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Bharatiya Mahila Bank aims at adding 55 new branches in FY 2014-15

March 11, 2014‐ Panaji, Goa

Chairperson and Managing Director of Bharatiya Mahila Bank (BMB), Usha Ananthasubramanian, speaking to reporters said that the bank is aiming at adding 55 new branches during the next fiscal. Most of the branches would come up in tier-2 cities and unbanked areas. The bank is aiming to put the total branches count at 25 by the end of the current financial year. She was in Panaji to inaugurate the 14th branch of the bank.

Bharatiya Mahila Bank started operations with the inauguration of its first branch on November 19, 2013 at Mumbai by the Prime Minister Dr Manmohan Singh in the presence of UPA Chairperson Ms. Sonia Gandhi.

The all-women branch is open to accepting deposits from everyone but lends only to women. MD Usha says peer-pressure is more in women and hence there will be less defaults and NPAs when loans are extended to women.

The bank is working with Tata Motors for vehicle financing and with the Institute of Chartered Accountants (ICA) for girl students to study CA. The bank is working to make a similar deal with the Institute of Company Secretaries (ICS).

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