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Jana SFB Partnered with HCBL, Mysore Merchants Co-operative Banks to Offer Digital, Payment Services

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JSF Bank ties up with two co-op banks to offer digital, payment services

Jana Small Finance Bank (Jana SFB) signed a memorandum of understanding (MoU) with HCBL Co-operative Bank and Mysore Merchants Co-operative Bank under the bank sponsorship programme of the Reserve Bank of India (RBI).

  • Objective:  To provide digital infrastructure and payments services to the Co-operative banks.
  • Jana SFB will act as a Sponsor bank for both the co-operative banks.
  • Recently, RBI permitted co-operative banks that are Core Banking Solution (CBS)-enabled, to issue ATM cards/ATM-cum-debit cards in a tie-up with a sponsor bank through sponsorship programme.

Key Points:

i.This partnership marks the Jana SFB’s 1st partnership with co-operative banks to provide IMPS (Immediate Payment Service) services.

ii.The partnership enables the HCBL Co-operative Bank and Mysore Merchants Co-operative Bank to extend ATM, point of sale (PoS) and e-commerce services to its customers through Jana SFB.

iii.The co-operative banks will also provide RuPay debit cards to its customers in association with Jana SFB.

Recent Related News:

On October 16, 2020 Jana Small Finance Bank (SFB) became 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.

About Jana Small Finance Bank (Jana SFB):

Establishment – 2008
Headquarters –  Bengaluru, Karnataka
MD & CEO – Ajay Kanwal