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Bharatiya Mahila Bank Launches 'Nanhi Kali' Scheme for Girl Child
May 19, 2014

Bharatiya Mahila Bank (Wholly owned by Govt. of India) has introduced BMB Nanhi Kali, a new product for the girl child. Nanhi Kali, a Recurring Deposit scheme exclusively for the girl child ensures a secure future by building a sizeable resource to meet her future financial needs.

The entry age of the minor is 1 day to 13 years with minimum monthly investment of Rs. 50 or higher amount in exact multiples of Rs 50.The Bank provides flexibility to deposit the instalment on any day of the month, protection against fall in rate of interest, and loan facility of 85% of accrued value. The term of deposit is 3 year to 10 years and assured maturity with personal accident insurance.

Bharatiya Mahila Bank: Bharatiya Mahila Bank Ltd is the first of its kind in the Banking Industry in India formed with a vision of economic empowerment for women. Incorporated under the Companies Act 1956 on 5 August 2013, the Bank received the certificate of commencement of Business on 22 August 2013 and the Banking License from RBI on 25 September 2013.

The Bank was inaugurated on 19 November 2013. The Bank at present has 23 branches across the country and aims to add 55-60 branches in the current financial year.

While the Bank will be focussing on the entire pyramid of Indian women, special attention will be given to economically neglected, deprived, discriminated, underbanked, unbanked, rural and urban women to ensure inclusive and sustainable growth. The Bank with a team of professionals with rich experience and expertise has designed and developed new products and services to suit the needs of women of all segments including Self Help Groups, women entrepreneurs, salaried women, HNIs and Corporates.

The Savings Bank rate of interest for Rupees One lakh and above is 5% and for amount less than Rs. One lakh, the interest rate is 4.5%. The interest for deposits of one year is 9%. With working women in mind, the Bank has designed a special loan product for creating an efficient kitchen. Educational loan, loan for day care centres, vehicle loan, home loan are some of the other loan products that have been designed for the benefit of women.

The Bank will also conduct programmes on financial literacy, skill development, training for women of all segments of the society so that women in turn generate more income, more jobs and growth opportunities and contribute significantly for the economic growth of the nation.

The Bank with an all women Board of Directors is headed by Mrs. Usha Ananthasubramanian as Chairman and Managing Director of the Bank. The Bank has become operational within a short span of time. The Bank has been allocated with an initial capital of Rs. 1000 Crores.


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