasan has worked closely with Ramesh Ramanathan in drawing the blue print of Janalakshmi

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V S Radhakrishnan

MD & CEO

Radha, as he is fondly called, is a veteran banker with an illustrious career in the banking sector.

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S Viswanatha Prasad

Investor Director

Viswanatha Prasad has over 10 years of operating and senior management experience in microfinance

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Uday Chitale

Independent Director

Uday M Chitale joined the Board of India Infradebt Limited on February 23, 2015. Uday is a member of Audit

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Narayan Ramachandran

Director

Narayan Ramachandran is the former Country head-India, Morgan Stanley. Narayan has also served as the Head

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T S Sivashankar

Investor Director

T. S. Sivashankar is a banker with two decades of experience in Citibank across treasury operations,

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Vikram Gandhi

Independent Director

Vikram Gandhi is on the Board of Grameen Foundation. He is a founding member of Harvard University’s

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Anil Rai Gupta

Investor Director

Anil Rai Gupta is CMD of Havells India Ltd, which he joined in 1992. Over the years he has helped transform

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Ling Wei Ong

Investor Director

Ling Wei Ong is an Executive Director of Morgan Stanley. He joined the firm in 2005 and monitors the group’s

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Nirav Mehta

Alternate Director

Nirav Mehta is an Executive Director of Morgan Stanley, and is the co-head of the group’s

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Akhil Shriprakash Awasthi

Investor Director

Akhil Shriprakash Awasthi serves on the Boards and Audit committees of Star Health Insurance and Home

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Vijayalatha Reddy

Independent Director

Vijayalatha Reddy joined the IFS in 1975. She was India’s Ambassador to Portugal in 2006 and to Thailand

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Puneet-Bhatia

Puneet Bhatia

Investor Director

Puneet Bhatia is MD and Country Head of TPG Capital India. Prior to this he was Chief Executive of the Private

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V-Narayanamurthy

V Narayanamurthy

Nominee Director

V Narayanamurthy is presently General Manager at IDBI Bank. In a career spanning over 26 years, he has handled

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Mr. R. Ramaseshan

Director

Mr. R. Ramaseshan has wide experience in the Government as an officer of the IAS and in the private

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Management team

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.

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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.

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Rahul Mallick

Dy CEO – RFS

Rahul Mallick is a Retail Banking professional with over 25 years of global experience in the Banking & Financial Services

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N S Rajan

CEO – EFS

Rajan is a veteran in the field of microfinance and banking, including Lease/ Hire Purchase & Public Deposits of NBFC,

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Bidhan Chaudhuri

COO

Bidhan Chaudhuri is a seasoned banker with over 25 years of international and domestic experience in banking and business process

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Santanu Mukherjee

CISO

Santanu Mukherjee is a banking and payments industry professional with over 25 years expertise

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Sumit-Sharma

SUMIT SHARMA

CHCO

Sumit has over 20 years’ experience in HR, spanning country, regional and global mandates.

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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

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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.

For media queries please contact:
Aileen Chatterjee
+91 97310 96580