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Jana SFB becomes Sponsor Bank of Ashoknagar Co-operative Bank & Becomes 1st SFB to do so under the Bank Sponsorship Programme

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Jana Small Finance Bank partnered with Ashoknagar Co-operative Bank LimitedOn October 16, 2020 Jana Small Finance Bank(SFB) becomes Sponsor Bank of Ashoknagar Co-operative Bank Limited. With this partnership, Jana SFB becomes the 1st SFB to go live under the bank sponsorship programme.

Points to be Noted

The Core Banking Solution (CBS)-enabled co-operative banks has been permitted by the Reserve Bank of India(RBI) to issue ATM cards/ATM-cum-debit cards in a tie-up with a sponsor bank.

Key Info

i.The Ashoknagar Co-operative Bank Ltd can extend ATM, POS(Point of Sale) and e-commerce services to its customers, in association with Jana SFB .

ii.With this association, the effort of Jana SFB to promote a full suite of services to co-operative banks is fulfilled.

Ashoknagar Co-operative Bank Launches ‘Rupay Debit Card’ facility 

Recently Ashoknagar Co-operative Bank Ltd has launched ‘Rupay Debit Card’ facility for its customers with the sponsorship of Jana SFB.

Additional Info

i.The Ashoknagar Co-operative Bank Ltd is already providing facilities like  RTGS(Real-Time Gross Settlement)/NEFT(National Electronic Funds Transfer), Bharat Bill pay to its customers.

ii.In order to promote cashless transactions, the bank is planning to introduce IMPS(Immediate Payment Service), UPI(Unified Payments Interface) with Jana SFB.

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On September 28, 2020, BSE (formerly Bombay Stock Exchange) had signed a Memorandum of Understanding (MoU) with Yes Bank in order to empower the Small and Medium Enterprises (SMEs) that are listed on the BSE through awareness and knowledge-sharing programmes.

About Jana Small Finance Bank:
HeadOffice-Bengaluru, Karnataka
Managing Director(MD) and Chief Executive Officer(CEO) Ajay Kanwal

About Ashoknagar Co-operative Bank Ltd:
HeadQuarters– Bangalore, Karnataka
President– KM Nagraj