Bhartiya Mahila Bank to start services with six branches from November 1

Bhartiya Mahila Bank to start services with six branches from November 1, 2013.

The Ministry of Finance, Government of India, has set up a core management team to coordinate the process of setting up countries first all-women bank which will be Called Bhartiya Mahila Bank. The bank headquartered in Delhi will start services with six branches from November 1, 2013.

Bhartiya Mahila BankIn his General Budget speech for the financial year 2013-14, the Finance Minister P Chidambaram had announced that the government would establish a women’s bank and provided for 1,000 crore as initial capital.

The Bhartiya Mahila Bank will not offer any concessional rates to women, though. “It is a commercial bank, which will follow the guidelines stipulated by the Reserve Bank of India (RBI). The bank will primarily draw its human resource from existing employees in public sector banks.

The women’s bank will support and coordinate with self-help groups and other organisations to promote lending to women. It will also tie up with existing state-run financial institutions to provide other services such as insurance and pension products.

According to the finance ministry’s estimates, the bank will expand its presence up to 500 branches by its fourth year of operations.

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