Bharatiya Mahila Bank is the first of its kind in the Banking Industry in India formed with a vision of economic empowerment for women.
Established on Augusst 5, 2013 BMB received the certificate of commencement of Business on Autust 22 and the Banking License from RBI on September 25. The bank’s Corporate Office is located at the IFCI Towers, 9th floor, Nehru Place, New Delhi .
Prime Minister of India, Dr Manmohan Singh and Sonia Gandhi, Chairperson, UPA inaugurated the bank on November 19, 2013. Bharatiya Mahila Bank has nine branches: one each in Delhi, Mumbai, Kolkata, Chennai, Ahmedabad, Indore, Bangalore, Guwahati and Lucknow, which are currently operational. What is more, the bank will also open branches in all the State capitals and rural areas in a phased manner.
Focus on women
While the Bank will be focussing on the entire pyramid of Indian women, special attention will be given to economically neglected, deprived, discriminated, underbanked, unbanked, rural and urban women to ensure inclusive and sustainable growth. With a team of professionals having rich experience and expertise have designed and developed new products and services to suit the needs of women of all segments including Self Help Groups, women entrepreneurs, salaried women, HNIs and Corporates.
The Savings Bank rate of interest for R00,000 and above is five percent and for amount less than Rs 100,000, the interest rate is 4.5 percent. The interest for deposits of one year is nine percent. With working women in mind, the Bank has designed a special loan product for creating an efficient kitchen, Educational loan, loan for day care centres, vehicle loan, home loan are some of the other loan products that have been designed for the benefit of women. The Bank will also conduct programmes on financial literacy, skill development, training for women of all segments of the society so that women in turn generate more income, more jobs and growth opportunities and contribute significantly for the economic growth of the nation.
The bank, with an all women Board of Directors is headed by Usha Ananthasubramanian as Chairman and Managing Director. The Bharatiya Mahila Bank has become operational within a short span of time after the announcement made by Finance Minister P Chidambaram in his Budget speech. The bank has been allocated with an initial capital of Rs 1,000 crore.
Board of Directors
• Usha Ananthasubramanian, Chairman and Managing Director
• Nupur Mitra, Director
• Renuka Ramnath, Director
• Tanya Dubash, Director
• Kalpana Saroj, Director
• Chhavi Rajawat, Director
• Pakiza Samad, Director
• Priya Kumar, Director
Usha Ananthasubramanian, prior to taking over as CMD of the bank, was the Executive Director of Punjab National Bank for over two years. She started her career with LIC. She joined the banking industry in February 1982 as a Specialist Officer in the Planning Stream of Bank of Baroda and rose to the rank of General Manager. At PNB, Usha was part of the Committee formed for examination of the blue print and other related tasks for setting up of the first women focussed Bank of India. She was the Head of the core management team constituted by the Ministry of Finance, Government of India, for coordinating the process of establishment of the Bank.
In a career spanning over three decades, Usha has worked in various positions in the banking and allied areas. Key assignments held include General Manager South Zone, Bank of Baroda and Life Insurance Joint Venture Formation. She was closely associated with the transformation project of Bank of Baroda including rebranding and innovative HR initiatives.
Usha holds a Masters degree in Statistics from the University of Madras and a Masters degree in Ancient Indian Culture from the University of Mumbai. For further details about the bank, visit http://www.bmb.co.in/home/.
• Mumbai – Ground Floor (Towards Trident Hotel), Air India premises, Air India Building, Nariman Point, Mumbai – 400021
• Chennai – Ground Floor, SIDBI Chennai, Overseas Towers, 756-L, Anna Salai, Chennai – 600 002
• Kolkata – Apeejay House, 15, Park Street, Kolkata – 700 016
• Bengaluru – IFCI Bhawan, 2, Cubbonpet Main Road, NR Square (Hudson Circle), Bangalore – 560 011
• Ahmedabad – IFCI Bhawan, CG Road, Bodyline Churasta, Near Lal Bungalow, Ahmedabad – 380 006
• Guwahati – IFCI, Christian Baste, Guwahati – Shillong Road, Guwahati – 781 005
• Lucknow – UTI Tower, Ground Floor, Regency Plaza, 5 Park Road, Opp. Civil Hospital, Hazrat Ganj, Lucknow – 226 001
• New Delhi – IFCI Tower, 9th Floor, 61, Nehru Place, New Delhi – 110 019
• Indore – SBI Main Branch Complex, New GPO, AB road, Indore – 452 001