Jana Small Finance Bank Leaps into Global Finance: RBI Grants Coveted AD-I License

Jana Small Finance Bank has achieved a significant milestone as the Reserve Bank of India (RBI) granted it the Authorized Dealer Category-I (AD-I) license. This prestigious authorization empowers Jana SFB to deal in foreign exchange for specified purposes, marking its entry into international banking services. The AD-I status allows the bank to offer a wide range of forex services, including handling NRI accounts, facilitating remittances, and supporting trade transactions. This development comes as Jana SFB prepares to apply for a universal banking license by May-June 2025, pending compliance with RBI's NPA criteria. The bank's CEO, Ajay Kanwal, emphasized that this license will enhance their ability to serve customers' diverse financial needs.

 

Sources: Reserve Bank of India, Jana Small Finance Bank, Moneycontrol