Lending rates of Bharatiya Mahila Bank to be lower.
The first all-women nationalised bank, Bharatiya Mahila Bank (BMB), was inaugurated at the CG Road here on Tuesday. The bank will offer one per cent higher rate of interest to women on savings above Rs one lakh and will also provide loans to them with a lower rate of interest.
After the inauguration, BMB disbursed loans upto Rs15 lakh to self help groups of women of Gujarat. The women customers were given sanction letters today. The interest rates will be announced later, once the base rate is announced.
The city branch will have six employees, three men and three women. The three men are on deputation to kick start the branch.
For wome n customers, BMB offers 0.5% more interest on savings of up to Rs1 lakh, said the 29-year-old branch head, CS Jambhulkar.
“The interest rates for savings up to Rs1 lakh are 4.5% and above Rs1 lakh is 5%. Compared to other banks, for up to Rs1 lakh interest rate is higher by 0.5% and above Rs1 lakh, it is more by 1%,” he said.
For loans, the lending rates are not yet fixed, he said. “At present we have given sanction letters to the women customers. Once the base rate is fixed, we will announce the lending rates also. But it is expected that the lending rates will be cheaper compared to other banks,” said Jambhulkar.
“Among the new branches to be opened in next four to five months, one is proposed for Rajkot in Gujarat,” he said.
The first BMB branch was inaugurated by Prime Minister Manmohan Singh, UPA chairperson Sonia Gandhi and finance minister P Chidambaram in Mumbai on Tuesday coinciding with the birth anniversary of former prime minister Indira Gandhi. Six other branches were also inaugurated today, including the one in Ahmedabad.
The city branch was inaugurated by CMD, Dena Bank, Ashwani Kumar and regional director of Reserve Bank of India (RBI), Sudarshan Sen.
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