Jana Small Finance Bank is a small finance bank that commenced operations on March 28 , 2018 . The Reserve Bank of India issued a licence to the bank under Section 22 ( 1 ) of the Banking Regulation Act , 1949 . Prior to becoming a bank , the company was India 's largest microfinance institution , Janalakshmi Financial Services , founded July 24 , 2006 . As a microfinance lender , the company survived large losses following the 2016 Indian banknote demonetisation , reporting total losses of ₹ 2,504 crore ( US$ million ) at the time of its conversion to a small finance bank
2016 Indian banknote demonetisation
2016 Indian banknote demonetisation
Jana Small Finance Bank