Shares of Jana Small Finance Bank Ltd. opened lower on Tuesday, October 28, after the lender said that the Reserve Bank of India (RBI) has returned its application for voluntary transition to a Universal Bank.

The central bank returned the application citing non-fulfilment of the eligibility criteria, Jana Small Finance Bank said in its exchange filing.

The bank had submitted the application in June 2025, seeking approval to transition from a small finance bank to a full-fledged universal bank.

"Applying for a Universal Banking license is a natural progression for Jana," Ajay Kanwal, Managing Director & CEO of Jana Small Finance Bank, had said at the time. "Our mission has always been to serve the underserved and build a bank that’s inclusive, agile, digital, and forward-looking. Becomi

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