With an objective to empower women and to broaden its social base of development, Bharatiya Mahila Bank (BMB) limited, the first women’s bank in India, opened its 11th branch here on Friday.
Inaugurating the branch at Rajpur Road, chairman cum managing director of BMB, Usha Ananthasubraminan said that the bank was specially designed to meet the needs of women and added that it would offer entire range of banking and financial services to them. She said the bank would cater to women from all segments ranging from self-help groups to lower middle class women.
She further added that with this move the bank would work to empower women and also contribute to the growth processes of the mainstream economy.
Speaking about various schemes and offers provided by BMB, she said that currently bank was offering an interest of 5 per cent on savings banks accounts with balance of Rs 1 lakh and above. She said that for amount less than Rs 1 lakh, the interest rate is 4.5 per cent while interest for deposits of one year and above is 9.15 per cent.
The bank would be offering concessional rate of interests on various loan products especially for women customers, she added.
In order to provide additional benefits to women customers the bank has designed special loan products for setting up care centres, educational loan, beauty parlour loan and loan to establish catering units. Apart from this, regular banking loan products such as vehicle loan, home loan are some other loan products are also available for women.
In a bid to provide ample job opportunities and generate more income, BMB has planned to conduct various programmes on financial literacy, skill development, training for women of all segments of the society.
She said that BMB has planned to open around 25 more branches this year in different state capitals.
Officials from RBI, NABARD, SIDBI and different banks were also present on the occasion.