first all-women 'Bharatiya Mahila Bank' inaugurated in Mumbai
Prime Minister Manmohan Singh inaugurated India's first all-women "Bharatiya Mahila Bank" (BMB) in Mumbai's Nariman point. The initiative was announced in the Budget 2013-14 with the aim of taking banking facilities to women and empower through it.
- an initial corpus of Rs 1,000 cr was allocated in the budget to start up
- Due to biasedness at individual as well as institutional level only 26% of women in India have bank accounts ; no bank accounts no loans and therefore per capita credit for women is currently 80% lower than that for men -: Finance Ministry
Board Members of the BMB
- are all women : first all women board of a PSU bank in country
- CMD : Usha Ananthasubramanian
- eight board of Directors : Priya Kumar (government nominee) ; Chhavi Rajawat (a sarpanch from Rajasthan); Nupur Mitra (former CMD ,Dena bank) ; Tanya Dubash (Executive Director and President (Marketing), Godrej group) ; Renuka Ramnath (of Multiples Alternate Asset Management); Kalpana Saroj (CEO: Kamani Tubes).
Though primarily meant to serve women from all parts of the country it will function as a universal bank (for everyone). However the focus would remain the 'women' from all walks of life (high net worth individuals to lower middle class women to rural women, self help groups) and would try to make available all regular banking products as well as specially designed products tailor made to needs of these women.
Headquartered in New Delhi
- Mumbai branch is first of its proposed seven branches for now.
- The other branches are scheduled to come up at : Ahmedabad, Bangalore, Chennai, Kolkata, Lucknow and Guwahati.
- Additional branches in Delhi and Indore would be inaugurated in December 2013 following elections in these states (so as not to violate "model code of conduct").
- By April 2013 it aims to establish 25 branches, atleast one in every state capital.
- Later it aims to expand to Tier II and III cities through a network of 770 branches by 2020, covering even rural areas and unbanked areas.
- plans are even to reach offshore markets later
- target by 2020 : Rs. 60,000 cr total business (deposits plus advances) .