Bharatiya Mahila Bank plans to open 55 more branches next fiscal.
Bharatiya Mahila Bank (BMB), the first all-woman bank and a new entrant in the sector, has embarked on a mission to open 55 additional branches pan-India by the next financial year.
“We are going to touch a mark of 25 branches by end of this financial year, while for the ensuing FY, the target is to have 55 additional branches in the two-tier and unbanked cities,” Chairperson and Managing Director (CMD) of BMB Ms. Usha Ananthasubramanian told media persons.
She was in Panaji, Goa to inaugurate the 14th branch of the bank. The first branch of the bank was inaugurated by prime minister Manmohan Singh in presence of UPA Chairperson Sonia Gandhi on November 19, 2013 in Mumbai.
The bank allows deposits from everyone, but lending will be predominantly for women, the CMD said adding that lending to women is safe as compared to men.
“Women don’t default much. Often there is peer group pressure on them,” she said, adding that unlike men, women don’t divert funds for other projects and this quality makes them safe borrowers.
The bank has already tied up with Tata Motors for vehicle financing. Besides, a deal has also been inked with Institute of Chartered Accountants (ICA) for girl students to study CA.