PM Modi launches Jana Small Finance Bank’s first Digital Banking Units
By Leandra Monteiro
The Honourable Prime Minister of India Shri Narendra Modi inaugurated the Jana Small Finance Bank’s first digital banking unit in the districts of Bihta in Bihar and Bero in Jharkhand. Jana SFB is the only small finance bank selected for the launch of DBUs in India.
This launch was a part of the Central government’s announcement to launch 75 digital banking units (DBUs) to strengthen the digital economy, as the nation celebrated its 75th year of independence this year, and the districts were allotted to selected banks. During the inauguration of seventy-five selected branches, the PM virtually interacted with the staff and other stakeholders.
Ajay Kanwal, MD and CEO, Jana Small Finance Bank, said, “Jana Small Finance Bank serves financial inclusion with a strong digital backbone and execution -98% Bank transactions are already done through digital modes. We are honoured with our DBUs launch by the Honourable Prime Minister. We will continue to innovate with new products and services which meet the needs of the underserved.”
Other than Bihta and Bero, Jana Small Finance Bank has also set up one more digital banking unit in Motipur (District Muzaffarpur, Bihar). These DBUs are opened to ensure the digital awareness, acceptance, and adoption of customers, thereby achieving the government’s Financial Inclusion strategy via self-help, the dissemination of digital skills, community connectivity, and financial advisory initiatives.
The Bihta DBU branch deserves special recognition because it is the only one of its kind to be exclusively staffed by women, who will help customers learn how to use digital products and services. These branches are equipped with the ‘DigiGen’ digital banking platform, kiosks, cash recycler machines, etc. The model of the digital banking unit is new and evolving. Basis the experience in these three DBUs, Jana Bank will also expand its services to more towns across India. With the launch of these three DBUs, Jana Bank will have a presence of 48 branches including 19 in Bihar and Jharkhand and 723 nationally with 267 (~37%) in unbanked rural branches.
IBSi Daily News Analysis
June 09, 2023
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