Study Material | Test Series
Drishti IAS
call1800-121-6260 / 011-47532596
Drishti The Vision Foundation
(A unit of VDK Eduventures Pvt. Ltd.)
mains Test Series 2018
India's first all women's bank inaugurated in Mumbai
Nov 20, 2013

Today only 26 percent of women in India have bank accounts and per capita credit for women is currently 8 percent lower than that for men. Thus to fulfill the vision of women empowerment Bhartiya Mahila Bank has been opened in Mumbai. 

The Bharatiya Mahila Bank (BMB) would be a universal bank which would establish branches across India and offer all banking products that a regular commercial bank offers.

It 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.

The Bharatiya Mahila Bank will accept deposits as well as give loans from day one.  There will also be 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.

The all-women’s bank will focus on centres where working women population is significant. Initially, the bank will open branches across the country, but will expand overseas in due course.

The government has targeted setting up of 25 such branches across the country by March 31, 2014. The first branches are opening on the birth anniversary of late Prime Minister Indira Gandhi. Apart from the Nariman Point branch in Mumbai, other branches that would become operational today include Guwahati, Kolkata, Chennai, Bengaluru, Lucknow and Ahmedabad. Two more branches will open by 5 December. 

According to reports, the bank will have 39 branches (including mobile and satellite branches) and 127 ATMs by the end of the first year of its operations. It will reportedly have 33,299 customer accounts by the end of the first year. Apart from direct recruitment, the lender is also banking on lateral recruitment to hire senior professionals. The senior-level hires will come from various public sector lenders.

It will create more job opportunities for women and will pay special attention to rural women. 


Helpline Number : 87501 87501
To Subscribe Newsletter and Get Updates.

http://www.drishtiias.com/upsc-current-affairs-article-Indias-first-all-womens-bank-inaugurated-in-Mumbai