About Bharatiya Mahila Bank Ltd.
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’s Corporate Office is at the IFCI Towers, 9th floor, Nehru Place, New Delhi .
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 Bank has designed many women centric products keeping in mind the core strengths of women so as to enable them to unleash their hidden potentials, engage in economic activities and contribute to the economic growth of the country. Most of the products are offered with a concession in the rate of interest for women customers.
The Bank also conducts 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 been allocated with an initial capital of Rs. 1000 Crores.