Share price at the NSE close on 23 Oct 2026. Previous close ₹403.10.
- Next results date: the board meets on 23 Oct 2026 to consider: financial results.
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies.
- ₹4,055 Cr827th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. The filing of 15 Jul 2026
- 10.7
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. The filing of 29 Apr 2026
- 0.9
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- Nonein the last 12 months
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it. The filing of 15 Jul 2026
- 8.8%
- NIMNet interest margin. Net interest income ÷ the average assets that earn interest × 100 × 12 ÷ the months in the period, a rate per year; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. For the year to Mar 2026.
- 6.61%
- Gross NPAGross NPA, non-performing loans. Gross non-performing loans as a percentage of all loans, as the bank states it, in per cent on the one scale its filing writes all its ratios in; not given where that scale cannot be told, where the figure is outside what it can be, where the filing's own amounts show it written on another scale or rounded to the whole per cent, where it is 0 for a bank that lends, or where it is below the net share. At the end of Jun 2026.
- 2.39%
- Net NPANet NPA, non-performing loans. Net non-performing loans as a percentage of loans, as the bank states it, in per cent on the one scale its filing writes all its ratios in; not given where that scale cannot be told, where the figure is outside what it can be, where the filing's own amounts show it written on another scale or rounded to the whole per cent, where it is 0 for a bank that lends, or where it is above the gross share. At the end of Jun 2026.
- 0.91%
- CET1Common equity tier 1 ratio. The bank's core capital, mostly shareholders' money, as a percentage of its loans and other assets weighted by risk, as the bank states it, in per cent on the one scale its filing writes all its ratios in; not given where that scale cannot be told, or where the figure is outside what it can be. At the end of Jun 2026.
- 18.30%
- ROAReturn on assets. Profit after tax ÷ average total assets × 100 × 12 ÷ the months in the period, a rate per year; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. It equals net interest income + other income − operating expenses − provisions + exceptional items − tax + the lines below tax, each on the same base. For the year to Mar 2026.
- 0.76%
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 17,26,92835.6% delivered
Jana Small Finance Bank board of directors
At the end of the quarter to Sep 2026, as the company filed it; changes since are in its announcements.Their trades in its shares
- ChairpersonChitra Rajiv Talwar
- Managing director and CEOAjay Chamanlal Kanwal
- Company Secretary and Compliance OfficerLakshmi R N
11 directors8 independent2 executive1 non-executive
- Chitra Rajiv Talwar · ChairpersonIndependent · joined Jan 2020 · reappointed Jun 2024 · 80 months as independent · 1 listed board · 1 as independent
- Ajay Chamanlal Kanwal · Managing director and CEOExecutive · joined Aug 2017 · reappointed Mar 2024 · 1 listed board
- Rahul KhoslaNon-executive · joined Sep 2020 · reappointed Jun 2024 · 72 months as independent · 1 listed board
- Kumbla Srinivas NayakIndependent · joined May 2022 · reappointed May 2022 · 52 months as independent · 1 listed board · 1 as independent · 2 committee seats
- Vijaya Kumar PammiIndependent · joined Mar 2023 · reappointed Mar 2023 · 42 months as independent · 1 listed board · 1 as independent · 1 committee seat
- Krishnan Subramania RamanExecutive · joined Jan 2024 · reappointed Jan 2024 · 32 months as independent · 1 listed board · 1 committee seat
- Dinesh Chander PatwariIndependent · joined Jul 2024 · reappointed Jul 2024 · 26 months as independent · 2 listed boards · 2 as independent · 5 committee seats, 1 as chair
- Rakesh JoshiIndependent · joined Aug 2025 · reappointed Aug 2025 · 13 months as independent · 1 listed board · 1 as independent · 3 committee seats
- Ajay RottiIndependent · joined Feb 2026 · reappointed Feb 2026 · 7 months as independent · 1 listed board · 1 as independent · 2 committee seats, 1 as chair
- Pankaj RazdanIndependent · joined Feb 2026 · reappointed Feb 2026 · 7 months as independent · 2 listed boards · 2 as independent · 4 committee seats, 1 as chair
- Malini B MallikarjunIndependent · joined Mar 2026 · reappointed Mar 2026 · 6 months as independent · 1 listed board · 1 as independent · 1 committee seat
An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.
3 directors who left
- Subhash Chandra Khuntia, left 27 Jul 2026: Tenure Completion
- R Ramaseshan, left 7 Feb 2026: Tenure Completion
- Ramesh Ramanathan, left 7 Feb 2026: Tenure Completion
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 18 Sep 202610 of 11 present7 independent · 19 days in between
- 29 Aug 20269 of 11 present7 independent · 15 days in between
- 13 Aug 20269 of 11 present6 independent · 14 days in between
- 29 Jul 202610 of 11 present8 independent · 13 days in between
2 earlier meetings
- 15 Jul 202612 of 12 present9 independent · 15 days in between
- 29 Jun 202610 of 12 present7 independent
Audit Committee
Chair Ajay Rotti
Pankaj Razdan, Dinesh Chander Patwari, Kumbla Srinivas Nayak, Vijaya Kumar Pammi, Rakesh Joshi
- 15 Jul 20266 of 6 present6 independent
- 14 Jul 20266 of 6 present6 independent
- 18 May 20266 of 6 present6 independent
Nomination and remuneration committee
Chair Dinesh Chander Patwari
Ajay Rotti, Pankaj Razdan, Chitra Rajiv Talwar, Vijaya Kumar Pammi, Rahul Khosla
- 15 Sep 20265 of 6 present4 independent
- 14 Jul 20266 of 6 present5 independent
- 29 Jun 20265 of 6 present4 independent
Stakeholders Relationship Committee
Chair Pankaj Razdan
Krishnan Subramania Raman, Dinesh Chander Patwari, Ajay Rotti, Malini B Mallikarjun
No meeting listed in the filing.
Risk Management Committee
Chair Vijaya Kumar Pammi
Ajay Chamanlal Kanwal, Rahul Khosla, Kumbla Srinivas Nayak, Krishnan Subramania Raman, Rakesh Joshi, Ajay Rotti, Pankaj Razdan
- 14 Jul 20268 of 9 present6 independent
- 19 Jun 20268 of 9 present6 independent
Corporate Social Responsibility Committee
Chair Malini B Mallikarjun
Ajay Chamanlal Kanwal, Chitra Rajiv Talwar, Dinesh Chander Patwari, Rakesh Joshi
No meeting listed in the filing.
Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.
Statutory auditors
Named in the results for the quarter to Mar 2026.
- M/s. S.R Batliboi & Associates LLPPeer-review certificate valid to Jul 2027
- M/s. Batliboi & PurohitPeer-review certificate valid to Apr 2028
A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.
Jana Small Finance Bank AGM and shareholder votes
Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.Jana Small Finance Bank share news and announcements
Annual general meeting, 29 Sep 2026
50,284 shareholders on the register on 23 Sep 2026; present: 1 promoter and 54 others; votes counted by NAGENDRA D RAO / NAGENDRA D RAO.The company's voting result (opens in a new tab)
To receive, consider and adopt the Standalone Audited Financial Statements of the Bank for the financial year ended 31st March 2026, together with the schedules, notes and annexures thereto, the reports of the Board of Directors and the Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 49.35% · promoters 100.00% · institutions 60.76% · other public 33.77%
- To re-appoint Mr. Rahul Khosla (DIN: 03597562), the director, who retires by rotation, and being eligible, offered himself for re-appointmentOrdinary96.33% for3.67% against
Against: promoters 0.00% · institutions 10.98% · other public 3.20%
Turnout: all 49.37% · promoters 100.00% · institutions 60.86% · other public 33.77%
- To approve the remuneration of Mr. Ajay Kanwal (DIN: 07886434), Managing Director & CEO of the Bank for the financial year 2026-27Ordinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.05% · other public 0.00%
Turnout: all 49.37% · promoters 100.00% · institutions 60.86% · other public 33.77%
- To approve the remuneration of Mr. K S Raman (DIN: 10380292), Executive Director of the Bank for the financial year 2026-27Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 49.37% · promoters 100.00% · institutions 60.86% · other public 33.77%
- Re-Appointment of Mr. K S Raman (DIN: 10380292) as Executive Director of the Bank.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 49.37% · promoters 100.00% · institutions 60.86% · other public 33.77%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Extraordinary general meeting, 11 Jun 2026, 3 resolutions
49,820 shareholders on the register on 5 Jun 2026; present: 1 promoter and 44 others; votes counted by Nagendra D. Rao / Nagendra D. Rao.The company's voting result (opens in a new tab)
- Amendment to the Articles of Association of the Bank to grant the Bank the power to issue warrantsSpecialPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 60.65% · promoters 100.00% · institutions 78.80% · other public 46.71%
- Issuance of warrants by way of a Preferential Issue on a Private Placement BasisSpecialPromoters have an interest in it99.76% for0.24% against
Against: promoters 0.00% · institutions 1.22% · other public 0.00%
Turnout: all 60.65% · promoters 100.00% · institutions 78.80% · other public 46.71%
- Borrowing/ Raising of funds of funds, by issue of Debt Securities on a Private Placement BasisSpecialPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 60.65% · promoters 100.00% · institutions 78.80% · other public 46.71%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 25 Apr 2026, 3 resolutions
51,756 shareholders on the register on 20 Mar 2026; votes counted by Nagendra D. Rao / Nagendra D. Rao.The company's voting result (opens in a new tab)
- Appointment of Mr. Ajay Rotti Jayathirtha (DIN: 07065697) as a Non - Executive Independent Director of the BankSpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 36.06% · promoters 100.00% · institutions 31.44% · other public 8.39%
- Appointment of Mr. Pankaj Razdan (DIN: 00061240) as a Non - Executive Independent Director of the BankSpecial99.81% for0.19% against
Against: promoters 0.00% · institutions 0.00% · other public 1.79%
Turnout: all 36.06% · promoters 100.00% · institutions 31.44% · other public 8.39%
- Appointment of Mrs. Malini B Mallikarjun (DIN: 11544116) as a Non - Executive Independent Director of the BankSpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.03%
Turnout: all 36.06% · promoters 100.00% · institutions 31.44% · other public 8.39%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 23 Nov 2025, 1 resolution
53,304 shareholders on the register on 17 Oct 2025; votes counted by NAGENDRA D RAO / NAGENDRA D RAO.The company's voting result (opens in a new tab)
- Appointment of Mr. Rakesh Joshi (DIN: 09766853) as a Non-Executive Independent Director of the BankSpecial99.89% for0.11% against
Against: promoters 0.00% · institutions 0.00% · other public 0.24%
Turnout: all 53.78% · promoters 100.00% · institutions 61.16% · other public 37.82%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 29 Aug 2025, 7 resolutions
53,020 shareholders on the register on 21 Aug 2025; present: 0 promoters and 59 others; votes counted by Nagendra D Rao / Nagendra D Rao and Associates.The company's voting result (opens in a new tab)
To receive, consider and adopt the Standalone Audited Financial Statements of the Bank for the financial year ended 31st March 2025, together with the schedules, notes and annexures thereto, the reports of the Board of Directors and the Auditors thereonMoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 61.14% · promoters 100.00% · institutions 65.77% · other public 47.78%
- To re-appoint Mr. Ajay Kanwal (DIN: 07886434), the director, who retires by rotation, and being eligible, offered himself for re-appointment.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 62.71% · promoters 100.00% · institutions 80.19% · other public 47.78%
- To appoint Nagendra D. Rao and Associates, LLP, Company Secretaries, Bangalore (LLP Registration No. AAK-4698 ICSI Firm Registration No. L2018KR004100) as the Secretarial Auditor of the Bank.OrdinaryPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 62.71% · promoters 100.00% · institutions 80.19% · other public 47.78%
- To approve the remuneration of Mr. Ajay Kanwal (DIN: 07886434), Managing Director and CEO of the Bank for the financial year 2025-26.OrdinaryPromoters have an interest in it99.82% for0.18% against
Against: promoters 0.00% · institutions 1.27% · other public 0.00%
Turnout: all 62.17% · promoters 100.00% · institutions 80.19% · other public 46.99%
- To approve the remuneration of Mr. K S Raman (DIN: 10380292), Executive Director of the Bank for the financial year 2025-26.OrdinaryPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 62.59% · promoters 100.00% · institutions 80.19% · other public 47.61%
- Borrowing raising of funds, by issue of debt securities on a Private Placement basis.SpecialPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 62.71% · promoters 100.00% · institutions 80.19% · other public 47.78%
- To consider and approve the adoption of a new employee stock option plan (Jana Employee Stock Option Plan 2025 ESOP Scheme 2025)SpecialPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 62.06% · promoters 100.00% · institutions 80.19% · other public 46.81%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 17 Oct 2024, 1 resolution
The company's voting result (opens in a new tab)
- Appointment of Mr. Dinesh C Patwari (DIN:10060352) as a Non- Executive Independent Director of the BankSpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 48.63% · promoters 100.00% · institutions 61.67% · other public 31.51%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 19 Jun 2024, 15 resolutions
Present: 1 promoter and 55 others.The company's voting result (opens in a new tab)
To receive, consider and adopt the Standalone Audited Financial Statements of the Bank for the financial year ended 31st March 2024, together with the schedules and annexures thereto, the reports of the Board of Directors and the Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 60.60% · promoters 100.00% · institutions 64.42% · other public 46.59%
- To re-appoint Mr. Ramesh Ramanathan (DIN: 00163276), the director, who retires by rotation, and being eligible, offered himself for re-appointment.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 60.60% · promoters 100.00% · institutions 64.42% · other public 46.59%
To appoint M/s. S R Batliboi & Associates LLP, Chartered Accountants (FRN: 101049W/E300004) and M/s. Batliboi & Purohit, Chartered Accountants (FRN: 101048W), as Joint Statutory Auditors of the Bank and fixing of remuneration of Joint Statutory Auditors.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 60.60% · promoters 100.00% · institutions 64.42% · other public 46.59%
- Amendment to capital clause of Memorandum of Association pursuant to change in Authorised Share Capital of the CompanySpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 60.60% · promoters 100.00% · institutions 64.42% · other public 46.59%
- Amendment to object clause of Memorandum of AssociationSpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 60.60% · promoters 100.00% · institutions 64.42% · other public 46.59%
- Ratification of Jana Small Finance Bank Employees stock option plan 2017 and 2018 (“ESOP2017” and “ESOP 2018”)Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 60.60% · promoters 100.00% · institutions 64.42% · other public 46.59%
- Approval for revision of maximum Exercise Period for ESOPs granted to employees pursuant to the ESOP Plan 2017, RSU 2017, ESOP Plan 2018, and RSU 2018Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 60.60% · promoters 100.00% · institutions 64.42% · other public 46.59%
- To approve the remuneration of Mr. Ajay Kanwal (DIN: 07886434), Managing Director & CEO of the Bank for the financial year 2024-25Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 60.59% · promoters 100.00% · institutions 64.42% · other public 46.58%
- To approve the remuneration of Mr. K S Raman (DIN: 10380292), Executive Director of the Bank for the financial year 2024-25Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 60.58% · promoters 100.00% · institutions 64.42% · other public 46.56%
- Ratification of related party transactions pertaining to payment of Trademark License FeeOrdinary98.86% for1.14% against
Against: promoters 0.00% · institutions 9.67% · other public 0.00%
Turnout: all 60.60% · promoters 100.00% · institutions 64.42% · other public 46.59%
- To pay fees or compensation to Non-Executive DirectorsOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 60.60% · promoters 100.00% · institutions 64.42% · other public 46.59%
- To pay fees or compensation exceeding fifty percent (50%) of the total remuneration payable to all the Non-Executive Directors to Dr. Subhash Khuntia (DIN: 05344972)Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 60.60% · promoters 100.00% · institutions 64.42% · other public 46.59%
- Re-appointment of Mrs. Chitra Talwar (DIN: 07156318) as an Independent director of the BankSpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 60.60% · promoters 100.00% · institutions 64.42% · other public 46.59%
- Ratification of the appointment of Mr. Rahul Khosla (DIN: 03597562) as a Director of the BankSpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 60.60% · promoters 100.00% · institutions 64.42% · other public 46.59%
- Borrowing / raising of funds, by issue of debt securities on a Private Placement basisSpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 60.60% · promoters 100.00% · institutions 64.42% · other public 46.59%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
How mutual funds voted
Fund houses must disclose how they vote at every meeting of a company they hold.Funds that hold it
Mutual fund votes, meeting of 29 Sep 2026, 2 fund houses so far (houses' deadline to file 15 Oct 2026)
To receive, consider and adopt the Standalone Audited Financial Statements of the Bank for the financial year ended 31st March 2026, together with the schedules, notes and annexures thereto, the reports of the Board of Directors and the Auditors thereon.MoreLess
2 for0 against- To re-appoint Mr. Rahul Khosla (DIN: 03597562), the director, who retires by rotation, and being eligible, offered himself for re-appointment
Against Angel One Mutual Fund, DSP Mutual Fund
- Angel One Mutual FundGovernance concern: Low board meeting attendance and RMC meeting attendance in last 3 years and no justification has been provided in the annual report or notice for the absence from the respective meetings.
- DSP Mutual FundRahul Khosla, 66, is the senior advisor at TPG. He is an economics graduate and a qualified Chartered Accountant. He was appointed to the board on 30 September 2020 and was classified as a nominee director from 25 March 2021 (prior to IPO). He is a nominee of TPG Asia VI SF Pte. Ltd which holds 8.1% stake in the bank. He attended six out of ten (60%) board meetings held in FY26 and 25 out of 40 (62%) board meetings held over a three-year period, which is below our minimum threshold of 75%. We expect Directors to attend all board meetings or, at a minimum, maintain 75% attendance over a rolling three-year period. Given the concern, we are unable to support the resolution.
0 for2 against - To approve the remuneration of Mr. Ajay Kanwal (DIN: 07886434), Managing Director & CEO of the Bank for the financial year 2026-27
Against DSP Mutual Fund
- DSP Mutual FundAjay Kanwal, 60, has been the Managing Director and CEO of the bank since 30 August 2017.He was paid Rs. 66.7 mn as remuneration, including fixed pay and fair value of ESOP granted during FY26. Jana SFB proposes a remuneration of Rs. 127.9 mn for FY27 of which ~52.4% is variable. The proposed remuneration is not commensurate with the size of operations and performance of the bank and not commensurate with industry peers. Further, it is unclear whether the variable pay for reporting year includes deferred pay for the previous year. Consequently, actual variable payout for FY26 in unclear. Given the concerns, we do not support the resolution.
1 for1 against - To approve the remuneration of Mr. K S Raman (DIN: 10380292), Executive Director of the Bank for the financial year 2026-272 for0 against
- Re-Appointment of Mr. K S Raman (DIN: 10380292) as Executive Director of the Bank.2 for0 against
Mutual fund votes, meeting of 11 Jun 2026, 7 fund houses
- Amendment to the Articles of Association of the Bank to grant the Bank the power to issue warrants7 for0 against
- Issuance of warrants by way of a Preferential Issue on a Private Placement Basis
Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
- Angel One Mutual FundGovernance concern: Excessive dilution and no justification for not opting rights issue. Warrants are priced exactly at par with Equity Shares through ICDR Pricing Mechanism. Rationale for issuance of warrants is inadequate.
- Bandhan Mutual Fund, Groww Mutual FundCompliant with law. Governance concern: Excessive dilution and no justification for not opting rights issue. Warrants are priced exactly at par with Equity Shares through ICDR Pricing Mechanism. Rationale for issuance of warrants is inadequate.
- Motilal Oswal Mutual FundExcessive dilution and no justification for not opting rights issue; Warrants priced exactly at par with Equity Shares through ICDR Pricing Mechanism; Inadequate rationale.
3 for4 against - Borrowing/ Raising of funds of funds, by issue of Debt Securities on a Private Placement Basis7 for0 against
5 earlier meetings
Mutual fund votes, meeting of 25 Apr 2026, 7 fund houses
- Appointment of Mr. Ajay Rotti Jayathirtha (DIN: 07065697) as a Non - Executive Independent Director of the Bank7 for0 against
- Appointment of Mr. Pankaj Razdan (DIN: 00061240) as a Non - Executive Independent Director of the Bank7 for0 against
- Appointment of Mrs. Malini B Mallikarjun (DIN: 11544116) as a Non - Executive Independent Director of the Bank7 for0 against
Mutual fund votes, meeting of 23 Nov 2025, 8 fund houses
- Appointment of Mr. Rakesh Joshi (DIN: 09766853) as a Non-Executive Independent Director of the Bank8 for0 against
Mutual fund votes, meeting of 29 Aug 2025, 8 fund houses
To receive, consider and adopt the Standalone Audited Financial Statements of the Bank for the financial year ended 31st March 2025, together with the schedules, notes and annexures thereto, the reports of the Board of Directors and the Auditors thereonMoreLess
8 for0 against- To re-appoint Mr. Ajay Kanwal (DIN: 07886434), the director, who retires by rotation, and being eligible, offered himself for re-appointment.8 for0 against
- To appoint Nagendra D. Rao and Associates, LLP, Company Secretaries, Bangalore (LLP Registration No. AAK-4698 ICSI Firm Registration No. L2018KR004100) as the Secretarial Auditor of the Bank.8 for0 against
- To approve the remuneration of Mr. Ajay Kanwal (DIN: 07886434), Managing Director and CEO of the Bank for the financial year 2025-26.
Against Mirae Asset Mutual Fund
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
7 for1 against - To approve the remuneration of Mr. K S Raman (DIN: 10380292), Executive Director of the Bank for the financial year 2025-26.8 for0 against
- Borrowing raising of funds, by issue of debt securities on a Private Placement basis.8 for0 against
- To consider and approve the adoption of a new employee stock option plan (Jana Employee Stock Option Plan 2025 ESOP Scheme 2025)8 for0 against
Mutual fund votes, meeting of 17 Oct 2024, 4 fund houses
- Appointment of Mr. Dinesh C Patwari (DIN:10060352) as a Non- Executive Independent Director of the Bank4 for0 against
Mutual fund votes, meeting of 19 Jun 2024, 2 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
To receive, consider and adopt the Standalone Audited Financial Statements of the Bank for the financial year ended 31st March 2024, together with the schedules and annexures thereto, the reports of the Board of Directors and the Auditors thereon.MoreLess
2 for0 against- To re-appoint Mr. Ramesh Ramanathan (DIN: 00163276), the director, who retires by rotation, and being eligible, offered himself for re-appointment.2 for0 against
To appoint M/s. S R Batliboi & Associates LLP, Chartered Accountants (FRN: 101049W/E300004) and M/s. Batliboi & Purohit, Chartered Accountants (FRN: 101048W), as Joint Statutory Auditors of the Bank and fixing of remuneration of Joint Statutory Auditors.MoreLess
2 for0 against- Amendment to capital clause of Memorandum of Association pursuant to change in Authorised Share Capital of the Company2 for0 against
- Amendment to object clause of Memorandum of Association2 for0 against
- Ratification of Jana Small Finance Bank Employees stock option plan 2017 and 2018 (“ESOP2017” and “ESOP 2018”)2 for0 against
- Approval for revision of maximum Exercise Period for ESOPs granted to employees pursuant to the ESOP Plan 2017, RSU 2017, ESOP Plan 2018, and RSU 20182 for0 against
- To approve the remuneration of Mr. Ajay Kanwal (DIN: 07886434), Managing Director & CEO of the Bank for the financial year 2024-252 for0 against
- To approve the remuneration of Mr. K S Raman (DIN: 10380292), Executive Director of the Bank for the financial year 2024-252 for0 against
- To pay fees or compensation to Non-Executive Directors2 for0 against
- To pay fees or compensation exceeding fifty percent (50%) of the total remuneration payable to all the Non-Executive Directors to Dr. Subhash Khuntia (DIN: 05344972)2 for0 against
- Re-appointment of Mrs. Chitra Talwar (DIN: 07156318) as an Independent director of the Bank2 for0 against
- Ratification of the appointment of Mr. Rahul Khosla (DIN: 03597562) as a Director of the Bank2 for0 against
- Borrowing / raising of funds, by issue of debt securities on a Private Placement basis2 for0 against
1 proposal not matched to one resolution
Continuing with the existing contracts / arrangements / transactions with Jana Urban Foundation, a related party of the Bank, with respect to payment of Trademark License Fee for usage of name JANA and trademarks, at the rate of 0.4% (excluding GST) of the total revenue from operations as recorded in the audited financial statements of the respective financial year, subject to an overall cap of Rs. 25 crores per annum.MoreLess
2 for0 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
Tax disputes
Reported in the filing for the quarter to Sep 2026.
- Tax disputeDeputy Commissioner of State TaxSince 14 Aug 2024Appeal filed on 30 Nov 2024At the filing before: Demand disputed and decided to file appeal
- Tax disputeDeputy Commissioner of State TaxSince 26 Aug 2024Appeal filed on 29 Nov 2024At the filing before: Demand disputed and decided to file appeal
- Tax disputeState Tax OfficerSince 30 Aug 2024Appeal filed on 09 Dec 2024At the filing before: Demand disputed and decided to file appeal
- Tax disputeDeputy Commissioner of State TaxSince 11 Dec 2024Appeal filed on 10 Mar 2025At the filing before: Demand disputed and decided to file appeal
- Tax disputeState Tax OfficerSince 17 Feb 2025Appeal filed on 16th May 2025At the filing before: Demand disputed and decided to file appeal
- Tax disputeDeputy Commissioner of State TaxSince 28 Feb 2025Appeal filed on 28th May 2025At the filing before: Demand disputed and decided to file appeal
- Tax disputeJoint Commissioner of Revenue, State TaxSince 9 Apr 2025Appeal filed on 09th Jul 2025At the filing before: Demand disputed and decided to file appeal
- Tax disputeAssessment Unit Income Tax DepartmentSince 18 Mar 2025Appeal filed on 15 Apr 2025At the filing before: Demand disputed and decided to file appeal
7 more
- Tax disputeAssisstant Commissioner of State TaxSince 29 Dec 2023Appeal filed on 17 Sep 2025At the filing before: Demand disputed and decided to file appeal
- Tax disputeAssisstant Commissioner Central taxSince 25 Aug 2025Appeal filed on 04 Nov 2025At the filing before: Demand disputed and decided to file appeal
- Tax disputeAssessment Unit Income Tax DepartmentSince 5 Mar 2026Appeal filed on 02 Apr 2026At the filing before: Demand disputed and decided to file appeal
- Tax disputeDeputy Commissioner of State TaxSince 15 Apr 2026Appeal filed on 16 Jun 2026At the filing before: Demand disputed and decided to file appeal
- Tax disputeGST - Appeallant TribunalSince 17 Jun 2025Appeal filed on 22 May 2026At the filing before: Demand disputed and decided to file appeal
- Tax disputeGST - Appeallant TribunalSince 2 Jul 2026Need to file the GSTATAt the filing before: Demand disputed and decided to file appeal
- Tax disputeGST - AppeallantSince 22 Jun 2026Need to file the 3rd AppealAt the filing before: Demand disputed and decided to file appeal
In the company's own words, from its latest governance filing.
Investor complaints and compliance
Quarter by quarter.
Investor complaints received and resolved, the company's own count
- Received
- Resolved
Open at the quarter's end
- The board is made up as the listing rules require
- Yes
- The board has a regular chairperson
- Yes
- The company has a risk management committee
- Yes
- The chair is related to the managing director
- No
- The filing has a part on fines and penalties
- No
- The filing has a part on tax disputes
- Yes
- There was a cyber security incident in the quarter
- No
The company's own answers in its filing.
How money raised was used
Reported for the quarter to Jun 2026. A preferential issue sells new shares to chosen investors rather than to the public. A warrant or partly paid issue plans the whole issue while the money comes in over time, so the amount set aside can be more than raised so far.
| Raised | Amount raised | For | Set aside | Spent | Spent elsewhere | Reason and comments |
|---|---|---|---|---|---|---|
| Preferential IssuesJun 2026 | 102.76 | Objects of the Preferential Issue The capital infusion will be utilized by the Bank for augmentation of its Tier-1 capital. The Bank is raising funds to support its business objectives, including, without limitation, for augmenting Tier-1 capital, meeting working capital and general corporate requirements, pursuing organic and inorganic growth opportunities, undertaking acquisitions, strategic investments, joint ventures or partnerships, refinancing existing obligations, strengthening its balance sheet, and for any other purposes that the Board may, in its discretion, determine to be in the best interests of the Bank, subject to applicable laws. 25% (twenty-five) of the proceeds of the Preferential Issue will be received by the Bank at the time of the Preferential Issue of the Warrants. The remaining proceeds shall be received by the Bank once the Warrants are exercised by the Proposed Allottees, in one or more tranches, which shall not be later than 18 (eighteen) months from the date of allotment of Warrants in terms of Chapter V of the SEBI ICDR Regulations and as estimated by our management, the entire proceeds received from the Preferential Issue would be utilized, subject to compliance with applicable laws, for the above mentioned Objects, in phases, as per the Bank’s business requirements and availability of issue proceeds. If the proceeds are not utilised (in full or in part) for the Objects stated above, the remaining proceeds shall be utilised in such manner as may be determined by the Board in accordance with applicable laws. Interim Use of Proceeds: The Bank, in accordance with the policies formulated by our Board from time to time, will have flexibility to deploy the net proceeds of the Preferential Issue. Pending complete utilization for the Objects described above, the Bank intends to, inter alia, invest the net proceeds as permitted under applicable laws. | 102.76 | 102.76 | No | No deviation or variation hence not applicable and utilized the funds towords objectives mentioned in the offer letterAudit committee: Audit committee noted the Utilisation of proceeds of issueAuditors: No comments from auditors |