Mahila bank to offer pan India services
20 Nov 2013 12:26 AM GMT
‘BMB would design and offer special products tailor made to the needs of women. It will cater to everybody from self help groups to lower middle class women to high net worth individuals,’ said Chidambaram at a press conference at the newly opened BMB branch.
‘It will establish branches all over the country and, ‘in due course, some branches abroad,’ Chidambaram added.
Finance minister said only 26 percent of women in India have bank accounts and per capita credit for women is currently 80 percent lower than that for men. He said, ‘there is deep seated bias, at the institutional and individual levels against women. Since fewer women have bank accounts, fewer women get bank loans. Hence, the need for a bank that caters predominantly to women’s needs’.
Apart from the Nariman Point branch in Mumbai, Bharatiya Mahila Bank has six other branches at Kolkata, Chennai, Bangalore, Ahmedabad, Lucknow and Guwahati. Two other branches, in Delhi and Indore, would be inaugurated in December.
By the end of the financial year, the bank plans to open at least 25 branches, eyeing a presence in every state capital. The bank network would be expanded in subsequent years to reach 770 branches by 2020, covering Tier II and III cities, rural areas and unbanked areas.
The bank has drawn up a business plan to touch Rs. 60,000 crore total business (deposits plus advances) by 2020. BMB, headquartered in New Delhi, is headed by Usha Ananthasubramanian, a public sector banker.
‘It will establish branches all over the country and, ‘in due course, some branches abroad,’ Chidambaram added.
Finance minister said only 26 percent of women in India have bank accounts and per capita credit for women is currently 80 percent lower than that for men. He said, ‘there is deep seated bias, at the institutional and individual levels against women. Since fewer women have bank accounts, fewer women get bank loans. Hence, the need for a bank that caters predominantly to women’s needs’.
Apart from the Nariman Point branch in Mumbai, Bharatiya Mahila Bank has six other branches at Kolkata, Chennai, Bangalore, Ahmedabad, Lucknow and Guwahati. Two other branches, in Delhi and Indore, would be inaugurated in December.
By the end of the financial year, the bank plans to open at least 25 branches, eyeing a presence in every state capital. The bank network would be expanded in subsequent years to reach 770 branches by 2020, covering Tier II and III cities, rural areas and unbanked areas.
The bank has drawn up a business plan to touch Rs. 60,000 crore total business (deposits plus advances) by 2020. BMB, headquartered in New Delhi, is headed by Usha Ananthasubramanian, a public sector banker.
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