Jana Small Finance Bank partners with NPCI for the 1st UPI QR based EMI payment for the masses

Bangalore, Monday, 23 March 2020: Jana Small Finance Bank in association with NPCI (National Payment Corporation of India) has launched an innovative UPI QR based loan instalment payment facility for its 40 lakh customers. This industry first has come in at an appropriate time when all banks are advising their customers to operate maximum banking services from the safe confines of their home.

While UPI QR based payment mode has existed for P2P (Person to Person) and P2M (Person to Merchant) payments, this functionality launched by Jana Small Finance Bank now enables its 40 lakh plus customers to generate UPI QR code for their loan account and make instalment payments instantly using any of the UPI applications such as BHIM, PayTM, Google Pay, PhonePe, etc.

Launching this innovative functionality, Mr. Ajay Kanwal, MD & CEO, Jana Small Finance Bank said, “While we are fully digitised in the loan disbursal process, we have been searching for a digitised option for repayment. Though we have NACH/SI availability, thanks to NPCI we now have a break through with customers paying at ease through their mobile phones at a place of their choice. This is zero cost to the customer, safe & easy to use, and helps electronic record keeping. This functionality has the potential to change the payment/collection behaviour for over 5 crore micro finance customers who are paying cash as EMI. This should help reduce their cost of borrowing while encouraging them to participate in the digital economy.”

Commenting on this development, Ms. Praveena Rai, Chief Operating Officer, NPCI said, “We at NPCI are committed to driving UPI as Easy, Safe, and Instant mode of digital payment. This use case of UPI payment system will bring down the load of cash as mode of instalment payment and promote safe and convenient digital payments.”

Jana Small Finance Bank is a scheduled commercial bank catering to more than 40 lakh customers served by 15000+ employees across 300 bank branches and 250 Asset centres/outlets in 22 states and union territories. Jana Small Finance Bank Ltd. commenced operations in March 2018 Jana while has been in existence since 2009 as a micro finance institution.

About Jana Small Finance Bank

Jana Small Finance Bank, erstwhile Janalakshmi Financial Services (JFS), is headquartered in Bengaluru and has over a decade of existence.

It is one of the 10 financial institutions which had received in-principal approval from the RBI for a Small Finance Bank in 2015. Jana Small Finance Bank received final banking license in April 2017; it started banking operations on March 28, 2018.

Currently, the bank is serving 40 lakh customers across 22 states and Union Territories in India. Its vision is to become the leading inclusive digitized bank serving all customer segments and communities of an aspirational India.

For more details, please visit - http://stg-janabank.regalixdigital.in/

Awards and recognition

  • In 2018, Capital Finance International (CFI.co) adjudged the Jana Small Finance Bank as The Best Inclusive Financial Services – India 2018 in London
  • In 2017, JFS was featured in ‘Fortune – The Top 500’ as the largest corporations in India and was awarded as India’s Distinctive Goodwill Brand for 2017. In the same year, CNBC awarded JFS for Best Financial Sector Transaction ADB Private Sector.
  • In 2016, VC Circle awarded JFS with the ‘Best Financial Services firm in India’
  • In 2015, Palladium inducted JFS into the 2015 Palladium Balanced Scorecard Hall of Fame. It is considered the preeminent award for strategy execution and the oldest of the Balanced Scorecard award programs.

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