Plans to open at least 25 branches by the end of this fiscal; to add at least 100 branches annually, a branch in every state capital.
Bharatiya Mahila Bank, launched by Prime Minister Manmohan Singh last week, is planning to open two new branches in addition to the seven that are already up and running.
The bank will open its New Delhi and Indore branches once the state assembly elections are over in these states.
The bank has also decided its fixed deposit rates at 9% for one year, almost on par with leading public sector banks, and savings interest rate at 4.5%, higher than what other public sector banks offer.
It is learnt the bank will shortly announce its base rate (which is 10% at SBI, the country’s largest public sector bank).
Bharatiya Mahila Bank chairman and MD Usha Ananthasubramanian told dna: “We are just waiting for the elections to conclude in New Delhi. We will also have a branch in Indore. All the preparations are done for both the launches. All our branches are connected with core banking solutions from day one.”
While the assembly elections are over in Madhya Pradesh, the elections in Delhi are due in December.
Going forward, the bank plans to have at least 25 branches by the end of this fiscal and plans to add at least 100 branches annually. The plan is to have a branch in each of the state capitals and the bank is in the process of identifying the places.
The bank is tapping human resources from other banks who are joining on deputation for three years. Out of the current staff strength of 100, more than 60% are women. The basic philosophy of the bank is to promote entrepreneurship among women by offering them financial assistance at subsidised rates. It does not, however, mean that the bank will not accept deposits from men.
To make itself attractive for its customers, the bank has allowed ten free transactions at non Mahila Bank ATMs, double that offered by others.
As of now, the bank is working on offering a wide range of products to its customers. It has also tied up with SBI for offering credit cards.
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