BANGALORE, July 24, 2017 /PRNewswire/ --
Gearing up to the launch of their Small Finance Bank, Janalakshmi Financial Services (JFS), India's largest microfinance company, announced the appointment of its new CEO Mr. Ajay Kanwal. Mr. Kanwal, a seasoned banker and veteran, has over 27 years of experience in both consumer and commercial banking sector and will take charge of office from August 1, 2017. Mr. V.S. Radhakrishnan, the current CEO will take over the role of Vice-Chairman and Mr R. Srinivasan, the current Vice-Chairman, having reached the age of superannuation, will retire from the role of Vice-Chairman and will continue his association with Janalakshmi.
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Mr. Kanwal began his career with Citibank and then moved to Standard Chartered Bank, where he held various leadership positions throughout his tenure, including Regional CEO of ASEAN & South Asia, Regional CEO North East Asia, CEO of Taiwan, and Regional Head of Consumer Banking for Southeast Asia. During his tenure, he played a significant role in rolling out several strategic growth initiatives while building and managing teams across geographies. Mr. Kanwal also had a short stint at TPG and Mastercard as their Senior Advisor, prior to joining Janalakshmi.
Speaking about the new appointment, Mr. Ramesh Ramanathan, Founder and Chairman of Janalakshmi Financial Services, said, "We are very excited to have Ajay onboard. Ajay is a senior banker with substantial experience in retail banking - especially in digital and mass market banking. This will help tremendously as we transition to a Small Finance Bank, and bring the full suite of banking offerings to our retail and enterprise customers." He added, "I would like to thank Srinivasan and Radhakrishnan, under whose leadership JFS grew from a regional MFI to a national organization."
Newly appointed CEO, Mr. Ajay Kanwal, said, "My journey with Jana began as their advisor from TPG couple of months ago. I was attracted by the financial inclusion contribution and the upcoming small finance bank, which would further the influential role played by Jana in this space. I am excited coming back to India and given Jana's brand promise of 'likho apni kahani', looking forward to participating in the next chapter of this promising kahani."
Janalakshmi Financial Services has recently received its license from RBI to operate as a Small Finance Bank. The Small Finance Bank will commence operations in the second half of the current financial year. JFS has plans to extend its bank branches across 300 major locations in India.
About Janalakshmi Financial Services Limited (JFS)
Janalakshmi Financial Services (JFS) recently received operating licence to set-up a small finance bank. JFS is the largest Micro Finance Institution (MFI) in India. JFS gave out its first loan in October 2000, and currently serves over 5 million families across 259 cities in India. It has over 16,000 employees, referred to as JanaNayaks. JFS has deep domain expertise in banking and financial services with over 500 years of consolidated banking sector expertise just among the senior management. It is an organization that is recognized globally as one of the world’s innovative financial institutions working on the problem of financial inclusion. JFS is promoted by Jana foundation, which is an urban inclusion think tank based in Bangalore with a vision to transform urban India where financial inclusion and enhanced quality of life are assured to all those who aspire to help themselves. The Foundation undertakes various activities that deepen the understanding of financial inclusion and its many challenges. It addresses policy issues through its financial advisory services; education, skilling, livelihood initiatives, community connect activities in order to help customers to improve the quality of their lives and help them meet customer needs comprehensively.
In March 2016, JFS was recognised and awarded as the ‘Best Financial Services firm in India’ by VC Circle. In 2017, JFS was also featured in ‘Fortune - The Top 500’ largest corporations in India.
Notes to the Editor:
• The new appointment is subject to all RBI formalities.
• Likho Apni Kahani is the tagline of Janalakshmi Financial Services. It aims to communicate that the organisation empowers every Indian to define their future through the support of the organization.
Media Contact:
Kajri Mathur
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Associate, Genesis Burson Marsteller
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