IndiaÂ’s first all-women bank, Bharatiya Mahila Bank was inaugurated by Prime Minister Manmohan Singh and UPA Chairperson, Sonia Gandhi Jointly in Mumbai on November 19, on the occasion of birth anniversary of former Prime Minister Indira Gandhi.
Bharatiya Mahila Bank’s main objectives will be to focus on the banking needs of women and to promote their economic empowerment. The bank will commence operations with an initial capital of Rs 1,000 crore. Usha Ananthasubramanian has been appointed as the first Chairperson and Managing Director of public sector Bharatiya Mahila Bank (BMB).
The Mahila bank aims to service women and women-run businesses, support womenÂ’s self-help groups and their livelihoods and promote further financial inclusion. An only-for-women bank first time in India. Bhartiya Mahila Bank will be a universal bank and will provide every banking service and facility that is provided by comparable Public and Private sector banks.
It will establish branches all over the country and, in due course, some branches in abroad. The Union Cabinet cleared the proposal for setting up of all-women bank on August 2013. The Reserve Bank of India gave its in-principal approval for the Bharatiya Mahila Bank in June 2013 and the banking company was set up.
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