RBI Returns Jana Small Finance Bank’s Universal Bank Application

Overview

• Jana disclosed the return in an exchange filing on Tuesday after applying in June under the RBI’s on‑tap licensing and voluntary transition frameworks.
• The regulator did not specify which conditions were unmet, and MD & CEO Ajay Kanwa said he will meet RBI leadership this week to clarify gaps before refiling.
• The transition norms require a stock-market listing, at least Rs 1,000 crore in net worth, prescribed capital levels, two consecutive years of profit, and NPA ratios within set limits.
• Management said asset-side activities largely continue, though co-lending remains unavailable and anticipated reductions in funding costs are deferred.
• Jana’s shares fell roughly 2% in morning trade, while sector peers include AU SFB with approval to transition and Ujjivan SFB still awaiting a decision.