New Delhi headquartered Bharatiya Mahila Bank (BMB), the first all-women bank of India, was included in the second schedule of the Reserve Bank of India (RBI) Act, 1934. The inclusion of the BMB in the second schedule was announced by RBI in a notification issued on 21 May 2014.
Bharatiya Mahila Bank was incorporated under the Companies Act 1956 on August 5, 2013 and received the certificate of commencement of business on August 22, 2013 and Banking License from the Reserve Bank of India on September 25, 2013. The first branch of BMB was inaugurated in Mumbai by then Prime Minister Dr. Manmohan Singh on November 19, 2013.
With the inclusion of BMB, total number of scheduled commercial banks in India now stands at 90. From now onwards Bharatiya Mahila Bank will be eligible for loans from RBI on bank rate and also acquired membership of clearing house.