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BHARATIYA MAHILA BANK LIMITED

Jan 20, 2020 351

HISTORY:

Bharatiya Mahila Bank (BMB) is an Indian financial services company based in New Delhi, India. Former Indian Prime Minister Manmohan Singh inaugurated the system on November 19, 2013 on the occasion of the 96th birthday of former Indian Prime Minister Indira Gandhi. Although initially reported as a bank exclusively for women, the bank allows deposits to flow from all, will be mainly for women. India is the 3rd country in the world to have a bank especially for womens,after Pakistan and Tanzania. In India, only 26% of women have an account with a formal financial institution, compared with 46% of men. That means an account at a bank, a credit union, a cooperative, a post office or a microfinance institution, according to a World Bank study. In addition, for women, credit per capita is 80 percent lower than men.

In addition, results from a study using a global data set covering 350 microfinance institutions (MFIs) in 70 countries indicate that more women clients are associated with a lower risk portfolio, lower depreciation and lower loan provisions, Ceteris paribus. provision..

Bharatiya Mahila Bank Ltd is the first banking industry in India formed with a vision of economic empowerment for women. Incorporated under the Companies Act of 1956 on August 5, 2013, the Bank received the business start certificate on August 22, 2013 and the RBI Banking License on September 25, 2013. The Bank's Corporate Office is located In IFCI Towers,, New Delhi.Launched in 2013, the Bank has created a niche for itself as an Indian pan bank and currently has more than 100 branches across the country.While the Bank focuses on the whole pyramid of indigenous women, special attention is given to economically neglected, deprived, discriminated, subbanked, unbanked, rural and urban women to ensure inclusive and sustainable growth.

The Bank, with a team of professionals with extensive experience and experience, has designed and developed new products and services to meet the needs of women in all segments, including self-help groups, women entrepreneurs, women wage earners, HNIs and Corporates.The interest rate of the Savings Bank for Rupees A lakh and above is 5% and by amount less than Rs. A lakh, the interest rate is 4.5%. The Bank has designed many women-centered products, taking into account the basic strengths of women to enable them to unlock their hidden potentialities, participate in economic activities and contribute to the economic growth of the country. Most products are offered with an interest rate concession for female clients.The Bank offers BMB Smartbanking - the internet banking facility with many value-added features. Customers can open periodic deposits, fixed deposits, etc. Through internet banking. When they are in need they can also access these fixed tanks to make use of the premature installation. The Bank's mobile banking application can be downloaded for free from the Google Play Store for Android phones and the Apple Store for iPhone. Banco is one of the pilot banks for the introduction of the new UPI payment system, launched by NPCI.

The Bank also conducts financial literacy, skills development, and training programs for women in all segments of society to enable women to generate more income, more jobs and growth opportunities, and contribute significantly to the nation's economic growth.Ms. SM Swathi is the Executive Director of the Bank. The Bank has been assigned with an initial capital of Rs. 1000 crores.The Bank received two awards: the Asian Banker Achievement 2015 Award for Technology Implementation in the Best Outsourcing Project (New Bank) and the Core Banking Initiative Award 2014 by Asian Banking and Finance, Singapore.

CHAIRMAN & MD:  Smt. Usha Ananthasubramanian