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Bharatiya
Mahila Bank
(Hindi: ) (BMB) is an Indian
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financial
services banking company based in New Delhi,
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India.Former Indian Prime Minister Manmohan Singh
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inaugurated
the system on 19 November 2013 on the occasion
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ofWikimedia
the 94th
birth anniversary of former Indian Prime Minister
Indira
Gandhi.[1] Although initially reported as a bank
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exclusively
for women, the bank allows deposits to flow from
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everyone, but lending will be predominantly for women. India
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is the
third country in the world to have a bank especially for
Recent changes
[2]
women,
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page Pakistan and Tanzania.
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Bharatiya Mahila
Bank
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Type
State ownership
Industry
Founded
2013
Products
Owner(s)
Government of India
Website
www.bmb.co.in
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Contents [hide]
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4 Branches
5 Key management
6 References
7 External links
[edit]
Usha Ananthasubramanian
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In India, only 26% of women have an account with a formal financial institution, compared with 46% of
men. That means an account in either a bank, a credit union, a co-operative, post office or a microfinance
institution, according to a study by the World Bank.[4] Also, for women, per capita credit is 80 per cent
lower than males.[5]
Furthermore, the results of a study using a global dataset covering 350 Microfinance Institutions (MFIs) in
70 countries indicates that more women clients is associated with lower portfolio-at-risk, lower write-offs,
and lower credit-loss provisions, ceteris paribus.[6] provision
Objective
[edit]
The bank will also place emphasis on funding for skills developments to help in economic activity. Moreover,
the products will be designed in a manner to give a slight concession on loan rates to women. [7]
The bank shall also aim to inspire people with entrepreneurial skills and, in conjunction with NGOs, plans to
locally mobilize women to train them in vocations like toy-making or driving tractors or mobile repairs,
according to Usha Ananthasubramanian (CMD).[8]
One of the other objectives of the bank is to promote asset ownership amongst women customers. [9]
Studies have shown that asset ownership amongst women reduces their risk of suffering from domestic
violence.[10]
Capital
[edit]
The Bank's initial capital consists of Rs 1,000 crores. The government plans to have 25 branches of the said
bank by the end of March 2014 and 500 branches by 4th year of operation (2017).
US-based FIS Global, in partnership with Wipro is leading the race for a Rs 1,000-crore contract to provide
IT systems at the countrys first women-focussed bank, it is reliably learnt. [11]
Branches
[edit]
The government has chosen the iconic Air India building at Nariman Point in Mumbai to open the first
branch of Bank.[12] A senior Air India official said the company has agreed in principle to give space to the
bank. The branch will come up in the 5,000 sq ft space on the sea-facing side of the building. With the
Bharatiya Mahila Bank, we will have two bank branches on the ground floor of the building the other is a
Bank of India branch, said a senior Air India official.
The Bharatiya Mahila Bank, which started operations from November 2013, is planning to open a modest
33,400 accounts through 39 branches in its first year.
Key management
[edit]
Initially the bank will have a board of directors consisting of eight women. [13] The board consists of a
business graduate sarpanch from Rajasthan, Chhavi Rajawat, Dalit entrepreneur Kalpana Saroj, who turned
around a tubes business, retired public banker Nupur Mitra, academic Pakiza Samad, private equity
professional Renuka Ramnath, Godrej Group executive Director Tanya Dubash and Priya Kumar, a
government nominee. [14]
One of the key objective of the Bank is focus on the banking needs of women and promote economic
empowerment through women's growth and developments.
References
[edit]
Retrieved 2013-11-20.
Retrieved 2013-11-20.
10. ^ "Property Ownership & Inheritance Rights of
Women for Social Protection The South Asia
Retrieved 2013-11-20.
6. ^ Roy Mersland, Bert D'Espallier, Isabelle Gurin
(November 18, 2010). "Women and Repayment in
Retrieved 2013-11-20.
External links
[edit]
Official website
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