The Bharatiya Mahila Bank, the women-oriented bank is gaining popularity with its gesture shown towards female customers, especially in meeting their short-term credit requirements. Till date the State’s first branch started at city’s Kadru bypass road in March last year has offered around 150 micro-finance loans to people hailing from economically weak background and 95 per cent among such loan takers are women.
“Women who are either housewives or willing to run a small business like mess or preparing phenyl require a small budget. They hesitate to knock the doors of nationalised or private banks since few offer micro-finance loans easily. But in our case, it is other way round. Many such women are applying for loans ranging from Rs25,000 to Rs50, 000,” said an official of the bank requesting anonymity.
The bank has spent a sum of Rs80 lakh for micro-loans. Recently, the second branch was opened in Jamshedpur and three rural branches including two under Namkom block and one at Mandar block are in pipeline.
“Besides, micro finance loans, ladies keen for a loan within one lakh are also approaching us. They are usually ones who have hardly earned a handsome amount from skills like cooking or beautician but want to explore more opportunities in the same profession. Around 10 such women have taken loans. The overall amount provided from our part is Rs30 lakh,” added the official.
Unlike other banks, rate of interest on loans for women has been kept within the comfortable limit of the section of society, often coming from poor and deprived families. Sources maintained it varies between 10 to 12 per cent. According to the bank’s website, in case of women customers, it offers concessional rate of interest as applicable for various loan products.
Neetu Devi, a customer of the bank residing in Harmu who had taken a loan of Rs 50,000 few months back for setting a mess is paying an installment of Rs1,700 per month. “In other banks, you cannot think of taking a loan below Rs1 lakh. They will make you wait long. But, the moment I applied in Bharatiya Mahila Bank, it was processed in an hour. Employees are helpful and always ready to cooperate. I regret for not seeking home loan from this bank. It is undoubtedly empowering women. The nationalized bank which gave me home loan made me wait for a long time,” she said. Presently, there are 60 branches of the bank across the country since the first launched in 2013.
The Ranchi and Jamshedpur branches are urban. With the aim of connecting a larger section of illiterate women towards banking, three rural branches are being made in the state. “Managing the full strength of women employees is difficult in our bank like other banks. It is due to the low selection of women candidates in the entrance examinations of Institute of Banking Personnel Selection as compared to men. So, men employees will be looking after the rural branches,” said officials of the Bank.
At Ranchi, apart from Mahila bank, a branch of Bank of Baroda is serving exclusively for women in Tupudana since 2013. Moreover, a post office near AG Office is working for the same purpose with all women employee and customer since 2014. Prior to Ranchi, the women post offices were initially established in Jamshedpur and Dhanbad.