Jana Small Finance Bank Takes on Role of Co-operative Banker

Jana Small Finance Bank has tied up with a cooperative bank to provide IMPS services and seamless payment options

Jana Small Finance Bank Takes on Role of Co-operative Banker
Jana Small Finance Bank Takes on Role of Co-operative Banker
OLM Desk - 26 August 2021

Jana Small Finance Bank, a Bengaluru-based small finance bank, signed an MOU with HCBL Co-operative Bank, Lucknow, and Mysore Merchants Co-operative Bank, Mysore to provide digital infrastructure and payments services to the respective banks under the bank sponsorship programme of RBI. This alliance will help customers of the co-operative banks enjoy digital transactions powered by Jana SFB.

HCBL co-operative bank in association with Jana Small Finance Bank can now extend ATM, POS, and e-commerce services to its customers. Also, this is for the first time that Jana Small Finance Bank has tied up with a cooperative bank to provide IMPS services thus imparting seamless payment options to its customers.

Under the arrangement with Mysore Merchants Co-operative Bank, Jana SFB branded debit cards will be issued to their customers. Additionally, services like ATMs, POS, and e-commerce services are also extended to them.

These associations will boost digital transactions enabling more rural customers to come under the gamut of financial inclusion in the true sense. Jana Small Finance Bank’s digital capability will now be available to all its partner banks.

Speaking on the association, Ajay Kanwal, MD, and CEO of Jana Small Finance Bank said, “It’s wonderful joining hands with HCBL Co-operative Bank and Mysore Merchants Co-operative Bank. Our endeavour is to build an ecosystem by providing smarter and simpler banking solutions for the underserved so that the benefits of digital banking can reach the masses. This partnership is yet another effort to grow our sponsor bank network to make banking products easily accessible to all.”

Commenting on the partnership, A.K Srivastava, CEO, HCBL co-operative bank, said, “We are delighted to be associated with Jana Small Finance Bank to provide ‘Rupay Debit Card’ facility to our customers. We are also working towards plans to introduce IMPS and e-commerce transactions that can truly help cater to our customers’ needs. These services will bring in the convenience and hassle-free money transfers for all our customers working in various segments.”

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