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
