Things to know about Bharatiya Mahila Bank

The Bank will lend to women or to businesses which are either managed by or make products for women

November 20, 2013 2:33 IST | India Infoline News Service
India’s first pan-India national women’s bank was launched in Air India building at Nariman Point in Mumbai on Tuesday. The inaugural day was the birth anniversary of former Prime Minister Indira Gandhi.

Seven branches have become operational across the country, including Kolkata, Chennai, Ahmedabad and Guwahati.

Here are some basic things you should know about the bank:
Headquartered in Delhi, Bharatiya Mahila Bank will provide financial services predominantly to women and women self-help groups. Though the bank will focus on lending predominantly to women, there will be no restriction on account opening (deposits) by men.

The bank welcomes both men and women to open accounts, but for loans there will be a positive bias towards women, Bharatiya Mahila Bank chairperson Usha Ananthasubramanian said.

Thus, deposits will flow from everyone, but lending will be predominantly for women.
One of the key objectives of the Bank is focus on the banking needs of women and promote economic empowerment through women's growth and developments.

The Bank will lend to women or to businesses which are either managed by or make products for women. There will also be emphasis on funding for skills developments to help in economic activity.

Moreover, the products will be all women bank designed in a manner to give a slight concession on loan rates to women.

Bharatiya Mahila Bank proposes to have 25 branches by March 31, 2014. Though the bank is making its debut in urban cities, it will enter rural areas before March 2014.
In Budget 2013-14, the Finance Minister had announced setting up of all-women bank with an initial capital of Rs 1,000 crore.

A core management team of seven members has been formed by the government of India, headed by Usha Ananthasubramanian, to set up the bank advised by SBI Capital Markets. The application was made in June and the final licence was obtained by 25 September.

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