Facts to know about India's first
women's bank
India’s first women
bank, the Bharatiya Mahila Bank india’s
Here’s all you wanted to
know about this initiative –
#1 Pan India
operations
Bharatiya Mahila Bank will start pan India operations
from day one accepting deposits as well as giving out loans. With the
inauguration of the bank in Mumbai, seven branches would become operational
across the country including in Kolkata, Chennai, Ahemdabad and Guwahati.
Though the bank makes its debut in a metro and urban centers, it will enter
into rural areas before March 2014. It will follow RBI’s norm to open 25% of
branches in underserved and unbanked areas and scout for centers where working
women population is significant.
#2 Expansion plans
The objective of BMB is
to be a profit making, commercial organization and the expectation is that its
operations will become profitable from the 4th year. It plans to open 25
branches by March 2014 and 75 branches every year from then. The bank has a 7
year ramp up plan; the CMD was quoted as saying by the Mint newspaper.
#3 Restricted to
women?
The bank will focus on
lending predominantly to women and companies that focus on women’s
activities/products but there will be no restriction on deposits by men. Also,
36% of the probationary officers recruited by BMB are men. The lending, while
it will be chiefly to women with an emphasis on funding for skills development
to help in economic activity via small concessions on loans according to
reports, the current target is to have a 60:40 ratio where 40% of funds can be
loaned out to men as well according to a report in the Mint newspaper.
#4 Capital base
The bank has a capital
base of Rs 1,000 crore that was approved in the first supplementary by the
finance ministry to kick start business.Through the course of its operations,
BMB will continue to look at various other routes to raise capital so that it
is not constrained for expansion of normal business.
#5 Beyond business
The bank is looking at
providing assistance through credit to set up day care centers and start
organized catering services. BNB will also tie up with NGOs, and train women in
various vocations in order to penetrate deeper into rural areas.
#6 Usha
Ananthasubramanian is the CMD
Usha Ananthasubramanian
has been appointed as the CMD of BMB. She started her career in the actuarial
department with LIC and banking career in February 1982 as a specialist officer
in the planning stream of Bank of Baroda. In a career spanning over 31 years,
she has worked in various positions in banking and allied areas and before
joining BMB, was executive director with Punjab National Bank.
#7 Who else is on the
board?
The following members
along with a government nominee will constitute the board - Chhavi Rajawat – a
sarpanch from Rajasthan, Nupur Mitra – ex-CMD of Dena bank, Renuka Ramnath of Multiples
Alternate Asset Management, MBN Rao – Ex-CMD of Canara Bank, Tanya Dubash - Executive Director and
President (Marketing) of the Godrej group and Kalpana Saroj – CEO of Kamani
Tubes. The board will form the core management team.
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