Bharatiya Mahila Bank – A Step towards Economic Empowerment of our Women

Mamta Sharma

Faculty, Surya School of Business Management

 

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. The Bank was inaugurated on 19 November 2013 by Hon’ble Prime Minister of India, Dr. Manmohan Singh and Smt. Sonia Gandhi, Chairperson, UPA.

The Bank’s twelve branches one each in Mumbai, Delhi, Kolkata, Chennai, Bangalore, Lucknow, Ahmadabad, Guwahati, Indore Chandigarh, Dehradun, and Raipur are currently operational. The Bank will also open branches in all the State capitals and rural areas in a phased manner. Bank is also planning to open 16 branches in next four months

The Bank’s initial capital consists of Rs 1,000 crores. The government plans to have 25 branches of the said bank by the end of March 2014 and 500 branches by 4th year of operation (2017).

US-based FIS Global, in partnership with Wipro is leading the race for a Rs 1,000-crore contract to provide IT systems at the country’s first women-focussed bank.

Although initially reported as a bank exclusively for women, the bank will allow deposits to flow from everyone, but lending will be predominantly for women. India will be the third country in the world to have bank especially for women. Pakistan, Tanzania already have an exclusive bank for women.

The opening of this bank inspire people with entrepreneurial skills and, in conjunction with NGOs, plans to locally mobilize women to train them in vocations like toy-making or driving tractors or mobile repairs. This also focuses on the banking needs of women and promotes economic empowerment.

 Surya World- Institutions of Academic Excellence also exemplifies women empowerment, wherein many high positions are held by women and girls are also given benefits at the time of admissions.

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