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RBI nod to Janalakshmi Financial Services to start small finance bank operations

LiveMint logoLiveMint 28-04-2017 Sahib Sharma

Janalakshmi Financial Services Ltd, the largest microfinance lender in terms of loan portfolio, has received the final nod from the Reserve Bank of India (RBI) to start small finance bank operations, according to a top executive.

Janalakshmi is the ninth entity to receive the central bank nod.

Of the 10 entities which had received in-principle approval from the central bank in September 2015, Disha Microfin Ltd is the only one that is yet to get the final nod from the central bank.

“We are in the process to get another approval from the central bank as it normally takes three to four months to start operations,” said V.S Radhakrishnan, managing director and chief executive officer of Janalakshmi.

Janalakshmi had a loan portfolio of Rs.12,416 crore at the end of December quarter. The bank had 454 service centres spread across 17 states and two union territories in the country at the end of the December quarter.

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